Lease question

[Rough_Diamond]

We have a IP in Queensland that is up for a release during July
We have been going to and fro with our PM and Tenants regarding the lease for a couple of weeks.

We let our PM know that we wouldn't be increasing the rent and would prefer a 12 month lease but would accept a 6 month lease.

A week later she rang me and said the tenants had rung and asked if we could drop the rent $100 a week as they had lost there rent assistance.
We said no and waited

A week later and we get another phone call can they have a rental agreement instead of a lease? we said no again we want a lease

Some time went by and we get another call from Pm saying they want a 3 month lease. We thought about it for a couple of days but decided that we wanted a 6 month lease because we didn't want to have an empty house just before Christmas.

Next phone call was can we have a 3 month lease and then another 3 month lease. We said no again - what was to stop them signing the first one then moving out.

Today I got an email from PM saying the tenant understands that we want a 6 month lease but can we reconsider 3 months as they want to buy there own house. I emailed back no as discussed earlier we will not accept a 3 month lease.

Getting a bit frustrated being asked the same questions over again.

So after all this my question is if they don't sign how long do we have to give them notice to vacate?

 

[Perp]

So after all this my question is if they don't sign how long do we have to give them notice to vacate?

Two months.

I'm a bit curious, though, why are you so insistent on having these tenants out?

 

[Rough_Diamond]

Its not that I want them to move out I just get the feeling that they wont resign

 

[Perp]

Its not that I want them to move out I just get the feeling that they wont resign

They're clearly not in a position to re-sign, because they're planning to buy their own home, or whatever. So why **** them off and force them to move into another place for just 3 months, instead of just letting them stay another 3 months?

Is the market that bad that trying to let in October will be catastrophic?

Given that the tenant is in control of a significant asset, and can do a lot of things to cost you money and inconvenience that you'll find very difficult to put on their shoulders, I don't know why you'd want to make their tenancy end so unpleasantly and on such a bad note.

 

[Scott No Mates]

Aren't the terms Rental Agreement and Lease synonyms?

 

[Perp]

Aren't the terms Rental Agreement and Lease synonyms?

Some people seem to use "lease" only for fixed-term agreements.

 

[alicudi]

Hi

If the reason for owning this property is to earn income from rent, I would let the tenant stay because you never know they may not qualify for a home loan or in fact decide buying is not the right thing to do and they may in fact stay on for several more years.

If they haven't caused any problems in the past I would let them continue to pay rent.

Regards,

alicudi

 

[Rough_Diamond]

Thanks for replying its good to get others points of view
I rang PM this morning to have a chat and told her my concerns
and agreed to a 3 month lease
thanks again

 

[sharpcq]

Good thinking with regards to a vacant property near/over the xmas period!

What location in QLD? (Curious as to the current rental market)