With television schedules crammed full of property development programming, it’s no wonder the act of buying a house with the specific intention to let has become extremely popular.
When the decision is made to venture into this world, however, it pays to take some advice from someone who’s done it all before.
Catherine Jane Pennington, who has a highly successful record of property letting, spoke about the precautions to take before allowing a stranger to move into your house; she said:
“It really does pay to do everything by the book – it’s important to get in touch with a solicitor the second you start even thinking of renting your house or flat out. They’re in the position to advise you on all of the important legal stuff.”
Catherine went on to explain the role of the solicitor, saying how they will be able to identify the type of tenancy agreement which best suits you as a landlord and how they can work with you to draw up the agreement. This initial stage is also crucial because the solicitor should point out all of the major pitfalls associated with letting.
A tenancy agreement acts as a legal contract between yourself and the tenants in your property, the law in England and Wales states that this can be either written or verbal. However, Catherine Jane Pennington explained why it makes sense to have everything on paper:
“If you have a disagreement with the people you’re letting to, it could be a case of their word against yours if there’s no written agreement. Even if you’re letting the property to friends, make sure everything is recorded – everyone needs to know where they stand.”
Letting a property can be a hugely beneficial and rewarding experience, but it is a complex process and all of the right roads should be taken to ensure everything goes smoothly.