When you rent out property it's important to make sure you start as you mean to go on by making sure you have a tenancy agreement. This should set out clearly what is expected from both of you for the duration of the tenancy. That way you can both have a relationship that's as simple and straightforward as possible.
There a few other important things to remember when you embark on a landlord-tenant relationship, and we're going to go over some of these as well as other important aspects of a tenancy agreement.
At the beginning of a tenancy it's normal for your tenant to give you a deposit, are you aware that it is a legal requirement that you keep the deposit in a safe place as set out in the Housing Act 2004? Regardless of whether the house is furnished or unfurnished, an inventory should be taken of the exact items in the house and the condition they were in prior to the beginning of the tenancy. For a furnished house it's going to contain a lot more items and if it's unfurnished then it'll just be white goods. If you know what's there and what condition it's in, you'll be able to tick them off as you go along once tenants leave, checking their condition as you go.
Tenancy Agreements Offer Protection to Both Tenants and Landlords
A tenancy agreement protects both you and your tenants. If there's substantial damage when your tenants leave, you won't be able to make deductions from the deposit they gave you without a tenancy agreement. There are different types of tenancy and naturally, you need to make sure you know what type of tenancy you're offering before anyone moves in. There's assured and short-hold tenancies and business and regulated tenancies.
Who's going to be living in the property?
You must make sure that everyone who's going to be living in the property is listed and each individual will have to sign the tenancy agreement themselves. This will include every adult living in the property over the age of 18. The dates of the tenancy agreement must be agreed upon by all parties, and the rent and deposit cleared through the bank before anyone moves in.
Currie and Co – For Reliable Legal Advice and Guidance
If you make sure you have a watertight tenancy agreement all parties are happy to sign, then both you and your tenants will have a more secure tenancy. You'll have peace of mind knowing that you've protected yourself and your tenant from any unnecessary stress and misunderstandings.
If you're unsure of how you can provide a reliable and trustworthy tenancy agreement that both you and your tenants can agree on, then get in touch with us here at Currie and Co. We have a strong legal team who are experienced in this type of law and we'll happy to help.