34 Doggett Road
Tenancy Renewals
2022-2023
It is that time of the year when we reach out to current tenants and invite them to renew their tenancies which are ending at the end of August 2022 for another year into 2023.
You will shortly receive emails confirming the end of your existing tenancy and another one offering you a renewal.
Alongside this process, we have a change behind the scenes. The purpose of this blog is to explain what is happening so you can look out for the emails.
change of underlying ownership
First some news on our side. Over the course of 2022, my company Rainbow Capital Property Ltd has been selling our portfolio of properties to other investors. After 27 years as a landlord, it is simply time for me to retire.
The decision to sell was personal rather than commercial. I am going to leave the property business and pass over management to my colleague Tom Hudson, supported by our maintenance guys, James and Atila.
Ownership of 34 Doggett Road has transferred to another local landlord, namely Francesca Mohan who operates under the company name “Sozac Properties Ltd”. The terms of your current tenancy to 31st August 2022 have not and will not change however and the same rights and obligations simply continue between you and Francesca.
Francesca has retained Tom, Atila and James to continue the maintenance of the property and be the liaison point for you guys. So you should notice very little difference due to the change of ownership.
Tenancy Renewals
1St September 2022 - 31st August 2023
Francesca would love you to stay on as tenants for another year after 31/8/22, so you will shortly receive an email offering you a renewal of your tenancy with Sozac on similar terms to those you have now with Rainbow.
Francesca takes over at a tricky moment. The main challenge facing her is the rise in costs - specifically energy, council tax, water rates and the like. You have been shielded from this pain suffered by the rest of the country as we agreed fixed rent tenancies with the cost of bills included and we honoured them. Interest rates have risen too, so Francesca’s costs are also higher, whilst the Council keeps putting up the council tax.
So there will need to be some increases this year so that everyone pays a fair market rent to Francesca up to August 2023, with rent rises sufficient to cover the increases in cost, most notably the winter fuel bills.
The good news is that the new tenancies will again mean your rent is fixed until August 2023, shielding you from any further rises in costs.
Francesca will also confirm re-protection of your deposit directly by her and her company.
Ending Existing Tenancies
You may also get an email from me confirming the end of your tenancy with Rainbow Capital.
Time for Andrew to bow out gracefully / over to tom Hudson and Francesca
I hope the above makes sense. In summary you will receive three emails:
Email from me at Rainbow confirming end of current tenancy 31/8/2022
Email from Tom or Francesca offering you: (a) tenancy renewal 1/9/2022 - 31/8/2023 (b) additional confirmation of end of current tenancy
Email from Tom or Francesca confirming transfer of your deposit from Rainbow
I hope as many of you renew your tenancies as possible.
As for me, I became a landlord when I was 25. Now I am 52 and no longer a young man. It is a job that requires almost 24 x 7 x 365 vigilance. It’s time to seek a new life with new adventures.
As I leave the property rental business I wish you all the best of success in the future. Thank you for being the best tenants a landlord could wish for and for allowing me to accommodate you. It has been my privilege.
Best wishes,