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Legal Terms - Fair rent
The rent for the holder of a *protected or *statutory tenancy is determined by a rent officer or tribunal. The scarcity of rented property is not considered when determining the rent, resulting in a rent that is frequently lower than the market rate. The rent of *assured tenancies is established through an agreement between the proprietor and tenant. If the proprietor desires to raise the rent, the tenant may submit an application to the First-Tier Tribunal (Property Chamber) to ascertain the new rent. The tribunal is required to establish the rent at the highest possible price that the proprietor could secure on the open market. The tribunal's rent determinations are documented and accessible to the public.
The rent for the holder of a *protected or *statutory tenancy is determined by a rent officer or tribunal. The scarcity of rented property is not considered when determining the rent, resulting in a rent that is frequently lower than the market rate. The rent of *assured tenancies is established through an agreement between the proprietor and tenant. If the proprietor desires to raise the rent, the tenant may submit an application to the First-Tier Tribunal (Property Chamber) to ascertain the new rent. The tribunal is required to establish the rent at the highest possible price that the proprietor could secure on the open market. The tribunal's rent determinations are documented and accessible to the public.
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