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Proposed 10 year A.S.T.

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Hi all

I've been letting for a number of years but generally on standard 6 months AST's that revert to statutory periodic as I've generally had very few issues, touch wood! I now have a family that are proposing a 10 year agreement to provide long term stability for them, and us I guess? They prefer to invest their money in land rather than commit to a house purchase as it's far more profitable for them. They have been in the house for 2.5 years already with no issues and have spent a fair amount on new fencing, flooring etc. They want to spend circa 20k on considerable remodelling the kitchen/dining room areas but are reluctant to so without the agreement in case I ask them to leave and reap the benefit of their investment prematurely. They have implied they'd like to buy the property in the long term but they understand we have NO intention of selling, to them or anyone else. They are happy with a proposed rental plan, pay top market rate at present so we have no real objections as such. However, i understand a standard ast is insufficient and some kind of 'deed' needs to be incorporated? Are there any other pitfalls/implications people are aware of they'd like to mention? I'm aware of the potential for circumstance changes but as it's one of 4 let properties with 55% ltv it would have to be a seismic change to really force our hand I'm thinking? Thanks in advance for any advice!!
05/04/2016 22:07

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