Renting out my home

Tcs

I am considering renting my home, was going to go through an agent but have now been approached by a friend who would like to rent it, have no idea where to start, do i download a tenacy agreement on the internet, can anyone recommend a good site to go to for step by step guide.

LittleGemSaver

Tcs wrote: »

I am considering renting my home, was going to go through an agent but have now been approached by a friend who would like to rent it, have no idea where to start, do i download a tenacy agreement on the internet, can anyone recommend a good site to go to for step by step guide.

I am thinking of renting my home out too but doing everything myself to save on letting agents fees etc. I have found you can buy ready made contracts from the post office for about £5, it's basically the contract written up so you can fill in the parts that are relevent to you and your tenants.
If you can find a contract template you can download it as any contract whether verbal or written as long as it's signed is legally binding just make sure it covers everything you need.

HTH & Good luck with your rental

tbs624

Join a LL association - discount on LL insurances etc, membership fees can be set against rental income for tax purpose, access to valuable guidance on LL legalities and properly worded tenancy agreements.

LittleGemSaver wrote: »

....If you can find a contract template you can download it as any contract whether verbal or written as long as it's signed is legally binding just make sure it covers everything you need. ..

(my emboldening)
Don't rely on a tenancy agreement downloaded off some random site - that tenancy agreement provides protection for you and your property. Many of the AST agreements that have been posted up are poorly worded & contain clauses that are unenforceable. If a T challenges parts of your contract as containing unfair contract terms you may find that a court does not agree that it is legally binding. That could cost you more in the long run than getting a properly worded agreement in the first place.

Do a search of the forums - there have been lots of threads on this board detailing the many obligations that you will need to fulfill as a LL, inlcuding complying with things like gas safety regs and tenancy deposit law.

mlz1413

Some agents will still do the checks for you and fill in the forms for a one off fee.

W H Smith do a legal AST pack which has all the forms to rent and take back furnished and unfurnished properties, but Clutton (respected LL on here) has previously said these are not be relied on, but others have said the solicitors they work for use them its just typed onto solicitor letterhead.

Agree with TBS624 that joining a LL association will help you with every step throughout the process. Also if you get the credit checks done then you can take out insurance.

Always remember that your house is your most valuable asset and so its got to be worth ensuring it stays your asset.