Landlords Top Tips
Do not charge too high a rent- it is better to let a property with a moderate rent, than have it lay empty
If you are letting for a fixed term more than one year consider having a rent review clause in your tenancy agreement
If rent is paid weekly, note that you have a legal obligation to provide the tenant with a rent book.
Try to ensure that your tenants pay by standing order if possible. Ideally this should be specified in the Tenancy agreement with the date the rent is paid and the amount that is being paid.
Keep accurate records of rent paid, making sure you write the date and the amount paid every time rent is received from the Tenant.
The best way to increase the rent is by agreement with the Tenant. This is normally done by getting the Tenant(s) to sign a new Tenancy agreement (you can use this as an opportunity also to update your agreement). If you do not want to do this, make sure you have a written record of the Tenants agreement to the new rent- this is best done by getting them to sign and date a copy of the letter informing them of the rent increase (and keep this in your files).
If the tenant refuses to agree to the new rent, in Assured Shorthold Tenancy Agreements, Landlords can increase rent by serving a notice of rent increase, this notice must be in the proper form and properly completed, or it will not be valid. Note that the Tenants have the right to refer any rent increase they think it so much to the Rent Assessment Committee/Residential Property Tribunal service, so only use the notice procedure if you cannot increase the rent any other way
If the rent is not increased in the proper way the increase will not be valid and the tenant can refuse to pay the extra
Always use an Assured shorthold Tenancy Agreement because Landlords can seek possession using section 21 notice without giving any reason, there is no minimum time period for the tenancy, it gives limited security of tenure to the tenant(s)
If the rent falls into arrears of more than two months, serve section 8 notice citing the serious rent arrears ground and consider bringing proceedings for possession