VIC How many days notice a tenant need to give agent before vacate a 12month lease

Discussion in 'Property Management' started by Rockstar123, 13th Feb, 2020.

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  1. Rockstar123

    Rockstar123 Member

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    Hi,
    Does anyone know what's the rule?
    my property manager never told me if the tenant wants to renew the 12 month lease or wanna leave, and the 12month lease expires 1st March.

    Any clue?
    Thanks
     
  2. Lil Skater

    Lil Skater Well-Known Member Business Member

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    If the tenant wishes to vacate they can give 28 days’ notice, so they can leave on or after 1/03 so long as they provide 28 days’ notice.

    There’s no time frame as to when they need to decide to renew, in fact they don’t have to and can stay instead on a periodic lease. PM should be asking the tenant about their lease 3-4 months before it expires, there’s no guarantee they’ll get anywhere if someone just doesn’t respond - but most people will and the PM can advise from there.
     
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  3. Rockstar123

    Rockstar123 Member

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    Hi Lil,
    Thanks! Should I assume PM should have asked my tenant 3 months before it expires (meaning PM should have asked in Dec 2019)? I wouldn't accept periodic lease, on 12month plus. I need the stability. So looks like I need to push my PM to follow this up.



     
  4. Lil Skater

    Lil Skater Well-Known Member Business Member

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    Best practice, yes. If there's a rent increase you need to allow a minimum of 60 days, so chasing up at least a month before let's the PM advise you the best course of action in terms of increase, renewal etc.

    If your tenant does not want to renew and they wish to stay on a periodic lease there's only one type of NTV that can be issued, but that will soon be removed (and as is, can be hard to enforce - it's the 120 day no reason NTV). I'd generally not recommend this unless there's another reason to terminate the lease, I've had plenty of tenants just roll on to a periodic for years at a time. The longest I have at the minute is coming up to 17 years in the property and was only on a fixed term for the first year.
     
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  5. Rockstar123

    Rockstar123 Member

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    Thanks :) may I ask what is NTV? LOL we aint putting up rent. so all good. we just want long term good tenants. and i rather charge a bit less to keep someone who is good
     
  6. Michelle Evans

    Michelle Evans Well-Known Member

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    Hi Rockstar - NTV is a notice to vacate. Moving forward, if you don't want a tenant to go onto a periodic lease, you'll need a property manager that reviews the lease and rent on a 12 month lease, 4 months before the lease expires. After the legislation changes come in July, there will be no further option to use a 120 day notice, so you'd have to issue a 90 day end of fixed term notice (which will only apply to the first lease, and not any subsequent leases).
     
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  7. Lil Skater

    Lil Skater Well-Known Member Business Member

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    What she said ;)
     
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  8. Rockstar123

    Rockstar123 Member

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    excellent advice. thanks you!! :)