|
| |
What is a
Regulated Tenancy Agreement?
UK Tenancies - Regulated Tenants
Do
you own or
manage rental properties in UK? If you do, learn what is a regulated
tenancy agreement and how you can manage your regulated
lease and tenants with our complete guide to different tenancies in the
UK.
What is a
Regulated Tenancy Agreement / Protected Tenancy?
A regulated
lease (also known as protected
tenancy) generally
refers to a rental agreement in the UK that began before 15 January
1989. The second important fact about this type of tenancy is that it
has be a residential lease.
When such a tenant renews his
rental agreement with the same landlord, he will still be in
a regulated lease even if the renewal date is after January
1989.
In some cases, the courts may grant someone a regulated lease as well.
A regulated tenant is given the right to live on the rental property
for as
long as he wants. Even after he passes away, his spouse or a family
member who is living together with him will inherit the
protected
tenancy from him.
Another important feature of this tenancy is that you or your tenant
can apply to a rent officer for him to decide on the rent amount. This
is the maximum rent amount you are allowed to charge as a regulated
landlord.
How to Know Whether
Your Tenancy Agreement is Regulated
While most
of the modern-day residential leases in the UK are either a shorthold tenancy
or assured tenancy,
it never hurts to do a quick check on the status of your tenancy
agreement.
Most
of the regulated tenancies UK are registered so you can simply
check with your local rent officer because they will have records of
it. If the tenancy is not registered with them, then you will have to
see if it meets the following conditions:
- The
property was first rented out before 1978. It does not have to be
occupied by the same tenant during this period.
- The
property was converted or built before 1956.
- No new
regulated lease can be created after 1 April 2007 so any tenancy that
begins after this date will not be regulated.
The terms and conditions for a regulated rental agreement may vary
slightly so
it's a good idea to double check with your local housing authorities.
What is
Fair Rent and How do You Register it for Your Tenancy?
The
fair rent is the amount of rental payment decided by the rent
assessment committee or a rent officer. The rent officer will fix the
rent amount according to the regulations in the Rent Act 1977.
He
will consider the condition and location of your rental property when
deciding on the rental amount. Any furniture, fixtures and appliances
that you provide will also affect the rent price.
To register
a
fair rent, you or your regulated tenant can simply obtain an
application from the
rent officer and he will make arrangements to come over and inspect
your rental property. Once the officer has decided on the rent
amount, he will mail you and your tenant with a copy of the rent
register sheet to inform you of the results.
If you are
unhappy with the rent amount, you can appeal to the rent
assessment committee. The rent assessment may then decide to change the
rent amount and their decision is usually final.
If you wish to
review your registered rent, you can do so after registering your rent
for 2 years. If you had made major home improvements or your tenant
agrees to review it, then you ask for the review before the 2 years are
up.
Do note that for a regulated rental agreement, you can still rent out
your
property without having to register for a fair rent.
Want to
uncover more important facts
on regulated tenancies in the UK and how you can remove regulated
tenants from your property?
|
|
