Tenancy agreements are the legal way in which a landlord can protect their property and the tenants that reside in them. Tenancy agreements for England and Wales may differ to those in Scotland so it is important that you get the correct one. Tenancy agreements are available for various types of tenancies and property types.
Tenancy agreements should ideally be drawn up by a solicitor. Landlords invest a lot of money in to their investment properties so it is important that they and the tenants are properly protected. With the introduction of the Tenancy Deposit Scheme in April 2006, it should be made clear to the tenants signing the tenancy agreement as to the scheme which the landlord or agent has signed up to and where the tenants deposit will be retained.
Tenancy agreements can be purchased from a number of sources. Some websites offer the ability to download instant editable tenancy agreements which can be tailored to your requirements. It is also recommended that a good inventory be prepared for the property alongside the tenancy agreement. This way the landlord can be sure that the condition of the property is clearly explained on handover to the tenants.
If you are letting your property furnished, make sure you detail every item and the correct condition of the furniture. The décor of the property should also be noted including the colour of the walls and whether matt or gloss paint used. Taking photos to accompany the tenancy agreements is also a good idea and when both parties are agreed they should sign and date the tenancy agreement and the inventory.
Listed below are some of the clauses that may be included in a standard tenancy agreement.
Some of the clauses included in the Tenancy Agreement
• The amount of rent and deposit payable and the term of the tenancy
• Way in which rent should be deposited to Landlord
• Landlord's obligation to insure the building
• Tenant's obligation to pay bills and council tax
• Tenant's obligation to keep the investment property and any garden in good order and repair
• To use the buy to let property for residential purposes only
Even if you are deciding to let your property to friends or close family it is still suggested that you get a tenancy agreement. Regardless of how much you trust someone, it is vital to protect your investment. Imagine you fall out with your friend or family member to discover that all your furniture had been sold via an online auction website. Without a comprehensive tenancy agreement and landlord inventory, you may find you have no recourse! Purchase online AST tenancy agreement for England and Wales today.
