Flat 50, 25 Greese Street, Fitzrovia,London W1T 1QP LON/00AG/MNR/2023/0428
DECISION
The Tribunal determines a rent of 2300 per calendar month with effect from 25 October 2023. ___________________________________ © CROWN COPYRIGHT 2023 FIRST - TIER TRIBUNAL PROPERTY CHAMBER (RESIDENTIAL PROPERTY) 2 SUMMARY REASONS Background[1]On the 12 September 2023 the Landlord served a notice under Section 13(2) of the Housing Act 1988 which proposed a new rent of £2,800 per month in place of the existing rent of £1,700 per month to take effect from 25 October 2023. The rent set out in the tenancy agreement which commenced on the 25 January 2022 for a term of 20 months £1,700 per month.[2]On the 4 October 2023 under Section 13(4)(a) of the Housing Act 1988, the Tenant referred the Landlord’s notice proposing a new rent to the Tribunal for determination of a market rent. Inspection[3]The Tribunal did not inspected the property which was not requested by the parties. Evidence and Hearing[4]The Tribunal has had consideration to the written submissions provided by the Landlord and tenant together with the comparable evidence. Determination and Valuation[5]In the first instance the Tribunal determined what rent the landlord could reasonably be expected to obtain for the property in the open market if it were let today in the condition that is considered usual for such an open market letting. Based upon the evidence provided by the parties together with its expert knowledge, the Tribunal consider that the subject property, if finished to a reasonable standard with modern kitchen and bathroom fittings would be likely to attract a rent let on an assured shorthold tenancy, for £2,400 per month. Next, we need to adjust that hypothetical rent of £2,400 per month to allow for dated kitchen and bathroom fittings. Using our own expertise we considered that deductions of £100 should applied in order to take into account the above matters This provides a This reduces the figure to £2,300 per month. It should be noted that this figure cannot be a simple arithmetical calculation and is not based upon capital costs but is the tribunal’s estimate of the amount by which the rent would need to be reduced to attract a tenant. 3[6]The Tribunal determines a rent of £2,300 per calendar month. Decision[7]The Tribunal therefore determined that the rent at which the subject property might reasonably be expected to be let in the open market by a willing Landlord under an assured tenancy in its current condition was £2,300 per calendar month. 8.The Tribunal directs the new rent of £2,300 to take effect on the 25 October 2023. This, being the date set out in the Landlord’s Notice of Increase and the Tribunal was satisfied that a starting date of that specified in the Landlord’s notice would not cause the tenant undue hardship. Chairman: Duncan Jagger MRICS Date: 8th January 2024 APPEAL PROVISIONS These summary reasons are provided to give the parties an indication as to how the Tribunal made its decision. If either party wishes to appeal this decision, they should first make a request for full reasons and the details of how to appeal will be set out in the full reasons. Any subsequent application for permission to appeal should be made on Form RP PTA.