As a landlord, there must be an agreement between you and your tenant when leasing them your property or land. Your legal rights and obligations are detailed in landlord and tenant law and from any lease or tenancy agreement between you. Tenancy agreements don’t take away rights and obligations under legislation, but it’s a chance for you and your tenant to agree on matters not covered by that, like who pays for the utility bills. The terms of your agreement protect your rights as a property owner, so it’s important you understand what you should include and why. Read on as Rickman Properties explains.
What is a tenancy agreement?
There are many types of tenancy: assured short-hold tenancy, excluded tenancy, assured tenancy, non-assured tenancy, regulated tenancy, company let and Contract of law (tenancies over £100,000 per annum)No matter what type of tenancy you opt for, an agreement is essential.
Despite the fact that there are also oral tenancy agreements, at Rickman Properties Limited, we suggest having a formal printed tenancy agreement to avoid legal problems in the future.
A tenancy agreement is a contract that lets a person live in a property by paying rent to the landlord. In that document, the rights and responsibilities of the people involved are outlined, according to the law. The UK government provides a template, but you are not obliged to follow it as each tenancy agreement is different.
Related article: The Renter’s Reform Bill and How to Prepare
What should a tenancy agreement include?
According to the UK government, the tenancy agreement should include: the type of tenant, the names of the people involved, the price of the rent, the frequency of the payment, if a deposit is needed, the property address, the period of the tenancy and the obligations and rights the tenant and the landlord have.
We recommend you also add:
● Special clauses: in that part of the contract, you can include specific rules, such as related to having pets, parties, smoking areas and cleaning.
● Deposits: Explain if you need a deposit and how it will be protected. Mention in what circumstances the deposit will be fully or partly withheld.
● Bills and rent payments: Depending on the landlord, some bills like water, gas or electric services are not included in the rent so you have to mention this on the document. Explain how the rent and bill will be paid and any extra information that you consider relevant.
● Repairs and decorating: Clarify who is responsible for minor repairs, as well as if the tenant is authorised to decorate or not. Include if there are tenant restrictions with sticking posters or hanging objects, as well as maintenance.
● Changes and notices: If you want to modify your tenancy agreement, both parties must agree to continue renting the property.
● Giving notice: Mention how much notice you or the tenant need to inform when you don’t want to continue with the tenancy agreement.
Rickman Properties can help
Good letting agents can make the lives of private landlords so much easier! They can handle everyday tasks such as rent collection and property inspection, as well as the mass of regulation changes and legal requirements – including tenancy agreements! At Rickman Properties Limited, our expert staff can handle every management issue and task our landlords face when leasing their London property.
In reality, the amount of work involved to manage a buy-to-let property is significant and can be overwhelming. It’s an ongoing responsibility that can cause considerable strain if not managed correctly – particularly as the property is most likely a valuable investment. The benefits of professional property management therefore, are considerable! Remember – good effective management results in a happy tenant and a well-maintained property.
Contact us today on 020 7937 9777 or email us at firstname.lastname@example.org to start working together.