Moderately Naive Tenancy Question
Discussion
I've got a BTL property with tenant in place on a tenancy agreement provided by a lettings agent. Has been ticking over nicely for 5+ years.
I'm in the process of purchasing two further BTL properties.
Is there a reason I cannot use the same tenancy agreement, simply substituting the property address/rental amount, for these new properties?
If I can't, are there benefits to a letting-agent-provided agreement against an off-the-shelf one from WHSmith?
Cheers,
R
I'm in the process of purchasing two further BTL properties.
Is there a reason I cannot use the same tenancy agreement, simply substituting the property address/rental amount, for these new properties?
If I can't, are there benefits to a letting-agent-provided agreement against an off-the-shelf one from WHSmith?
Cheers,
R
romeogolf said:
Is there a reason I cannot use the same tenancy agreement, simply substituting the property address/rental amount, for these new properties?
Obviously, taking care to make sure all references are edited correctly... No, no reason at all. Although if it's a tenancy agreement that you've got from the first agent, it might be their wording so there may be IP considerations, and they may have trimmed surplus bits down which could come in useful elsewhere.You'd probably be safer going with a fairly off-the-shelf one from one of the many online document sites.
romeogolf said:
If I can't, are there benefits to a letting-agent-provided agreement against an off-the-shelf one from WHSmith?
Assuming everything's nice and neat and simple, no.Have you considered just getting the agent to deal with the tenant finding and referencing, and leaving you to manage? One-off fee, including all the referencing (which you'd have to pay for anyway), and they get the ballache of dealing with the applicants, showing them round, etc etc. In return, you get a shiny fresh referenced tenant's signature on a tenancy.
The law changes all the time, and will be changing further over the next year or so. Get an agent to do it, or at least get a current agreement by joining the National Landlords Association, which has other associated benefits (should add that i'm not connected to them, or even a member).
surveyor_101 said:
Do you not use an agent to do find a tenant and vet them ?
how do you vet tenants!
It's quite straight forward vetting tenants, at least to the same standard as an agent would do. I vet and reference check my tenants.how do you vet tenants!
Probably the most important thing is to meet them! After that an on-line credit check for £30 and an employer's reference by writing to the employer is normally enough (followed by a good scrutiny of bank statements).
Why pay an agent £100's?
surveyor_101 said:
Do you not use an agent to do find a tenant and vet them ?
how do you vet tenants!
Maybe I've been lucky but I've only ever used an agent once, and that was the first time I rented out my house when I went to work overseas.how do you vet tenants!
Since then, I've done it all myself. Spending time with prospective tenants showing them round the house and talking to them usually gives you a good idea about them and whether they'll be OK. Admittedly, they could be good actors, but in more than 15 years I've not had a bad tenant, although they do tend to stay a while so don't have many changes.
I recently joined the RLA for annual membership fee of £59.79., extremely impressed with them, online tenancy agreements, legal advice, also telephone legal and tenancy advice. With ever changing legislation case law etc. etc. RLA isa must for landlords.
http://www.rla.org.uk/join/join.shtml?gclid=CNzdyN...
I do all my own vetting of tenants, including references and credit financial checks. Never ever surprises me when my mobile phone rings, with agents, landlords wanting references for a potential tenant, I could be anybody, friend, family or partner of the potential tenant.
http://www.rla.org.uk/join/join.shtml?gclid=CNzdyN...
I do all my own vetting of tenants, including references and credit financial checks. Never ever surprises me when my mobile phone rings, with agents, landlords wanting references for a potential tenant, I could be anybody, friend, family or partner of the potential tenant.
caiss4 said:
It's quite straight forward vetting tenants, at least to the same standard as an agent would do. I vet and reference check my tenants.
Probably the most important thing is to meet them! After that an on-line credit check for £30 and an employer's reference by writing to the employer is normally enough (followed by a good scrutiny of bank statements).
Why pay an agent £100's?
becasue the agent will fully reference check a tenant, make sure you are legally compliant, protect your interest in the property by issuing a correct tenancy agreement. The agent will belong to a redress scheme, you have comeback if they get the paperwork wrong or dont register the deposit correctly.Probably the most important thing is to meet them! After that an on-line credit check for £30 and an employer's reference by writing to the employer is normally enough (followed by a good scrutiny of bank statements).
Why pay an agent £100's?
The laws have changed from even 1 year ago. Dont just copy a tenancy agreement from 5 years ago. It wont be compliant with the regulations and documents a landlord must give.
surveyor said:
I'm trying not to be too snappy.
How valuable is your house? How much has the law / case history changed in the last 5 years?
How much would an upto date (or even better professionally prepared) cost?
How much could it cost if you get it wrong?
exactly. Whats your property worth? £100k £200k £400K and you want to risk this by saving a few hundred pounds on something you dont know squat about in an area with is changing quickly on the laws and paperwork with big fines and criminal liability.How valuable is your house? How much has the law / case history changed in the last 5 years?
How much would an upto date (or even better professionally prepared) cost?
How much could it cost if you get it wrong?
Sure copy an old tenancy agreement......what could go wrong.
If you PM me I will send you our latest version, we manage about 200 properties and own a dozen.
You need to be aware of changes such in future if the EPC rating is below a certain number the tenant can force you to bring the property up to spec, regulations change the whole time.
ASTs evolve as the law changes and as various issues come to light. Why not just get an agent to "tenant find only" normally 50% of the first months rent, they will do the viewings, the inventory/condition report, run credit checks and references for you.
Probably worthwhile for peace of mind
You need to be aware of changes such in future if the EPC rating is below a certain number the tenant can force you to bring the property up to spec, regulations change the whole time.
ASTs evolve as the law changes and as various issues come to light. Why not just get an agent to "tenant find only" normally 50% of the first months rent, they will do the viewings, the inventory/condition report, run credit checks and references for you.
Probably worthwhile for peace of mind
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