New landlord - help required

[UKmase]

Hi,

I am going to rent out my property, and would like some advice on how to draw up a tenancy agreement. I am based in Hartlepool, N-East England. Are there people who could help me with this, also what kind off ball park fee would be charged for this service.

Thanks

[Linda]

Hi

Why pay when you can download an AST agreement for free on this site. I have used it and it contains all the clauses needed.

In addition, an inventory form can be downloaded for free from www.landlordzone.co.uk.

If you use facilities available to you on the internet you can save money and time which is crucial for any Landlord. Using a letting/estate agent should be a last resort.

Linda

[UKmase]

Thanks for the reply Linda, i have had a look at the tenancy agreement and it seems to be what i need.

Sorry to sound like a bit of a noob, but does the inventory list come as part of the tenancy agreement, and does it list the household items which are left in the property eg bolier, carpets, furniture etc

Cheers

[Linda]

Hi,

The inventory list is a separate legal document to the tenancy agreement and just as crucial. It's aim is to formally list all items typically provided with the rented accomodation and proves an invaluable document when checking the quality and number of items when the tenancy starts and finishes. It acts as legal proof against any items damage or missing during the rental period as both parties sign the document. The list obviously is not applicable for properties non-furnished.

The inventory list is quite comprehensive however you can always add items to it providing it is clearly described and understood by the tenant.

Items such as a boiler and carpets can be included in the list by stating where they are located and what condition they are in. For example. a boiler can be described as 'fully functional' and carpets 'unworn/good condition throughout'. I suggest taking pictures of such items to back up descriptions.

Incidentally, to get some background information to being a Landlord I would suggest popping down to your local library to pick up many 'buy to let' books available. The Dummies guide to 'Renting out your Property' provides a good read.

Prior to taking the plunge, do plenty of research as this will prove invaluable in the long run.

Good luck!

L

[UKmase]

Thanks again Linda, i have taken some advice from some people who are landlords. Credit checking the tenant is on the list of things to do.

[fleming]

Hope you are ready for a steep learning curve as a new landlord! Just one comment to modify what Linda said. You DO need an inventory if a property is unfurnished. You will be surprised at how much is in an 'empty' house! The first inventory will take quite a while to prepare, but thereafter can be adapted. An inaccurate inventory is worthless. If you are managing the property yourselves, then use the inventory to 'check in' and 'check out' the tenant at the beginning and end of the tenancy. Both of you sign the 'Inventory and Schedule of Condition' at the time thus saving hassle and disagreements. Do not give the tenants keys until they have signed tenancy agreement, paid deposit and one month's rent (cash or cleared cheque) and you have both gone through the inventory & signed it on the first day of the tenancy.

[UKmase]

I have started my inventory list, the tenants all have to provide 2 refs, and a credit check. The house will have an inventory. We have just got to select the right tenant now, got about 20 people to interview, anybody got any tips on this, what kind of questions do you ask them.

PS this site is great, i think i would of been in big trouble if i hadnt done my homework on this one

[Linda]

Hiya,

I think there's a step by step process for scrutinising applicants wisely and swiftly. What to ask depends on what's important to you so jot down some things which you think are crucial for a tenant to follow. Usually maintaining the condition of the flat is high up the agenda. So long as you trust them to take care of your property, won't upset the neighbours and will pay the rent plus bills on time you should allow them to rent.

In terms of a process, firstly I would suggest contacting those who provided references e.g previous Landlord, for a quick chat along the lines of 'Was the tenant reliable and cooperative ?' Then you start building a picture of how consciousness is the tenant. You want someone who will view the property as a home and not a 'crash pad'. This will separate the 'not so sures' and therefore there's no need to interview all of them face to face. I do think 20 interviews are a bit much as you may become confused with who said what ( I don't recommend taking notes as it's an informal chat not a formal interview) or become fed-up and will just want to pick a tenant quickly.

Following this, you should have shortened your list. Now look at your final selection of applicants and prioritise them in order of preference based on the quality standards you've set for your tenant. This enables you to focus your mind more and help you to come to a decision quickly. You may even be able to make a decision without interviewing anyone else if there's a clear favourite.

Don't forget you can judge someone not just by what they say but their appearance and how they behave. If they arrive on time for your interview, dress in a non-shabby way, ask questions and you have a good rapport then they usually make the best tenant.

Remember, don't be too obssessed with the interview process as your relationship with your tenant will develop during the tenancy. Therefore don't worry if you don't bond at first. After all, you're looking for a tenant not a 'mate'.

Finally, don't ignore your gut instinct. If you trust them, then say yes.

Good luck!

L