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Let property agreements
Before letting out your property it would be wise to ensure you have a legal agreement between you and the tenants.
Assured short hold tenancy agreements for a residential property set out the duties and responsibilities of the landlord and the tenant. Without putting a agreement in place you are risking your assets and the income generated through rent. With no regular rent coming in it will be up to you to pay the mortgage on the property which could add addition strain on your resources.
The agreement can be for any length of time. Agreements of less than six months can be put in place however, the tenant has a right to stay in the property for a minimum period of six months. This leaves the landlord with no guaranteed right to possession if the tenant refuses to leave during the first six months of the tenancy.
Items to include in a let property agreement
- The required monthly or weekly rent and late payment details
- Required deposit and the tenancy deposit scheme
- Landlords obligation
- Tenant's obligation
- Describing the usage that the property is designed for
- Clauses regarding respecting neighbours
- Permission for pets and children
- An inventory of all items included in the rented property and garden areas.
Have all documents duplicated prior to signing so each party has an exact copy of all the details. It is recommended that the Tenancy Agreement is prepared in duplicate and both copies should be signed by all parties, with both the landlord and tenant retaining a copy.
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