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Congratulations ! 15k + & 4% increase per year is not bad. thanks 4 sharing.
From the initial lease we gave up having them pay for landlord insurance (a bit annoying but we can live with it and we do have 4 months rent as security)
Congratulations Starter and thank you for sharing,
I don't own a CIP but I have been thinking about it for the last 3 years. I own a number of RIPs.
May I ask what caused you to make the transition from RIP to CIP? Is your end goal to live off your income from CIPs and if so how do you plan to achieve it in the shortest amount of time?
This is an item that is the owners risk, not the tenant's - why would they agree to it? Likewise the cost of an owner getting a valuation for determining the replacement value of the building for insurance purposes - the tenant doesn't care how the owner determines this amount, they are only obliged to pay the premium.
There are plenty of clauses in leases which simply shouldn't be there and most solicitors have no idea about commerciality.
Bump. Everything has been going well, rent coming in every month, some times a couple of months ahead as the tenant just felt like it.
First issue this morning. Got an email from the agent saying that vandals have damaged a couple of windows and how did I want to do the repairs. I promptly informed her that as a CIP I had no responsibility at all for repairs under the terms of the lease and that I'll be expecting her to make sure that the tenant has repaired it correctly.
Now I'm starting to doubt very much the competency of this particular agent. Issue is that they're the biggest in town with the best reputation for CIP, so not sure if the others will be any better.[/QUOTE
Hi Starter,
Would yours or your tenant's insurance cover the broken windows?
Regards Jason.
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Hi Starter,
Would yours or your tenant's insurance cover the broken windows?
Regards Jason.
Yes insurance would, not sure if the damage is worth the excess though. In any case, that's something for them to work out and organise, not the landlord's responsibility.
We have a very tight lease that I drafted myself so no issue there.
I'm a solicitor.
Even more reason to seek professional advice