Out-of-date, error filled or irrelevant contracts may as well not exist
With more and more financial burdens being placed on buy-to-let landlords, some are tempted to cut corners by managing their own lets. One side effect has been a steep rise in inadequate Assured Shorthold Tenancy agreements (ASTs).
But what if your contract with your tenants is not worth the paper it’s written on?
A recent survey from Direct Line for Business reveals that as many as 58% of independent landlords are using contracts either adapted from old ASTs (often provided by previous letting agents), or from templates found online.
In not-entirely-unrelated news, 13% of all landlords have experienced disputes arising from ASTs in the last two years; 38% have never heard of the Government’s ‘How to Rent’ checklist – which legally must be supplied to all PRS tenants; and 9% have failed to register their tenants’ deposit in an approved scheme, as required by law.
What can DIY Landlords do?
Many landlords make excellent property managers, and will see the value in making sure your Tenancy Agreement is up-to-date, legally compliant and provides you with proper protection in the case that any tenant dispute should arise.
A good contract will protect both landlord and tenant, and make the obligations and responsibilities of both parties clear.
If you want an up-to-date and legally compliant Tenancy Agreement template drawn up by an accredited and experienced lettings agent, you can purchase one from our ‘DIY Landlord Services’ pages. We also offer good value access to a UK Government-backed tenancy deposit protection scheme.
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