Dear all, i'm looking for some direction and information as i'm getting severely mixed messages whilst checking with official agents and online.
I'm a complete accidental landlord, I have very long standing tenants with an informal agreement and very very modest rent. This is 13 years plus on a property. Originally this migrated from a rent a room scheme to one where i'm genuinely not there, but could be if needed.
I want to invest now in doing up the property a little, leaving the tenants there, but I do now want to officially move out, have a lease, increase the rent (but will keep below market value due to the long standing agreement), register with the RTB.
My question is, could I be in deep water for not registering already, or is there an exemption for a long term tenancy such as this? I've read some reviews to this effect, but not sure how to fully interpret.
Any direction greatly appreciated!
I'm a complete accidental landlord, I have very long standing tenants with an informal agreement and very very modest rent. This is 13 years plus on a property. Originally this migrated from a rent a room scheme to one where i'm genuinely not there, but could be if needed.
I want to invest now in doing up the property a little, leaving the tenants there, but I do now want to officially move out, have a lease, increase the rent (but will keep below market value due to the long standing agreement), register with the RTB.
My question is, could I be in deep water for not registering already, or is there an exemption for a long term tenancy such as this? I've read some reviews to this effect, but not sure how to fully interpret.
Any direction greatly appreciated!