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. You should not let to someone simply because you like them or because they are a friend or family member.
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 is difficult to achieve if you are known to your tenant. 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.
Consider the following points:
- 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
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