Assured Tenancies – Free Valuation Service
Most assured tenancies were created between January 1989 and 27 February 1997 and were not given the correct documentation before they moved in. Because of this the law states that they have the right to stay in the property without any risk of eviction provided they stick to the terms of their tenancy agreement. Most of these tenants are quite young in comparison to regulated tenants which makes a difference to the value of the property.The rules are pretty similar to a regulated tenancy in that all dealings with the tenancy will go through the rent assessment panel and the tenant is able to challenge and rent increases that you which to apply.
Assured Tenants Are Normally Under 60 Years Old
The tenant has the right to get certain types of repairs done and can also force you to have remedial external works carried out should they be necessary. They have the right to live in the house undisturbed and can also pass the tenancy down to a family member in limited circumstances. Generally speaking many of these tenants will be aged under 60 which is why they are not as popular amongst property investors.
Rents Are Closer To Market Rents
With a regulated tenancy most of the tenants will be atleast of retirement age which is why they are seen as better investments. At the end of the day the landlord really needs to get vacant possession before they will make a profit.With regards to the amount of rent that is paid the rent will be closer to a market rent than a regulated tenancy but it will not be as much as the full market value. If you have a property with an assured tenant that you would like to sell we would be happy to help you with a free valuation.