Buy to Let on a Budget - How You Can Invest in Property With Minimal Finance! by Martin Woodward

Author:Martin Woodward
Language: eng
Format: epub
Published: 2018-08-12T00:00:00+00:00

Contracts

It’s absolutely essential that you make sure that the correct contracts are signed and witnessed BEFORE the tenants are allowed possession of your property - (one signed cop y each for tenant and landlord). Failure to get this right could halve the value of your property or worse.

The normal contracts used b y property investors is the Assured Short hold tenancy lasting normally 6 or 12 months (but can vary). You can have these drawn up by a solicitor or they can be bought from W.H. Smiths (Oyez forms).

Two months before the end of the tenancy, you should give written notice to the tenant that the contract is due to end (section 28 notice) and then either they will agree to vacate or another contract can follow if both parties agree.

Alternatively, you can allow an open continuation of the contract, but in this insta nce, you would have to give the tenants two months notice to vacate, but they would only have to give you one month should they wish to vacate.

Should a tenant vacate before a contract ends, legally you would be entitled to pursue them for the rent payable to the end of the contract, but in practice, even if you managed to find them it’s doubtful that you would be successful.

If you use an agent, they will normally make a charge to the tenant for the administration of the contract.

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