Being a landlord. It’s a great source of income and can be highly rewarding. However, property problems and tenant troubles tend to turn investors away from the letting game.
It’s all about being prepared. Creating a tenancy agreement in advance can prevent potential disputes and protect your interests. For example: if your tenant fails to pay rent after agreeing to do so in the contract, you have the right to take legal action. However, if you fail to maintain the property in good condition as you agreed to in the contract, your tenant can do the same. Therefore, the agreement should benefit you both, and cover as much ground as possible.
That way, both you and your tenant know where you stand.
Our Landlord & Tenant Team
Why choose Talbots’ tenancy agreement solicitors?
Here at Talbots Law, we pride ourselves in our vast knowledge of property law. With the largest property department in the region, we’re able to provide specialist legal advisors to help you with your specific matter. Our promise to you is to ensure that the drafting of your tenancy agreement protects your best interests, and you can trust us to deliver. Our aim as tenancy agreement solicitors is to stop disputes before they arise, and we do this by working with you to make sure we get everything in writing.
What is a tenancy agreement?
A tenancy agreement is the contract drawn up between a landlord and tenant. The agreement should define period of letting, the amount payable and the dates for payment. The agreement will also state the rights and responsibilities of both the landlord and the tenant, and should also be clear about any specific terms, for example whether pets or smoking is prohibited. The tenancy agreement must be signed by both landlord and tenant in order to be valid.
As a landlord, you are also entitled to request a deposit from your tenant before the letting period begins. If the terms laid out in the tenancy agreement have been met, the deposit will be returned to the tenant once the letting period is over. Remember, all deposits must be held in a government approved tenancy deposit scheme, and details of the scheme must be provided to the tenant within 30 days of receiving their deposit payment.
Ending a tenancy
If your tenant wants to leave the property before the letting period is over, they must give notice. Your tenancy agreement should state how much notice must be given on either side, in case you need to terminate their tenancy early. If your tenant wishes to end the contract early, they are responsible for paying rent for the entire fixed term tenancy, unless you add a ‘break’ clause in your tenancy agreement.
Changing a tenancy agreement
The tenant must approve any changes that you need to make to the agreement before they are made. With mortgage lenders pushing landlords to increase rent, it doesn’t come as a surprise that you may need to do this at some point during the letting period. It may come as a surprise to the tenant, however, if you increase rent with no warning. We recommend you don’t try that.
Get in touch with the tenancy agreement solicitors at Talbots Law today on 0800 118 1500 and we’ll get started immediately.
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