Letting a property with an Assured S.T, best way to end?

pozzy

Hi,
I'm about to let my first flat. I've got hold of an Assured Shorthold Tenancy agreement that I'm happy with and it's for a fixed term of 6 months. I'm wondering about how it ends. If both myself and the tenants are happy am I best to get new signed agreements every 6 months or just let it revert to a 'statutory periodic monthly' ?

thanks

DVardysShadow

Let it go SP unless either

• You would prefer to get rid of the tenants
• The tenants want a longer contract

BitterAndTwisted

I expect you'll very happy with that agreement until something goes wrong. Where have you acquired from? Have you joined a landlords association and got it from them?

If your tenant proves satisfactory and you don't need the security of another six-month AST you could choose to let it go periodic. It all depends on what you and your tenant decide you want. They may not want to renew if you prove to be an unsatisfactory landlord.

G_M

New 6 months contract.
Pro: you know you'll get rent for th next 6 months. Your tenant knows he is secure living there fo th next 6 months.
Con: you can't decide to sell/replace the tenant. Tenant can't move if they get a new job in Argyle (unless you happen to already be in Argyle!)

Periodic tenancy
Pro: If you want to get rid of the tenant at any time (to sell the property, get better tenant, whatever) you can. Tenant can leave when that job in Argyle comes up....
Con: .... work it out yourself!

Now read all the links in the advice below:

Courtesy of tbs624 (edited):
“Sign up to LandlordLaw or to the NLA/RLA or a local affiliated LL association (links below). Membership fees are tax deductible, and membership will get you discounts on some LL insurance premiums and many other providers. See if your local Council runs an accreditation scheme for private LLs. Any of these will give you access to much useful info plus appropriately worded documents and notices.

Make sure that your tenancy terms don't fall foul of OFT guidelines - google "unfair contract terms" and "tenancy".

Try Alan Boswell for insurance: others on here have suggested Endsleigh, or use google or RLA recommendations. Compare risks covered as well as premiums.

Read up on your own and your potential T's rights and obligations. Make sure you understand how to deal with tenancy deposits. Have a look at Shelter's excellent website (below).

Have you obtained Consent to Let from your mortgage Lender? And your Freeholder?

Have you an EPC to wave at your potential T? And a gas safety certificate?

Have you got a tame plumber/gen repairs bod for when things go wrong?

Gather together a folder of instructions for GCH system and any appliances provided, how to work alarm, what days rubbish/recyclables are collected, emergency contact no.s for repairs etc. Note down the exact colour/brand of emulsion so that T can do minor touching up of any marks. Note who the current utility suppliers are and ask the T to let you know if they switch for a better deal so that you know who to contact when the tenancy ends.

Protect yourself by doing a proper inventory which describes the property and F&F in full detail. Include photos. Google "inventory clerk" and pull up some examples of how to do this.

Properly vet your potential T - you can use a third party referencing agency for between 15 and 50 quid. It can be worth seeking refs from the LL before their current one, who may be simply keen to get rid from their own property.

Remember that although it may once have been your home, you will be handing over "exclusive occupancy" of the property to the T in return for that rent and they are entitled to view it as *their* home, without undue interference from you as the owner.

Be businesslike but fair, and your T is likely to respond in kind, looking after your property and keeping those expensive voids at bay.. "

RLA (landlord’s Association)

NLA (landlord’s Association)

Landlordzone (landlord’s information/advice website + forum)

Landlord Law (Property solicitor’s website for landlords)

The Complete Guide to Residential Letting (book)

HMRC (Property tax)

Deposits (Rules on deposit protection)

Shelter England (tenants’ rights)

ParagonAdvance (tenant referencing provider – there are others)