Renewing Tenancy Agreement £70

clutton_2

join the National Landlords Association (NLA) and buy their tenancy agreement - it may cost you , but, it sounds like you need all the help you can get with being a landlord. A £5 AST could well cost you thousands of pounds if you end up with a worthless document before a judge when you are trying to get your tenants out and they have not paid for months and the judge then throws it out as you have got the date on the application wrong by one day !!!!! Membership of NLA gives y ou cheaper insurance, free legal helpline (crucial in this day and age) magazines and access to all the correct paperwork, membership fee is also tax deductible

https://www.landlord.org.co.uk (i think !)

good luck

good luck

prudryden

As your original agreement has now expired and you have not issued (as yet) a renewal agreement, the original agreement continues as a periodic tenancy on the same terms as the original agreement. (Quoted from Bob) He may be around shortly.
If you and the tenant are happy with a six month contract, then that is fine.
I have never used an online AST contract, so can't advise. Clutton should be able to help.

clutton_2

re 6 or 12 months - has the tenant paid their rent regularly and on time for the whole of the first 6 months ? if they have, then yes, consider offering a 12 month, if they have not go for another 6 months - it will cost you a lot less if the tenant stops paying rent farther down the line. also during 12 months you cannot increase rent - you can after a 6 months one.

italia

thanks, i am really grateful for the help. i'm so glad it means the one i have rolls over to periodic.

they are really nice tennants and pay on time. i'd like the security of knowing they are in for another 6 months as there are quite a few flats to rent in the building. i don't want to put the rent up as i think it is fair as it is. i offered them 12 but they wanted 6. they would probably be happy with the periodic but i'd like to know i can rest easy (ish) for 6 months. i don't want to pay the LA 90 quid if it is something that i can do for less. But i don't want to put a useless 6month on in place that isn't right. The LA's dont tell you much do they, probably to get you to pay them. i'll order the which book and have a look at the site you recommened. i have the original to compare with a new one, can't i just copy the one i have and alter the dates???

clutton_2

an AST is not set in stone - it is a collection of different clauses depending on what you and the tenant want to agree on. I have seen on which is half a page i have seen one which is 20 pages long. HOWEVER there are certain clauses which are absolutely crucial in terms of the legality for if/when you want to evict - if you do not have these right, it will cost you hundreds if not thousands to get a tenant out - for the sake of a few quid why not learn how to do it properly ? This is NOT an easy money business, in case you thought it was ! its a long long term investment business. You will probably not make money in the first year at least, possibly the first 2 years (particularly if you have bought an older property which needs electrical checks and other maintainance repairs and costs) If you are approaching this in a professional manner look at it as your tenants are safeguarding your asset and look after them, and the property to the best of your ability.

a "nice" tenant can so easily turn into a nasty tenant when they want to leave the agreement early, and you dont want that - a good AST is utterly crucial.

italia

thanks clutton,

i dont see it as easy money and it is a very long term investment. i do see them as looking after the place etc. i just didn't want to have to pay 90 quid every 6 months. how do i know if the AST i have is a good one in the first place. i'm not asking for someone to sort it out for me i just have no idea so need to read up on it and work out what to do in the short term until i have increased my knowledge. maybe i should pay that now for countrywide to do the next 6months one for me until i know what i am doing. Do you get someone to do your AST's for you? is it your LA or yourself?

thanks again

italia

hello again, which is best https://www.rla.ork.uk (residential landlords) or the NLA https://www.landlords.org.uk?

clutton_2

letting the agent do it for 6 months is a great idea !! you will then have time to research things for yourself thorougly rather than rushing in. Pick the LA brains as much as you possibley can - ask them for copies of all the credit checks on your tenants, for a copy of the AST - everything - theyu wont like it but they cannot refuse - you are paying for their services you are entitled to know what they are doing.

i started off my typing up my first LA AST into my computer, and then used that myself (bit naughty i know - but i knew no better at the time !!). As i got more houses and tenants i would add bits into it, having researched on the web what other landlords were doing, and i bought copies of professional AST's to get an idea as to what others were doing. I now have a very long one, but, it covers just about everything - particularly Housing Benefit Tenants - which are a mindfield of administration and legalities.

one fabuolous research tool is https://www.singingpig.co.uk which is probably the best - most balanced property forum in the Uk - there is a huge property section and a specific BTL section on there - do lots of reading - there are nearly 70 different Acts of parliament landlords need to comply with !!!

I now never use LA's - if your property is near by - then have a go yourself i 6 months time - lots of luck

clutton_2

NLA is the biggest - and has now got the contract for the new landlords deposit scheme (due to be implemented in April 6 2007) - i dont know about the other one

italia

i can't thank you enough! I know all of this isn't easy but i do want to get more properties and i want to do it all correctly there is no much to know. thanks for the singingpig address i've looked for things like that but never come across that one before.

where did you buy the copies of professional AST's from? do you rate the nla over the rla?

any reading matter you can recommend i'd be grateful.

have you had alot of problems with tennants in the past?

also one last thing, the flat i have is in a block that has a service charge that covers bulding insurance. it is unfurnished so nothing of mine to insure. do fixtures and fitting come under buildings ins, i was told by the contents insurance that anything that wouldn't fall out if you 'tipped the property over' so to speak isn't covered by them. who do you use for legal insurance for if someone is hurt on your property! sorry for all the questions.