The cost-of-living crisis is hitting the UK’s landlords hard, with soaring inflation, interest rates and energy prices all exponentially adding to the cost of renting out property.
As a landlord, you may be tempted to simply bump up the rent for all your tenants to cover your rising costs, but there are rules and restrictions involved in doing this and the consequences of getting it wrong can be harsh.
Tilly Bailey & Irvine’s property team outline the circumstances in which you can increase a tenant’s rent, describes your options if disputes arise in doing so, and explains how you go about terminating a tenancy if required.
Unfortunately for cash-strapped landlords, you cannot just arbitrarily raise a tenant’s rent whenever you feel like it. Unless you can obtain the tenant’s express agreement in writing to a rent rise, you can only raise their rent in accordance with the terms of their tenancy agreement.