Rental Property: Why Opt for a Written Tenancy Agreement

Having a tenancy agreement is an essential aspect of letting your rental property. Your rental property tenancy agreement can prove to be quite important as it can help safeguard your interests and rental income. However, not all tenancy agreements are created the same. Basically, you could either opt for a written tenancy agreement or an oral one. But as a landlord, you must always remember that while oral tenancy agreements are as valid as written ones, they don’t offer the same kind of protection to landlords as a written tenancy agreement. Here in this article we will take a look at some of the major advantages of opting for a written tenancy agreement.

Rental Property: Written Tenancy Agreements - Why
Although written tenancy agreements are required by law only for tenancies greater than three years, it is always advisable to opt for a written one even for short term tenancies (less than three years). This section will make it clearer as to why written tenancy agreements are a better choice when letting your rental property -

1. In case of oral tenancy agreements, disputes or arguments regarding the terms of tenancy might arise in the future, even if the tenancy terms were discussed and agreed to by the tenant at the commencement of the tenancy.

2. As a landlord, you need to have a formal written agreement, so that you can insert terms and clauses, which will not only safeguard your position but also regulate the tenant’s usage of your rental property.

3. Are you planning to ask your tenants for a damage deposit? If so, the tenant’s deposit will need to be protected as per one of the tenancy deposit schemes. Oral tenancy agreements do not work in such cases - you need to have a written tenancy agreement.

4. If a rental property tenancy agreement is oral, as a landlord you cannot force your tenants to sign a tenancy agreement, which in effect alters the terms of tenancy. So it is essential that you opt for a written tenancy agreement and get it signed by the tenants at the beginning of the tenancy period.

5. In case of oral tenancy agreements, landlords are required by law to provide their tenants with details of the main terms of the tenancy in written form, within six months of the commencement of the tenancy. You might as well get a written tenancy agreement right at the beginning instead of waiting six months to do the same.

6. As a landlord, you cannot make use of the Accelerated Possession Procedure for evicting your tenant, if you don’t have a written tenancy agreement.

For more information on rental property tenancy agreements, or to purchase one, visit http://www.rentaltrader.co.uk/product/view/tenancy_agreements/11 right away!

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