7 Ways to Negotiate Your Lease Extension
Finally, you have found a place where you get along with the neighbours, nothing leaks and you have a closet that finally looks amazing. But the downside to all this is at the end of the year the landlord wants to increase the rent which is most likely to spiral out of your budget, ultimately threatening your chances for a lease extension. Take a moment to relax and consider the following negotiating tips that might come handy when avoiding an enormous rate increase every year and extending a lease.
Speak to Your Landlord Today
Don’t wait for the last moment to speak to your landlord about negotiating the rent, start as early as possible so that you have ample amount of time to persuade your landlord. If you don’t wish to be personally involve you can always call a property solicitor to handle your matters. Consider breaking the ice no matter how hard it feels like you can begin with saying something like: ‘Hey, I got your notification today and I was thinking of talking to you about the rate increase. It’s actually outside my budget and was wondering if you would be willing to accept a mutual offer?’ This offers an opportunity to open the door for conversation without allowing your landlord to become defensive about the issue. Remember you can always opt for house conveyancing if you are not interested in taking matters into your own hands.
Do Your Homework
It is always safe to know what the current value of the property is before beginning to negotiate with your landlord. A property solicitor can help you with this or you can opt to speak to your neighbours to get an idea of what similar properties are renting or read the classified ads to understand the current local property market trends. It isn’t necessary if a rate increase is within legal limits it has to be within reason for the property. Speak to your property solicitors to get a better understanding of the situation. Remember a hike in the rent should be justifiable by the landlord.
Find Information that Will Tip the Situation towards Your Favour
When trying to build your case in front of your landlord it is always helpful to find tidbits that can tip the scales in your favour. A property solicitor will ensure that he/she can speak on your behalf in order to produce favourable results that are acceptable to both sides. If you wish to do it by yourself then you might want to find out whether the rental prices in your neighbourhood are falling or if there are excessive vacancies, you can bring this to the landlord’s notice which will subject him to rethink his decision. Once again considering house conveyancing can be a better option since they address the matter more professionally.
Point Out Your Qualities as a Tenant
Landlords find it difficult to find tenants that pay on time, maintain their property properly, obey rules and are trustworthy. Therefore, it is important to highlight your qualities as a tenant to your landlord especially if you are responsible renter and make sure the rent is paid on time and the property is well-maintained. Your property solicitor can include important points in order to fight your case of lease extension on your behalf. This puts you in a favourable situation to negotiate since your property solicitor will ensure that your residential lease is supported with viable evidence.
Make an Offer to Extend the Lease
When looking for renters, landlords realise that it requires an extensive process which includes spending money on fixing the place for showings, spending money on advertising the property and investing time and energy in interviewing a long list of potential tenants. For many landlords, this whole monotonous process seems overwhelming and they are most likely to stick with their current tenants especially if they pay rent on time and have kept the property well-maintained. Your property solicitor will guide you to sign the lease for 18-24 months rather than 6-12. Selecting a reputable house conveyancing company will always offer an advantage to you since they have years of experience and expertise to challenge your case against your landlord.