A lease agreement is a binding legal contract, and so it’s important to make sure it includes all the necessary terms and conditions to protect your investment and ensure the tenancy is legally compliant.
In addition to being a legal requirement, it’s also a helpful document that lets both landlord and tenant (and any property management companies) know who is responsible for what and when. Once completed and signed, the tenancy contract should be sent to both parties and kept on record.
What should appear in your landlord tenant agreement?
When it comes to drafting up a document, you can ask a solicitor for a template or write one yourself. Whichever you choose, make sure it includes the following items:
- Personal details of the tenants. Make sure the lease includes the full names and details of all tenants occupying the property, including a signature.
- Occupancy limits. You should clearly outline how many people are legally allowed to live in the property, and make sure the only people doing so are the names of those appearing on the tenancy contract. Should the tenants exceed the number of people allowed to live in your property, you have a legal right to terminate the lease agreement and have grounds for eviction.
- Payment terms. The lease should clearly state how much is payable in monthly rent, when it is payable, and how (e.g. is it necessary to set up a Direct Debit). It should also outline how much the deposit is, along with the details of the TDS in which it is kept.
- Length of the lease. If you have a fixed-term lease, this means the tenants agree to remain the property for a set length of time, commonly one year. With a “rolling” lease however, the tenant remains on a month-to-month basis.
- Maintenance. It should be clearly outlined who is responsible for the maintenance of things such as furniture, white goods and other items in the property, as failing to correctly carry out any repairs can result in a dispute.
- Pet policy. With a particular increase the amount of pet ownership among Millennials particularly, it’s important to clearly outline whether pets are allowed or not, and if so, what the terms are for things such as post-tenancy professional cleaning and damage.
- Illegal activity and terms for eviction. This is important to protect your property and to avoid hassle from neighbours or the local council should