Not everyone chooses to buy a UK property investment. Leases aren’t available for the sole purpose of one’s inability to personally acquire one. At times, renting is practical such as when the users only expect to stay for less than five years or when location is convenient and brings in a lot of benefits; case in point, retail units.
But what happens if your lease contract is about to expire? More so, what should you do in case the landlord has been showing signs of wanting to increase the rental rate? Plus, what if another tenant has been wooing the landlord to give them the space? These are pretty tough circumstances but there’s always a workaround.
ON RENTAL INCREASE
Find out about the reasons behind it. Chances are the landlord has had the asset undergo a rent review. Most likely, the property’s worth in the market has increased. But that’s only one of the many possible causes. Don’t hesitate to ask and respectfully insist on seeing the documentary evidences.
Know how much the asset is worth in the market. This will demand research on your part. How much do similar properties in the surrounding area cost and how good or bad is the current state of rental vacancies? Knowing these things will give you a card later on when it’s time to bargain.
Extend your lease. Another way to convince your landlord to let go of or at least defer the increase for much later would be to extend your contract. If you’re planning to stay anyway, have the initiative for it. This shows your sincerity and tells the landlord that you’re for the long term. It also pays to be a good tenant.
Communicate effectively and timely. The earlier you do so then the more time you have in your hands to work in convincing your landlord to let you extend the lease and/or stay at the current rental rate. Good dialogue coupled with a smile work wonders. Be friendly about it and don’t act like a proud entitled brat.
Be a good tenant through and through. If you pay rent on time, do your fair share of repairs and maintenance as stated in the contract, follow rules, maintain peace and harmony with other tenants and keep the property in perfect functioning condition then you can use this for some leeway. Good tenants are pretty hard to find these days and landlords will cling to them. Be that UK property investment tenant that’s hard to let go.