Ending part 4 tenancy advice please

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NellS82

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Hi everyone- would appreciate some advice
accidental landlord here
tenant going to be served with termination as part 4 tenancy ending after 6 yrs with v low rent
we are in a RPZ
they will probably go in May 2025
can anyone recommend a financial advisor who deals with property?
who could advise about whether to sell, update to get a market rent or re-let or what ?
struggling to know what to do
if I re-let the property tenant will have the keys for another 6 yrs at a low rent
any advice appreciated
I'd like to get more money for the house it's in v good condition
I'll take a loan if necessary to upgrade
 
NellS82 said:
can anyone recommend a financial advisor who deals with property?
who could advise about whether to sell, update to get a market rent or re-let or what ?
struggling to know what to do
Click to expand...
You'll get good feedback here if you do a Money Makeover post.

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
www.askaboutmoney.com
 

If I were you I wouldn't make definite plans until getting vacant possession.

You will, for sure, be stuck with the low rent unless you leave the property vacant for 2 years...see below from RTB site,,,

Exemptions to the Rent Pressure Zone rental cap ​

Not all rented properties in RPZs are subject to rent caps (i.e. the restriction on rent increases to 2% per annum pro rata or the rate of HICP inflation, whichever is lower). Properties that are exempt from RPZ rent caps are as follows:

  1. A property that has not been rented for a period of two years prior to the immediate tenancy commencement date;
  2. A property that is a protected or proposed protected structure and has not been rented for the period of 12 months prior to the immediate tenancy commencement date;
  3. A property that has undergone a 'substantial change in the nature of the accommodation'.
A 'substantial change in the nature of the accommodation’ is a defined term. A ‘substantial change’ will only be deemed to have taken place if the works carried out to the dwelling concerned meet one of the following criteria:

The works consist of a permanent extension to the dwelling that increases the floor area (within the meaning of Article 6 of the Building Regulations 1997 (S.I. No. 497 of 1997)) of the dwelling by the amount equal to not less than 25% of the floor area of the dwelling as it stood immediately before the commencement of those works, 

or
 
You left out the 'or' part.

I believe the suggestions posted will cover the requirements.

I agree OP shouldn't assume the date by which they will get posession.

Getting contractors and specs in place so op can get moving quickly is sensible planning.
 
NellS82 said:
update to get a market rent or re-let or what ?
Click to expand...
Would it be possible to extend the property to satisfy the substantial change criteria? You'll need to factor in the developments costs, but adding a bedroom could further increase potential rent.
 
Attic conversion perhaps?
 
Horatio said:
Attic conversion perhaps?
Click to expand...
Rare enough an attic will see a 25% increase in habitable floor area. While owner-occupiers are happy to stick the kids in 'non-habitable' attic rooms, that won't fly for a rental.
 
Attic convo is an option it may not get the full 25% increase but combine that with changing one of the common rooms into a bedroom & redesign of downstairs might get us over the line - need to look at energy rating too
 
For what its worth, I recently refurbed a rental property & as I did most of the work myself it took longer than getting contractors in.

Consequently, I came to the conclusion that I could wait another period of time so that I met the two year untenanted requirement & I didnt have to have any discussion or debate about it.
 
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