Rent Increase

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  • Rent Increase

    Hi

    I am a new LL and renting a house to 6 polish people who have good jobs at a hotel the rent is £750pcm the AST runs out end of April i have all the gas/ eletrical checks done my morgage is £649 a month plus insurance ect should i put the rent up by £50 or not? as i have heard from other LL that it is hard finding tenants that will take whole house.( HP12) i have lived in that house for 12years. Any help would be great

  • #2
    Originally posted by BlueBox View Post
    I am a new LL and renting a house to 6 polish people who have good jobs at a hotel the rent is £750pcm the AST runs out end of April i have all the gas/ eletrical checks done my morgage is £649 a month plus insurance ect should i put the rent up by £50 or not? as i have heard from other LL that it is hard finding tenants that will take whole house.( HP12) i have lived in that house for 12years. Any help would be great
    Let me help first by editing your query for you as it contains a lot of information which has no relevance whatsoever:

    I am ... renting a house to 6 ... people .... the rent is £750pcm the AST runs out end of April ... should i put the rent up by £50 or not? as i have heard from other LL that it is hard finding tenants that will take whole house.

    In other words, really the only thing which has any bearing is whether the house is worth £800 or not - ie what the market rate is for a comparable property in your locality. Not the amount your mortgage happens to be; not whether the tenants happen to be Polish; not how long you lived there yourself, etc etc.

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    • #3
      Originally posted by Ericthelobster View Post
      Let me help first by editing your query for you as it contains a lot of information which has no relevance whatsoever:

      I am ... renting a house to 6 ... people .... the rent is £750pcm the AST runs out end of April ... should i put the rent up by £50 or not? as i have heard from other LL that it is hard finding tenants that will take whole house.

      In other words, really the only thing which has any bearing is whether the house is worth £800 or not - ie what the market rate is for a comparable property in your locality. Not the amount your mortgage happens to be; not whether the tenants happen to be Polish; not how long you lived there yourself, etc etc.
      Thanks for reply in my area rent is £800-£900 for whole house i was thinking is it the right time to put it up or wait another 6months

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      • #4
        ...and I'm surprised that nobody picked up on "...letting to six people"; one cannot.
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

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        • #5
          Originally posted by jeffrey View Post
          ...and I'm surprised that nobody picked up on "...letting to six people"; one cannot.
          Hi Would you like to explain to me why i can not rent out to six people

          i am here to learn so i can correct somthing i am doing wrong

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          • #6
            because only 5 tenants can be party to an AST.

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            • #7
              Originally posted by Poppy35 View Post
              because only 5 tenants can be party to an AST.
              FOUR, not five! See s.34 of Trustee Act 1925 and my several posts about this.
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment


              • #8
                there two tenants on the AST and bill c/tax all of them are married

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