Today, it was decided that the rent increases for rent stabilized apartments in New York will be 3% on 1 year leases and 6% on 2 year leases. These rent increases are down from last year but definitely higher than rumored earlier this month. The topic has attracted much publicity in the New York area over the past few weeks. It had been thought that the rent increases would be denied and the current rental rates for this year would freeze for the time being. Now that the increase has been approved, landlords for Rent Stabilized buildings can begin to prepare for offering their renewal leases with the increased rates.
We will post more about this topic in the next week. If you are a landlord in a rent stabilized building and need assistance preparing a renewal lease or commencing eviction proceedings, please feel free to call (516) 858-2620 to speak with a Landlord Tenant Attorney!
Settle Your Second Mortgage
Settle your second mortgage for 10% of the loan amount owed?
Let’s say you owe 90k on your second mortgage and the bank is willing to accept 9k in full satisfaction. Not bad, right? Well, we have heard of such an offer! Generally, we would want to consider any issues or problems with the first mortgage holder. Additionally, among other things, we would want to determine if the Homeowner could and/or should file bankruptcy and “strip-off” the second mortgage. At any rate, such an offer is certainly worthy of careful consideration.
The Law Firm of Vaughn, Weber & Prakope, PLLC, proudly assists residents of Nassau county (Long Island), Suffolk county (Long Island), Queens (New York), and Brooklyn (New York) with their legal matters. Call (516) 858-2620 to arrange a consultation with an attorney!
Eviction Time Frame
“Can you give me an eviction time frame?”
We are often asked, by both landlords and tenants, how long it takes to complete an eviction. The best answer we can give is: “The sooner the eviction process is started, the sooner it will be over.” The are numerous things that can speed up or delay the eviction process. Right now, the Sheriffs and Marshalls, who actually execute the “warrant of eviction,” are quite backlogged. This has been adding a considerable amount of time to the eviction process. So, no one can tell you exactly how long the eviction process will take. At the moment, it is even difficult to give someone a “ballpark” time-frame for an eviction from start to finish.
However, there are things that your attorney can do and/or suggest to speed the process up a bit and avoid further delay.
Landlord Tenant Attorney
The Law Firm of Vaughn, Weber & Prakope, PLLC proudly assists Landlords and Tenants in Nassau county (Long Island), Suffolk county (Long Island), Queens (New York) and Brooklyn (New York) with their landlord tenant matters. Call (516) 858-2620 to arrange a consultation with a Landlord Tenant attorney!
Month to Month Lease
Is a Month to Month Lease good or bad?
It depends on how you look at it:
Good: Generally, Landlord can terminate the lease for any reason with a 30 day notice.
Bad: Generally, Tenant can leave at the end of any given month.
Good: Generally, Tenant can leave at the end of any given month.
Bad: Generally, Landlord can terminate the lease for any reason with a 30 day notice.
So, neither side really has much security with a month-to-month lease agreement. However, there are situations when a month to month lease is appropriate. Landlords and tenants should consult with a Landlord-tenant attorney to fully understand the pros and cons of entering into a month-to-month lease.
We proudly assist Landlords and Tenants in Nassau county (Long Island), Suffolk county (Long Island), Queens (New York), and Brooklyn (New York) with their landlord tenant matters. Call (516) 858-2620 to arrange a consultation with a Landlord Tenant attorney!