Tenancy agreements and deposits
Whether you’re a landlord or a tenant, it makes good sense to have a solid tenancy agreement in place. Not only will this highlight your rights and responsibilities but it will also help maintain a positive relationship between you and your landlord or tenant.
What is a Tenancy Agreement?
A tenancy agreement also known as a rental agreement is a contract between a tenant and a landlord. It should clearly explain what is expected of each party, providing everyone with the peace of mind that they know where they stand. This rental agreement outlines the terms and conditions of the rental property like annual rent, security deposits, deposit protection, detail of letting agent, joint tenancy, and end of the tenancy conditions.
Types of Tenancy:
The most common types of tenancy involved:
- Assured Shorthold tenancy
- Fixed term tenancy
- Joint tenancy
As well as asking a tenant to sign a tenancy agreement, landlords are also legally entitled to request a deposit before letting a property to a tenant. The deposit provides security to the landlord but should be returned to the tenant at the end of the lease, providing that the terms set out in the tenancy agreement have been met. Landlords are now legally required to place the deposit in one of three government-backed tenancy deposit schemes.
QualitySolicitors tenancy solicitors offer expert advice regarding tenancy agreements and deposits for both tenants and landlords. So if you have a question or would like to find out how we can help, give us a call today on 08082747557.
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