Many people look at letting property as a means of generating income.  Tenants are protected by laws that regulate the way you let your property, and there’s a great deal to think about in becoming a landlord.

When you are thinking about letting your property, it’s vital to have advice you can rely on.

There are agencies that will, for a management fee, take on your responsibilities as a landlord.  But if you’d like to have more hands-on control over your letting property, then it may be better to find a solicitor who is experience in dealing with landlord and tenant arrangements.  With a solicitor’s help, you can draw up a contract that includes specific clauses – such as who is responsible for maintaining a garden – and make sure your obligations to other tenants and neighbours are met.  A solicitor can also tell you what rights your tenants will have, and let you know about your rights as a landlord – and more importantly help you to protect them.

In England and Wales, most agreements are ‘assured shorthold tenancies’.  With this type of contract, a landlord has the right to terminate the agreement after six months.  In Scotland, most landlords use a ‘short assured tenancy’, which is similar.  For every landlord though, there are some common issues to be aware of – points that you’ll need to think about before instructing either an agency or a solicitor:

• Will the rent you charge include a portion of bills?
• Will you ask for a deposit, and who’ll hold this during the rental period?
• What will you do if your tenant refuses to leave?
• Will you insist on seeing a tenant’s insurance policy?
• What rights would you like to enter your own property?

As you can see, there’s a lot to think about when you draft a tenancy agreement. A solicitor or letting agency can explain your obligations to tenants, and be on hand if things don’t go to plan.  It’s worth shopping around to find out what fees are involved, although a first consultation with an agency or solicitor is often free of charge.

Questions you might like to ask your solicitor or letting agency…

Will you make a monthly or annual charge for assisting me?

What types of vetting service can you provide?

What are my rights, if I have ‘problem’ tenants?

What insurance should I get for the property?