A written tenancy agreement is an essential component to agreeing the terms between you and your tenant that should be drawn up by qualified professionals. It is a legally binding document that must be written correctly in order to achieve the desired outcome and foster a productive tenant relationship.
What is a tenancy agreement?
A tenancy agreement is a contract signed by you and your tenants at the beginning of their residence in your property. It will lay out the specific terms of the tenancy including the process for resolving damages to the property, the amount of rent charged and when it must be paid by, if utility bills are included in the rental amount, and the process for ending the tenancy, be it a set date or a notice period. These will all need to be clearly defined to ensure that you receive consistent rental income and your tenants are aware of their responsibilities. If your property has any unique requirements then adding clauses to cover these is a good way to ensure they are met throughout the tenancy. Once signed, a tenancy agreement is legally binding and your tenants will have to adhere to its terms, facing legal consequences should they fail to. It is an excellent way to ensure that you and your property are protected when engaging in private rentals.
Who can prepare a tenancy agreement?
It is possible for you to write a tenancy agreement yourself, but not recommended. Engaging the services of a letting agent to help with this task is the best way to ensure that it is done properly. They will have contacts with local solicitors with a deep understanding of property law to ensure that the agreement serves its purpose and will stand up to scrutiny. Generic ‘boilerplate’ tenancy agreements can be found online but it is unlikely these will serve you adequately. There is no guarantee they are up to date with current laws and regulations and will not be specified to your needs.
Why should a professional prepare your tenancy agreement?
Having a letting agent arrange your tenancy agreement on your behalf will ensure that it is tailored to what you need from your rental agreement while still remaining compliant with the law. Legislation and regulations surrounding property are very precisely worded so clauses you add to a generic tenancy agreement yourself may not be legally binding, even if a tenant signs it. In addition to this, there are statutory rights tenants are entitled to that a tenancy agreement cannot supersede. A professional will have the knowledge and experience to successfully navigate this complex field.
It is worth keeping in mind that rental properties are a major investment and an excellent source of passive income when managed correctly. Issuing an inaccurate tenancy agreement could jeopardise that income and hinder the return on your investment. For an asset as significant as a property it is always worth making sure that everything is being handled correctly by reputable experts.
For all of the help you need managing your rental property, contact the Pure Lettings team. With their industry knowledge and expertise you can be certain that your tenancy agreements will be expertly written by qualified solicitors to ensure your tenancies always start off the right way. To arrange a free consultation, call 01689 400100 or send an email to email@example.com.