If you are considering letting out your property, perhaps as a means of generating income, there’s a great deal to think about. The law regulates the way you let your property in order to protect tenants, so it’s important to understand your obligations as a landlord.
If you would prefer not to take on landlord responsibilities yourself you can get third parties who will, for a management fee, manage the property and tenants on your behalf, such as a letting agency. If you would however like more hands-on control of your property then make sure you don’t forget to get some advice from a solicitor.
A solicitor who is experienced in dealing with landlord and tenant arrangements will be able to help you draw up a contract, usually called a lease. They can tell you what rights your tenants will have, and let you know about your own rights as a landlord – and more importantly help you to protect them. Things to consider as a landlord, that your solicitor can help to incorporate in the contract, include how much rent you want to charge, whether or not you will ask for a deposit, and what rights you want to enter the property.
You can find out more about landlord and tenant arrangements here. Find a solicitor local to your area here.
Questions you might like to ask a solicitor…
- Will you make a monthly or annual charge for assisting me?
- How much notice will I need to give a tenant to leave?
- What are my rights, if I have ‘problem’ tenants?
- What insurance should I get for the property?