- House Prices
On Wednesdays we focus on tenancy renewals; along side all the usual bits and bobs that get sent our way! This may sound like a straightforward job but a lot of checks are needed to be made before we can even approach the Landlord to discuss a renewal!
These checks include looking at the EPC to ensure that it is in date, that we have a valid EICR, the deposit amount being held has now been capped to the correct amount to name a few.
When negotiating a renewal with a Landlord we must bear in mind how the tenancy has been going for the last period, any rent arrears, the results from the property visits, any anti social behaviour or issues in general.
Whilst a fixed term tenancy renewal provides additional security for both landlord and tenant, there are some situations where a fixed term renewal may not be the best way to go so going to a periodic tenancy for a short while is the best course of action, so understanding the needs and future plans of both landlords and tenants is important.
In addition to this we also review the rent and advise the Landlord of an appropriate amount to increase by. When reviewing rents we assess both national and regional indices, local supply and demand, in addition to the circumstances and long term plans of the tenants.
Following negotiations and agreement from all parties, a memorandum of agreement is drawn up for all parties to sign.
This regular task is an important part of a property manager's role and the Landlord is well guided by us and the information we provide is vital to help make a legal and binding decision.
Property Management Team Leader