Rental Increases
 | Rental Increases |  |
 Posted: Mon Oct 06, 2008 7:11 am |
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| cornfield |
| new member |
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| Joined: 05 Oct 2008 |
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| Location: LARNACA |
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I have been trying to get some accurate information concerning the above and have been told the following by an English university educated Cypriot. He claims to have significant property interests here and also in UK. The information he has supplied is as follows:
i. The maximum 7% annual increase 'rule' only applies to property built before 1983.
ii.An 80% 'rule' applies to property built after this date i.e. the owner is allowed to charge at least 80% of the rents paid by similar properties in the locality.
Can anyone confirm that this information is accurate and what is the source of the information?
If this not correct, what rule/law applies?
Where can the original source be located?
Thanks in anticipation
Cornfield |
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| Posted: Mon Oct 06, 2008 12:13 pm |
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| pantheman |
| lecturer |
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| Joined: 18 Sep 2005 |
| Posts: 1553 |
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Hello Cornfield,
I believe the information is correct and the source would be at the Land registry.
Infact the wording is 14% every 2 years as a max rental increase (which would be 7% annually)
Just ask at the land registry in the disctrict you are talking about for further information.
Good luck |
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| Posted: Mon Oct 06, 2008 2:00 pm |
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| CBBB |
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| Joined: 20 May 2008 |
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| Location: Centre of the Universe |
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pantheman,
7% annually is not the same as 14% over 2 years. The total can't be more than 14% over the 2 years, whereas 7% annually is 14.49%!
OK, I am a bit pedantic. |
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| Posted: Mon Oct 06, 2008 3:03 pm |
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| pantheman |
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| CBBB wrote: |
pantheman,
7% annually is not the same as 14% over 2 years. The total can't be more than 14% over the 2 years, whereas 7% annually is 14.49%!
OK, I am a bit pedantic. |
OK have it your way, I did say the wording said.
Hey 0.49% (by you calculations) whats that between friends hmm?
Please also give the fella the rest of the info he requires as well.
Cheers |
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| Posted: Mon Oct 06, 2008 3:37 pm |
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| CBBB |
| lecturer |
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| Joined: 20 May 2008 |
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| Sorry pantheman, don't know the rest, just that bit. |
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| Posted: Mon Oct 06, 2008 8:52 pm |
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| cornfield |
| new member |
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| Location: LARNACA |
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Thanks for the info, much appreciated.
Cornfield |
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| Posted: Fri Oct 10, 2008 11:20 am |
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| FreeSpirit |
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Just say "ok I'll move to semewhere else if you don't reduce my rent".
There is no way that they can get away with charging you more in this financial climate especialy with the existing excess of propertys available. |
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| Posted: Fri Oct 10, 2008 12:58 pm |
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| rotate |
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| FreeSpirit wrote: |
Just say "ok I'll move to semewhere else if you don't reduce my rent".
There is no way that they can get away with charging you more in this financial climate especialy with the existing excess of propertys available. |
If you decide to move elsewhere as FreeSpirit suggests and assuming that you have a copy of the rental agreement, give your landlord the minimum notice of your intention to quit.
Even the best landlord can turn into a complete a******e when faced with a reasonable tenant leaving and then having the hassle of finding another. |
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