RENTING THE PROPERTY
Renting the property seems to be easy source of income, but it can be a legal minefield. You may also to pay tax on the income you earn. If there are disagreements between you and tenants, it can quickly become a drain on your time and resources. The best way to avoid this is to take the right legal advice.
Lawyer can deal with landlord and tenant law and are skilled in settling disagreements. Before you look for a tenant, a lawyer can help you to decide what the terms of the tenancy will be and can build these terms into a written ‘tenancy agreement’ tailored to your needs.
AGREEMENT WITH TENANT
Agreement is a contract between you and your tenant. This contract can be written/verbal. If you have a dispute with your tenant about the terms of the agreement, it is your word against theirs as to what was agreed.
Main advantage of having a written tenancy agreement is that it sets out your rights and responsibilities as a landlord in a way that is legally enforceable. This keeps disagreements to a minimum because both sides know where they stand.
ADVICE FROM LAWYER
You should contact your lawyer as soon as you start thinking about renting your property out. This will give you a clear idea of the terms to offer to any tenant you are considering.
A Lawyer explain the different types of tenancy agreement and identify the most suitable for you, draw up or check a tenancy agreement for you, highlight the essential requirements, explain legal issues, warn you of any pitfalls including advice on how to end an agreement and give you advice on the type of tenant references to ask for.
Once you have appointed a lawyer, he/she will explain your rights and responsibilities as a landlord. You then have the opportunity to explain your specific needs and concerns. This will help the solicitor to draw up a tenancy agreement that is tailor-made to your needs. During this process, your solicitor will cover the following issues with you.
Once you have a agreement, make sure that both you and your tenant sign it at the start of the tenancy and you must give your tenant a copy of the agreement if they ask for it.