Long Term Tenant Getting Older - Should I have concerns?

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    Long Term Tenant Getting Older - Should I have concerns?

    Hello All. I have a long term tenant that's been in my property nearly 15 years. He's also closing in on pension age.
    He's always paid on time, never failed, a bit of a cheeky chap, but a decent guy, not short of a penny and we have a good relationship.
    The only downside is that his rent has been slipping, currently about £100 below full market, so a good £50 increase is imminent for this year.

    Should I have any concerns about his long term tenancy and his coming age? Does a tenant get any automatic rights at a particular milestone which might be a problem for me?

    #2
    Most tenants get older . (.. all...)

    Pensioners get no rights other than the usual 6 benefits.

    Is he continuing to work?

    Have a chat (socially distanced eg on pavement) ask him his plans, explain your concerns. He'd likely be very happy to hear on what terms he can stay as long as he likes. (IMHO a standard set of things)

    Artful: 72.
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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      #3
      As said, if we are lucky we get older...... i agree you cannot let his rent get too far behind the market, i understand why it is behind for now as i do the same with my excellent tenants but keeping good tenants happy can only go so far. I cannot imagine being in retirement and having to account for rent which in the future will only go one way.... a generational time bomb waiting to go off in the near future. The bare minimum i would wish is that i own outright my own home and the land it sits on, without this your future security is in the hands of another person at an age you have little chance of recovering from.

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        #4
        Thank you both.
        OK, first of all, good to hear that I won't be trapped, legally at least.

        Us Landlords get older too, and I'm not that far behind him and I'm one of the many LL's that will be selling up when the opportunity arises. Good idea to ask for his plans for how he see's the future, when the next opportunity arises. No rush.

        Thanks again for your input. :-)

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          #5
          Most private renters aproaching SPA will be looking to move into the social rental sector where there is a bit more security, and benefits for rent aren't capped at LHA. (They have the bedroom tax instead).

          Of course geting a social sector rental isn't easy, so you should start looking at around age 60 when some extra 'over 60's only' accomodation opens up for you.

          Sad to say that due to covid the number of social rentals on the council bidding websites which are available for older people has increased recently.

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            #6
            Originally posted by monsterp View Post
            I'm one of the many LL's that will be selling up when the opportunity arises..

            :-)
            Ditto, i too am looking ahead to around 2026/7 or just before the EPC C comes into force, this will be the right time to call it a day, by then the properties will be mortgage free and my only regret will be the eviction of my excellent tenants.

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              #7
              The reality if that a huge number of people approaching retirement haven't got decent pensions so any landlord needs to be wary - that said chasing the "rate" can be very short sighted unless you live in an area where there is a shortage of rentals!

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                #8
                Originally posted by Neelix View Post
                The reality if that a huge number of people approaching retirement haven't got decent pensions
                And this is the problem which will be the next big thing for the govt, what a position to be in when your in the twilight years. Tragic.

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                  #9
                  Originally posted by Hudson01 View Post

                  And this is the problem which will be the next big thing for the govt, what a position to be in when your in the twilight years. Tragic.
                  Most people want phones, trainers, cars and holidays ................ I went without and look forward to retiring early

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                    #10
                    Originally posted by Neelix View Post

                    Most people want phones, trainers, cars and holidays ................ I went without and look forward to retiring early
                    Agree, my wife has a cousin who is 50 years old and has never purchased, she is now in a panic to buy, but her life has been one of nice places on holiday, out a lot and all the usual PCP's on cars. She is up the creek without any sign of a paddle.

                    Comment


                      #11
                      I purchased as a 24 y/o, but due to a 'series of unfortunate circumstances' now find myself renting.
                      (Long story, I moved for a new job and made the mistake of renting it to a family member without a proper tenancy agreement, trusted them, property ended up repossessed)

                      The current pensions situation has been compounded/confused by all the different schemes pushed by the government over the last 40 years or so.
                      It's a nightmare when someone approaching SPA asks for advice and they've been in multiple different schemes during their working life.

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