What do you mean by fair rent?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 kruthika asked almost 3 years ago

Hi I am Kruthika. May I know, What do you mean by fair rent?

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6 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered over 2 years ago

If you moved into an L&Q home before the 15 January 1989 you are likely to be paying a fair rent, which has been registered with the Valuation Office Agency. Once it is registered, this is the maximum amount that the landlord can charge until the rent is reviewed or cancelled.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 veeru answered almost 3 years ago

If you moved into an L&Q home before the 15 January 1989 you are likely to be paying a fair rent, which has been registered with the Valuation Office Agency. Once it is registered, this is the maximum amount that the landlord can charge until the rent is reviewed or cancelled. A fair rent is generally much lower than the rent that could be charged as a market rent for a similar tenancy. Those paying a fair rent will have signed a secure tenancy agreement and have many rights in line with local authority tenants, set out in the Housing Act 1985.

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Open uri20170510 32134 59004f?1494421790 Anshul Dhawan answered almost 3 years ago

Meaning of Fair Rent It is the reasonable expected rent which the property can fetch. It can be determined on the basis of rent fetched by a similar property in the same or similar locality.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 CA Sandeep Bohra answered almost 3 years ago

> Fair rent --Fair rent is the reasonable rent for a private property fixed and registered by a rent officer. Fair rent is fixed based on the size, condition, and usefulness of the property. In fixing fair rent, the scarcity of rented property is not taken into account and therefore fair rent is usually lower than the market rent. --Fair rent is calculated in lieu of mortgage interest, other financing costs and depreciation related to certain property, including land, buildings and non movable equipment. It is calculated only once; at the time the facility begins operation. The amount is derived from the base value as determined in the facility's certificate of need approved and issued by the appropriate state agency --If a tenant paying a fair rent transfers within L&Q then they will keep the secure tenancy. However, if the property they are moving to has never been registered the landlord will have to register the property for a new rent with the Valuation Office.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Chirag answered almost 3 years ago

Fair rent is the reasonable rent for a private property fixed and registered by a rent officer. Fair rent is fixed based on the size, condition, and usefulness of the property. In fixing fair rent, the scarcity of rented property is not taken into account and therefore fair rent is usually lower than the market rent. Fair rent is calculated in lieu of mortgage interest, other financing costs and depreciation related to certain property, including land, buildings and non movable equipment. It is calculated only once; at the time the facility begins operation. The amount is derived from the base value as determined in the facility's certificate of need approved and issued by the appropriate state agency. [Connecticut Ass'n of Not-For-Profit Providers for the Aging v. Department of Soc. Servs., 244 Conn. 378 (Conn. 1998)]

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Open uri20170510 32134 1c996lj?1494421732 Anil answered almost 3 years ago

If you moved into an L&Q home before the 15 January 1989 you are likely to be paying a fair rent, which has been registered with the Valuation Office Agency. Once it is registered, this is the maximum amount that the landlord can charge until the rent is reviewed or cancelled. A fair rent is generally much lower than the rent that could be charged as a market rent for a similar tenancy. Those paying a fair rent will have signed a secure tenancy agreement and have many rights in line with local authority tenants, set out in the Housing Act 1985. How does the valuation office set a fair rent? When deciding the amount to register as a fair rent, the rent officer will consider the: Property's age, character, location and condition Quantity, quality and condition of any furniture provided The rent officer will ignore: Disrepair the tenant has caused to the property Unnecessary improvements made Personal circumstances of both the landlord and tenant The rent officer must assume that the rent would not be forced up by excessive demand for similar property in the area. If a fair rent has previously been registered, there is a limit to how much the rent officer can increase it. The rent set by the Valuation Office is the maximum L&Q can charge. How does L&Q set your rent? With effect from April 2002, the Government determined how rents should be set for both Housing Association and Council properties, by setting out a formula that determines a target rent. These use a separate formula to set the net rent (not including any service charge) that uses - Property value as at January 1999 The number of bedrooms Earning levels in the London area for manual jobs (to promote affordability)

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