Decisions decisions Although there are two types of tenancy - assured and assured shorthold - it is required by most lenders that you opt for the shorthold tenancy, which offers you the safeguard of being able to take possession of your home after a six month period if it becomes necessary.
In an assured shorthold tenancy, both landlord and tenant will agree the duration of the minimum term and the level of rent to be paid. The fixed term can only be terminated by mutual consent.
If you intend to rent out part of the home that you are living in as a resident landlord, different rules apply.
When preparing your tenancy or right to occupy agreement you need to consider a few additional lifestyle matters:
A pedigree puss is one thing, but a boa constrictor or St Bernard quite another. Agree boundaries and wherever appropriate put them in writing.
If you do you may want to ensure that a scheme is agreed between the two of you before decoration begins, or that the tenants is required to return the scheme to neutral before they move on.
Consider the safety issues - a large proportion of house fires are caused by carelessly discarded cigarettes. Smoking can cause health issues for other tenants. Also smoke will damage decor and furnishings - all of which may need remedial action before a new tenant takes over the property.
The Landlords Association - www.landlords.org.uk
The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.
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