New rules on rented accommodation have come into effect in an effort to address the lack of supply and rising cost of rent. Whether you’re a tenant or a landlord, you need to know the new rules:
Rent reviews can only be carried out every 2 years rather than yearly, and the notice period for activating the revised rent is increased to 90 days instead of 28 days.
Notice periods for termination of tenancies have increased – especially for landlords – if the tenant has lived in the property for over 4 years.
A deposit protection scheme is planned
The new rules have already benefitted existing tenancies – but only for the short term. On the downside, longer notice periods aren’t always of benefit to tenants who might quickly find alternative accommodation. The answer: From day 1, a good relationship between tenant and landlord pays mutual benefit in the end! Michael Lavelle Estate Agents provide residential lettings and management, as well as a Mediation service for property-related disputes.