Reducing the Rent
How do I reduce the rent?
The means by which a landlord actually instigates a rent reduction are varied and will depend on the terms of the tenancy.
The most obvious way to do it one would think would be to issue a section 13 notice.
However, the section 13 notice can only be used by landlords to increase the rent.
Neither is it possible to just grant a rent reduction verbally, or even by letter. Both these options would be unenforceable because of the lack of contractual consideration.
The only sure ways to reduce rent are:
a. Creating a new tenancy agreement at the reduced rent; or
b. Deed of Variation (because anything embodied in a Deed circumvents the ‘lack of contractual consideration’ problem).
For most landlords the easiest solution is to grant a new tenancy. The complication to this arises if the tenant is behind on the payment of their rent. This is because by granting a new tenancy the rent arrears will become a ‘former tenant’ debt, and thus cannot be used as a formal grounds for possession in relation to the new tenancy.
The only way around this is to insert a rather technical clause in the tenancy agreement making the repayment of any former rent arrears a condition of the new agreement. The other way is to get the tenant to sign a deed.
The simplest and most advisable method is to require the tenant to bring their rental account up to date before revising the agreement.
Landlord Bible Chapters
Forms for Letting Property
Finance and Tax on Rental Property
Rental Property Regulations
Investing in BTL Property
- Finding Investment Property
- Rental Types – Targeting Tenants
- Property Investment Clubs
- Understanding the Risks
- Alternatives to Direct Property Investment
- Buying a House in Multiple Occupation (HMO)
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- Tenant Abandonment
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Letting Rental Property
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- Possession Using Section 8 Notice
- Possession Proceedings by Landlords
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