Help Please - Newbie -First rental property - tenancy agreement ??

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    Help Please - Newbie -First rental property - tenancy agreement ??

    Hi

    Just bought a second home and have to tennants waiting to move in who will pay cash.

    I have asked for a bond of 1 month rent in advance and they have agreed. They are also liable for c/tax/bills etc.

    Where/how do i make up a tenancy agreement ?

    What happens if they don't pay the c/tax/water etc could i be liable ?

    How do i protect myself.

    Thanks

    #2
    I would suggest that you either go to a letting agent as its your first time to ensure its all done correctly or do it yourself but buy a book and do some research.

    There are many regulations that you need to ensure you are compliant with, gas safety, electrical, EPC's, deposit, Schedules etc etc.

    Have you fully checked out your tenants, credit, landlord, employer etc?

    Comment


      #3
      As it's not long since I was in the OP's position, I'd like to second Poppy's advice.

      I decided to do it without an agent and I think it's been a great decision for me, I've been a pretty damn good LL so far. I'd definitely recommend going it alone without an agent, but if you've got to the stage where you're discussing deposits with your prospective T's, I think you've left it too late.

      I spent a good three months doing thorough research, reading books, visiting forums, researching the relevant legislation, etc, etc before I felt fully prepared. If you go into it now at this late stage I fear you run the risk of making a costly mistake.

      As Poppy mentioned, do you have an EPC or a gas safety certificate? Can you be sure that the electrics in your home are safe? Do you have an inventory in place? Where are you going to protect the deposit?

      Landlord law is, I think, very unforgiving of Landlords who enter into it without knowing their responsibilites. Personally, I'd see if I could sign up with an agency who can take care of this T while you learn everything you need to before you take over it yourself.

      Hope this helps.

      Please don't troll this post. I'm genuinely just trying to be helpful

      Comment


        #4
        Over the last two months I have been attempting to find a new tenant for one of my properties. As an experienced landlord who self-manages his properties I always use an agent to find me a tenant. The first applicant was just about due to sign his AST when he was made redundant and thus could no longer afford to pay the rent so he withdrew. The second applicant sounded great. He was confident, was fully aware of his responsibilities and my agent (with tons more experience of this sort of thing than me) was of the opinion that the credit check would be a formality and was thus discussing possible moving in dates.
        Three days later we learned that this "super" tenant had three outstanding CCJs and his current landlord was not prepared to give him a reference, but was decent enough to telephone to say that this person owed him about £5000 in unpaid rent!
        Third potential tenant moved in last Friday - fingers crossed!

        P.P.
        Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

        Comment

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