Is it legal to auction property lets?

[Mrtolister]

I think that if you were able to auction rented accommodation, as in auction off the tennancy agreement, landlords might realise better prices and the process would become simpler for tennants. Does anyone know the law surrounding this.

Greatly appreciated.

[factor-fiction]

I think there's a good chance someone may be along soon.

[johnny37]

Ive noticed letting agent s already negotiate rents. Tenants too when you think of the cost of changing tenants and possible loss of rent between lets.

[daffy654]

In my experience most landlords earn way more than they should do.

[EvianBaby]

Landlords are already getting top dollar. Why should they get any more?

[daffy654]

By the way, tenant only has one 'n'.

[boxtops]

unless you're David Tennant :-)

[tonywiltshire]

If someone is a tenant they own the right to occupy the property in question, if the Landlord sells the freehold in the property the tenancy will still be binding on any purchaser of the property, properties are now sold with tenants the price reflecting the type of tenancy. Most tenancies are now Assured shorthold tenancies under the 1988 and 1996 housing acts with a fixed period of 6 months after which a section 21 notice to quit can be issued by the landlord making the value of the tenancy very limited.

[NOX]

I think he means auction the rental amount per month until the bidding stops and that is what the rental is then set at for the duration of the tenancy. Something similar already happens with some agents accepting sealed bid offers. Most landlords are more worried about who their tenants are to engage in something like this.

[tonywiltshire]

Thanks NOX, you are probably right.

[Mrtolister]

thanks guys, appreciate your responses. And yes NOX is right in what i meant by my question. It doesn't seem like there is a legal issue then - I think also there are benefits to tenants and i know the gov operates a similar system for social housing.