lease renewal

[vmay]

Question for those with PM experience

My current IP lease arrangement expires on 3rd March. My property manager informed me of the tenant desire to stay on (at beginning of Jan) as did the tenant directly. I said yes with increase but it took me 2 weeks to determine a fair price which I notified the property manager of. I had hoped to hear from one or the other by now.

its been 2 weeks since I notified the PM , when followed up she said she had written to the tenant and had called him and was waiting to hear back. i suspect she only called after me chasing up.

His lack of confirmation leaves me uncertain about whether I will have a tenant.

This is in WA....how much notice does he have to give me if he intends not to renew the lease?

Regards V

 

[Ed Barton]

Question for those with PM experience

My current IP lease arrangement expires on 3rd March. My property manager informed me of the tenant desire to stay on (at beginning of Jan) as did the tenant directly. I said yes with increase but it took me 2 weeks to determine a fair price which I notified the property manager of. I had hoped to hear from one or the other by now.

its been 2 weeks since I notified the PM , when followed up she said she had written to the tenant and had called him and was waiting to hear back. i suspect she only called after me chasing up.

His lack of confirmation leaves me uncertain about whether I will have a tenant.

This is in WA....how much notice does he have to give me if he intends not to renew the lease?

Regards V

www.google.com.au i'm sure it wont take long to find out. post your results back here.

 

[vmay]

tenancy notice to teminate

www.google.com.au i'm sure it wont take long to find out. post your results back here.

21 days for tenant.

I had thought it was maybe different for a fixed term lease but there does not seem any info on that.

I am thinking of changing agents but thought it better to stick with this one if tenant is staying.

So the dilemna is that I would have to give notice tomorrow if I am to change agents and this might further encourage a move.

 

[Kristine..]

Hi vmay

Does it matter to you if the tenant does not sign another term lease?

Month to month is fine. The lack of a term lease arrangement does not stop you from applying a rent increase with the usual amount of notice beforehand

All my tenants are on periodic leases as in Victoria the landlord can only require a lease to establish the tenancy, after the initial - or subsequent - term has effluxed the occupation of the property continues the same except that it is now periodic rather than fixed (unless agreed to between the parties)

If this is a good tenant sometimes it is best to let sleeping dogs lie!

Cheers
Kristine

 

[Doovalacky]

Month to month is fine.

A number of insurance companies don't cover on periodical. So unless they sign a monthly lease that states the term of rental period and rental amount it is something to be careful about.

 

[Aaron_C]

Monthly leases are only suitable in places of high rental demand like inner-city suburbs. Other than that it shifts too much power to the tenant - and why would you want that?

 

[Kristine..]

Hey Doovalacky

Perhaps, but you cannot require someone to do something when legislation specifically says that you cannot require them to do it

So yes, when the property is 'on the market' and advertised for rent, you can make it a condition of accepting an application that a term lease is entered into

But once that initial term has effluxed, you cannot (in Victoria) require that a tenant enters into another term lease. As a landlord, you can say that the property is available for rent and that you are offering a further twelve month term lease, but if the tenant elects for their tenancy to roll over to a periodic tenancy - which is still a lease - then there is nothing much you can do about it - unless you wanted to evict them just because they wouldn't sign another term lease

And perhaps some insurance companies do not recognise this - but I have never had a problem with obtaining or continuing with landlord's insurance and if the insurer did not recognise that I cannot compel a tenant to sign a new term lease, then I would just switch insurers

And - just read your final comment - a lease, by it's very nature, will contain the terms and conditions of the tenancy, including the 'term' and the rent, so not sure what you are alluding to there?

Cheers
Kristine

 

[vmay]

Lease

thanks for replies....I have been told by the PM that she is getting the new lease signed at the new rent......just waiting for confirmation...I was considering changing PM but will stay for now as I can change later if needs be.

Looks like Westpac will be getting some of the increase

 

[Fudge]

thanks for replies....I have been told by the PM that she is getting the new lease signed at the new rent......just waiting for confirmation...I was considering changing PM but will stay for now as I can change later if needs be.

Looks like Westpac will be getting some of the increase

Vmay,

If you are not happy with your PM, change after they have sorted this tenancy renewal.

You shouldn't have to settle for something you are not happy with.

Run it as a business and keep it simple.

F