Let at 50% of market rent. Any options to increase it?

B

Beerio

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Hi, I need advice as a landlord on a house I rent out in a rent pressure zone area. The house is rented out for less than half of what I should be receiving every month. This is going on years and now with my mortgage gone up a few hundred a month I just can’t leave it the way it is. I rented the house to 1 person and it is a 3 bed house. Can I rent out another room in house? Otherwise I will have to give notice to tenant that I intend on selling. I don’t want to sell but feel this maybe only way out. Thanks for any advice
 
Step 1.Get vacant posession. Give notice that you need property for your own use - not sale.

Options to get back to market value

1. You or family member moves in. No RTB registration needed. Can get sharers to cover costs. After 2 years can let out at market rate.

2. Substantial renovations / BER improvement.

3. Leave vacant for 2 years & then relet at market rate.

4. Consider Ukrainian scheme - not sure how much longer this will last though.
 
Beerio said:
DannyBoyD said:
DannyBoyD said:
Step 1.Get vacant posession. Give notice that you need property for your own use - not sale.

Options to get back to market value

1. You or family member moves in. No RTB registration needed. Can get sharers to cover costs. After 2 years can let out at market rate.

2. Substantial renovations / BER improvement.

3. Leave vacant for 2 years & then relet at market rate.

4. Consider Ukrainian scheme - not sure how much longer this will last though.
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Can I just ask how do you prove the family use? Is it that the family member or sharer has to be registered with the rtb as the new tenant or no registration needed at all?
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"... how do you prove the family use? "

All the details on notice of termination are on the RTB site. Read it carefully.
 
Hi Danny

I don't think you can wrongly claim that you want it for family use and then let it to Ukrainians?
I don't think you can wrongly claim that you want it for family use and then leave it vacant?

The only option here is to sell it unless you genuinely need it for family use.

Brendan
 
You can serve notice that you require property for your own use; theres no time limit on that, nor is there a definition of what 'own use' means.
 
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