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Letting property more tips

Over the last week I’ve looked at five areas where a landlord can improve the letting and management of their buy-to-let property.
This week I’ll focus on some aspects of property management that will help make your letting business a success.

I will kick off the final set of 5 lessons by looking at an issue that appears fairly straightforward at first, but for many landlords can also lead to a large amount of confusion. This is the topic of re-letting a buy-to-let property to existing tenants.

How to re-let your buy-to-let property

Many landlords go through elaborate re-letting procedures by creating a new tenancy agreement and associated rental documents such as the inventory and the prescribed information on how they hold their tenant’s deposit. This is just not necessary. In many cases it’s perfectly acceptable for the landlord to do nothing and just let the existing tenancy run on. This simply allows the tenancy to run from period to period without giving either party security of tenure other than having to give the respective parties the required notice.

In lesson 6 of how to let and manage your buy-to-let property featured in the Buy-to-let Blog, I look at not only how the existing tenancy can run on but also how a landlord can go about increasing or reducing the amount of the agreed rent at the end of a Fixed Term Assured Shorthold Tenancy. I show landlords how they can both increase the rent and also reduce the rent charged to an existing tenant. Strangely, the method for increasing the rent is more straightforward than that for reducing the rent.

To find out more along with viewing the other lessons in how to let and manage your buy-to-let properties more effectively go to the Landlord and BTL Blog.

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