Agreeing the rent and rental period
Once A Tenant has been found, the rent and the rental terms will need to be agreed. Market forces will largely determine the price at which your property is advertised for rent, but depending on the current market and your timescales for letting the property you may need to be prepared to negotiate on the price. Once you are happy with the rate you should confirm the rental period. The minimum period for a tenancy agreement is 6 months, and there is no reason why a renewal, or indeed many more, can be agreed thereafter.
References
Having agreed a rent, rental period and starting occupancy date you will need to obtain Tenant references. These should be from the Tenants previous landlords (if applicable), employers and bank (or 3 months latest bank statements) as a minimum requirement.
Contract
Having taken up references, a contract will need to be prepared in duplicate and signed by the Tenant and Landlord, including witnesses. An example short hold tenancy agreement is available from Her Majesty's Stationary Office (HMSO). Please be aware that there are different agreements for furnished and unfurnished lets.
The deposit required should be confirmed before contracts are signed. This is normally one month's rent and is returnable following the completion of the end of term inspection and the deduction of any damage costs that need to be met.
Inventory
An inventory should be produced detailing all items included in the rental and the general condition of each item - any specific defects should be recorded and agreed by both parties. This inventory should be signed and a copy kept by both parties. This inventory can be used to check against at the end of the agreement to determine any costs that should be met by the Tenants deposit.
The Deposit and Rent
The balance of any deposit and the first months rent should now be collected. If the Tenant is taking immediate occupation it may be prudent to collect all, or a substantial percentage, in cash. How future rents will be collected should be agreed with the Tenant. Arrangements should also be made to transfer all rates and service accounts, including gas and electric, to the new Tenants.
During the Tenancy
It is advisable to carry out periodic inspections of the property. The Tenant should be given due notice of an inspection be the Landlord and when possible the Tenant should be present at any inspection. Additionally, the Tenant should be given contact numbers for any emergencies that may arise.
Ending the Tenancy
Upon completion of the tenancy agreement the rates and service companies must be informed and all the necessary meter readings taken. The Landlord or property management agent should ask to see receipted copies showing payment of the final accounts. With the property being inspected and found in good order, the deposit can be refunded. It is advisable to obtain a forwarding address for the Tenant. If the tenancy requires termination due to breaches it may well be necessary to seek legal advice as there are strict rules and regulations applicable.
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