Disputes between landlords and tenants are a common sight due to lopsided due diligence while finalizing a rental deal. But due emphasis on procedural clarity can erase many infirmities on renting related issues.
Be Methodical
The key word is—be methodical just the way many professional letting agencies pursue rental deals. Some legal aspects of renting that can come handy for all those looking for a property to rent in London long term are discussed here.
Credit Check:
The landlord has the right to screen a tenant’s credit worthiness by examining the feedback from references, credit records, bank statements and pay slips from the employers.
Tenancy Agreement:
A tenancy contract is the heart of any tenancy agreement and lays down the roles and responsibilities of the landlord and tenant. The tenancy agreement makes sure that both parties have perfect clarity on their responsibilities and will not cross their limits. The rental agreement also covers many other elements starting with the
- Name of the parties
- Rental Tenure
- Security deposit
- Rent value
- Inventory
- Exit clauses
- Grounds for eviction
Security Deposit:
There must be broad details of the security deposit and also its return as per law after the expiry of the rental period. The security deposit will also mention the associated legal rider binding the landlord that inadequate steps to securitise a deposit can forfeit the right to evict a tenant. Sending that valid intimation about the same to the tenant within three weeks from the start of the tenancy is also very important.
Tenancy Term:
A rental contract or lease document must be clear on the starting date and ending date of the rental period. Generally a lease period will be for one year and short term tenancies at 6 months’ duration. The contract will also specify the security deposit and measures for its protection by way of locking it in one of the state run instruments.
Termination of Tenancy:
The agreement shall contain a statement of significance as to how the termination of tenancy can be effected in case violations of the lease or rental agreement agreed by the tenant takes place. There are valid provisions in terminating a tenancy as per procedures established by state or local laws. The contract must also specifically state the valid clauses of eviction on various grounds which can include damage to property, subletting, consistent defaults in rent and unacceptable bad conduct.
