Buy an on-line Tenancy Agreement now. As a landlord and also as a tenant it is important that there is a comprehensive tenancy agreement in place to protect both parties. Don’t be tempted with purchasing off the shelf do it yourself tenancy agreements. It is worth investing in a professionally prepared tenancy agreement by a qualified solicitor.
Tenancy agreements are a legally binding document which protects both a landlord and the tenant when renting out property. If you are a landlord and need to download a solicitor prepared assured shorthold tenancy agreement now click here.
Amount of Rent
A landlord will determine the level of rent based on market conditions and level of rent expected on the type of property in question.
New landlord renting for the first time
If you are a new landlord renting your property for the first time it is essential that you purchase a comprehensive tenancy agreement. Never, believe that trust is enough. This is a business relationship to help protect your investment property.
It is important for landlords to take a damage deposit from the tenants. The amount set is determined by the landlord. However, it is a worthwhile investment to purchase a landlord inventory now as this will detail the condition of the property and contents prior to the tenants moving in which can be signed by all parties. When the tenants vacate this landlord inventory can be used to determine whether any of the deposit needs to be retained for repair/maintenance work created by the tenants.
It is never an incident that a landlord wants to exercise but on occasions it is necessary to evict tenants. There are certain procedures that a landlord must take to do this. In the first instance it is worth consulting a solicitor to find out how to execute this.
Rent Arrears may need to get a county court judgement
Many landlords will collect rent via direct debit from their tenants own bank accounts. It is important that tenants pay the rent on time and the full amount so as to avoid getting into rent arrears. If this does happen the landlord may have to apply for a county court judgement to resolve the rent arrear issues.
Before you evict you need to know which notice to serve
As a landlord needing to evict tenants it is important to know which eviction notice to serve. There are a number of good information sources available to find this information, but it is always worth contacting a solicitor to ensure that it is done in the correct legal manner.
Each party has certain obligations that they must meet. These can include:
- Adhering to Safety Requirements
- Collecting Rent
- Attending to repairs on the property
- Enabling the tenants to live peacefully in the property you have provided
- Not harassing the tenants. This can include visiting the property without prior notice, builders/tradesman arriving at the property without prior notice and generally leaving the property in a poor condition for the tenants.
- Paying Rent on time
- Ensuring that bills are paid and on time
- Contacting the Landlord notifying of any repairs needed
- Issuing the Landlord with the correct period of notice before they leave
When both parties have signed the tenancy agreement it is very rare that it can be changed unless the tenant and the landlord agree mutually. For example if a tenant has signed an Assured Shorthold Tenancy Agreement for a minimum period of six months and the tenant wanted to leave after just three months, then they may be liable to pay the remaining three months unless a break clause is written into the original tenancy agreement signed.
As a tenant there are certain steps that they need to take to terminate their tenancy agreement. Under normal circumstances they would give the landlord notice that they are leaving. Even if this is not written into the tenancy agreement, it is common courtesy to let the landlord know so that the landlord can begin necessary preparations to source new tenants when they vacate.
Different Types of Tenancy
If a tenant pays rent to a private landlord and live in a flat or house that is not shared with the landlord, the tenants are likely to have:
This applies even if the tenants have a room in a house that is shared with other people. The type of tenancy also depends on the date the tenants moved in.
Assured shorthold tenants
If tenants moved in after 27 February 1997, they are more likely to be on an assured shorthold tenancy agreement. Although it is still worth checking as tenants may be on an assured tenancy agreement if the landlord said that the tenancy would be an assured tenancy rather than an assured shorthold tenancy before they moved in.
An assured shorthold tenancy agreement gives the landlord a guaranteed right to repossess the property at the end of the term. This is the most common tenancy agreement used for most residential tenancies.
If tenants move in after 15 January 1989 but before 28 February 1997 and the landlord didn’t give notice stating that the tenancy agreement was to be an assured shorthold tenancy agreement, then it is likely that the tenants may have an Assured Tenancy. Although the landlord may have given the tenants a notice stating that the tenancy agreements is an assured tenancy rather than assured shorthold tenancy.
You may also be an assured tenant if you became the tenant because the tenancy was passed to you after a regulated tenant died.
If the tenants moved in before 15 January 1989, it is likely that the tenants will be on a regulated tenancy. A regulated tenancy can remain in place even if the landlord changes or the tenant moves.
Jennifer Tweed is the founder of buytolet4sale.com, one of the UK's first property portals dedicated to all types of investment property for sale and everything you should need for your sale and purchase. Learn more about buy to let