Rent freezes
From 2 August 2020, rent increases can take effect for tenants who have not been financially impacted by COVID-19. They must follow the usual rent setting and review rules inside and outside a Rent Pressure Zone (RPZ). If your rent is increased, no backdating is allowed.
If you have been financially impacted by COVID-19 and meet the requirements of the Residential Tenancies and Valuation Act 2020, your rent cannot be increased before 10 January 2021. The Planning and Development, and Residential Tenancies Act 2020 has extended these provisions from 11 January 2021 to 12 April 2021. It also includes some changes to the process landlords and tenants must follow to access these protections, see rtb.ie.
No and no. The tenant is there till they die or vacate voluntarily. Depending on your timescale for a return on your investment, as an example, a relative of mine bought with a sitting tenant in 1983 in an affluent area in Dublin. The tenent died in 2018 where the rental was 200 per month for half a house . Now the property has gained in that timeframe but he could afford not to be reliant on the rent.Also, the rental income from the property is well below market rental value, is it possible to raise this to market value as the new landlord? (it is outside of RPZ)
Is it possible to have a new lease drawn up with the current tenant, or does the current contract still stand after purchasing the property?
I think the main issue is the banks. I've heard anecdotally they won't lend unless you get vacant possession. So check this out with the banks.
You're main restrictions are not the RPZ. But the COVID lockdown changes.
No and no. The tenant is there till they die or vacate voluntarily. Depending on your timescale for a return on your investment, as an example, a relative of mine bought with a sitting tenant in 1983 in an affluent area in Dublin. The tenent died in 2018 where the rental was 200 per month for half a house . Now the property has gained in that timeframe but he could afford not to be reliant on the rent.
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. But what is the reason for been unable to increase the rent? Surely even the current landlord, pre-covid rent freeze, would have been within his rights to impose a rent increase?
I'm referring to the classic 'tenant agreement for life' that used to be common in the 80s and 90s. Maybe they don't exist anymore ? Having said that, why would the seller not just give the required notice and use the legit reason of selling to the tenant ? Something doesn't sit well tbh.But what is the reason for been unable to increase the rent? Surely even the current landlord, pre-covid rent freeze, would have been within his rights to impose a rent increase?
But we have seen a reasonably priced one bed house and are thinking of taking a chance on it.
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