Tenancy law is complex and there are many pitfalls.

 

To let a property privately you will need to understand tenancy law. You will also need to be a good judge of character and combine this judgment with the ability to reference Tenants effectively. Many private Landlords make the mistake of taking the first applicant for a property simply to start “earning” money. This can be a big mistake and usually costs money in the long term.

Letting to family and friends has a bad track record. The Landlord of any property should be viewed by the tenant with a certain level of authority. This level of authority is required in order to ensure that the rent is paid on time and the property is being looked after to the satisfaction of the Landlord and in line with the terms and conditions of the tenancy contract. This level of authority is difficult to assert if the tenant is known to the Landlord.

 

Consider the following options when deciding whether to let privately:

 

- How can I credit check a Tenant?

- Once I have drawn up the Tenancy contract using a self help kit, would I have the knowledge and  

 experience to deal with any other legal issues which may arise during a Tenancy?

- Will I have the confidence to be firm during a Tenancy and deal with Tenants in an authoritative

  manner?

- What would I do if the rent is not paid?

- What happens if there is a problem with the property and I cannot deal with it as I have work

  commitments or am away on holiday

- You can be fined three times the value of the deposit if you do not register the deposit and inform

  the Tenant(s) who the deposit is registered with within 14 days of the commencement of the

  tenancy

 

The list of questions is endless. It is a well-known fact that many of the horror stories associated with residential letting stem from private lets where the Landlord of the property simply did not have the experience in either Tenant selection or Tenancy law.

 

Many of the stories in the media about “tenancies From Hell” stem from private lets!  Most people we meet who have had a bad experience actually let privately.