On a large self contained Studio flat(same size as a small 1 bed,around 32sqm) the tenant pays 3 months in advance as not on payroll and we were taking a risk.
When he pays his June rent he will have paid until Sept(end of fixed term 6 months) He will have been there for a year.
We are therefore asking him when he pays in June whether he wants to stay on after Sept end of fixed term.
We then need to do new 6 month AST for Sept 2018 to March 2019 .We also need to increase the rent which has been the same since 2016 but need to put that into effect now on the paperwork and he starts paying mid July for Sept start.
Do people increase by London market rents(Homelet May 2018 5.6%) or CPI or combination.?
I need to speak to tenant and would like to be prepared.
It seems the Lndon market for self contained has increased again.If he leaves it should not be difficult to replace.
Any help would be appreciated.
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