Renting a property is a good way to bring in extra money, but it can also be rather stressful if you don’t have the proper paperwork and processes in order. You will need to manage everything correctly from the start to avoid possible issues after you have had a tenant for a period of time.
1. Ensure You Are Following the Law
The laws surrounding landlords and tenants are always changing. They’re updated frequently and if you don’t stay on top of everything that changes, you could face difficulties. While most tenants will be quite lovely and not cause issues, there is a chance you’ll get someone who will find those tiny changes and cause problems for you.
With a property lawyer, you can leave the details to someone who studies this for a living. They’ll inform you if there are any laws that you should consider as you prepare to rent your property and can help you avoid legal trouble.
2. Create a Fair Tenancy Agreement
Ideally, you will have an agreement that is fair to both landlord and tenant. This requires some serious care and it’s best to have a lawyer manage it all for you. They will look at how to make the contract correctly.
3. Get Advice on the Property
Before you purchase a property, it can be helpful to talk to a solicitor with the experience necessary to give advice. This will provide you with useful information on the property from a legal point of view. This can be invaluable as you move forward with your purchase. It may even help you select another type of property that will suit your needs better.
4. Anticipate Future Issues and Mitigate Them
Both tenants and landlords must fulfil certain responsibilities. These aren’t always obvious and it’s possible for people to miss some things. This is where a property lawyer can be quite helpful in ensuring each potential problem is covered in the agreement. Should there be a disagreement in the future, there will be a clear indication of what you need to do. This also gives you legal recourse if a tenant breaches the contract.
Overall, a property lawyer can help you prevent future problems. Doing everything on your own may seem like a good idea, but it rarely works well in the long term. There are too many things that need to be covered and too many rules to ensure you follow.
Looking for a property lawyer? At Andrew Lee and Co, we can help you create the proper tenancy agreement.
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