Tenancy agreement

G_M

Letting to friends/relatives etc CAN work well, but CAN be a nightmare when things go wrong. It's much harder to deal with problems professionally when you have to take into account a 'relationship' with the tenant or his family. What happens if he loses his job and gets into arrears? Or turns out to have midnight parties, disturb the neighbours, damage the property?

If the nephew's neighbour is just a neighbour (and not a friend too) then it's easier (but keep everything very professional). if they are friends as well, think hard!

DVardysShadow

mruddy wrote: »

However, now we are not going to go through the EA as it costs £300+ VAT but now we need to get a good tenancy agreement just to be on the safe side. any ideas would be greatly welcomed.

That is the trouble, you know EXACTLY how much it costs, but have not the foggiest as to what you need from the EA - nor would you recognise a 'good agreement' if it hit you in the face

**Upsy_Daisy**

I would strongly advise you to use a professional letting agent ESPECIALLY if the tenant is going to be someone you know. You are saving a few hundred quid now - it could cost you thousands in a years time.
You see a completely different side to people, even the closest friends when it comes to money.
It really is not worth it.

Fire_Fox

mruddy wrote: »

Hey,

The reason the person contacted us is because we are friendly with his aunt who is our neighour, he is interested in buying a property in 2 years and because we are only renting for 2 years and he has family near then he was very interested in our apartment. Now that you have mentioned all the screening we need to do i am not sure what to do now. maybe if we just asked him for bank statements and asked for a guarantor. we have an epc done as we were trying to sell the property and the property is oil heating. i am very confused now

Have you got permission to let from your mortgage provider? Do you know you need to register for income tax?

mruddy

hey guys,

Thanks for the comments, yes we have asked permission from the lender and we know we have to register for income tax. we will probably approach our estate agents to carry out the necessary checks etc just to be safe. we have met the guy and his parents who viewed the house and were both really nice people but just going to be safe with the EA as this is our first time renting.