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Monthly Archives: April 2014

Tenancy Agreements

We thought that you would find it useful to have access to a little information about tenancy agreements although you may wish to seek advice from the likes of a solicitor as well as make your own more detailed enquiries. What is a tenancy agreement? A tenancy agreement is a contract that is made between the landlord and the tenant(s) although it can be an oral agreement instead of a written agreement. It sets out the rights that all parties have. In the case of an oral tenancy agreement it should be appreciated that this could be difficult to enforce and prove. Do you have to have a written tenancy agreement? Interestingly, as far as England and Wales is concerned, you do not need to provide such an agreement to the majority of tenants. The likes of housing associations and local authorities do so. Most tenants in Scotland are provided with a written tenancy agreement. The tenancy agreement has to be signed by all parties and a copy provided to the tenant(s). What is included in a written tenancy agreement? The names of the parties to the agreement, the address of the let property, who can utilise the property, which…

Is It Worth Insuring Your Buy To Let Property?

This is an interesting question and worth spending some time answering. As with most things in life, there is no straight answer! If you have bought a property outright with your own funds with a view to renting it out you are under no legal obligation to insure it or the contents that you own in it for that matter. However, if you took out a buy-to-let mortgage on the property then the lender may have made it a condition of the advance that you arrange suitable landlords insurance. There is no question that the amount you have paid for the property will be a significant sum of money. In view of that, surely you would wish to protect your investment to make sure that should something untoward happen to it there is adequate insurance cover in place that would pay out to put right any damage to the property or your contents. Even if you were particularly wealthy and could afford to carry out any repairs caused by the likes of fire or flood by using your savings isn’t it worth just taking out a landlord insurance policy that may only cost a few hundred pounds a year in…

Renting v Buying

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Having made the decision to leave your parent’s home to set up on your own or with a partner one of the next decisions that you will need to make is whether to buy or rent a property. It will not come as a surprise to you to read that there are a number of factors that you will need to take into account in order to make such a decision. So, let’s have a look at some of the things that you will need to consider: – Investment When you buy a property to live in, you are investing in the future in so much as you will hope that the value of the property that you own will increase in value. The equity that you hopefully build up over a number of years could be used to your benefit should you decide to move upmarket or it could be used to supplement your income if you were to downsize when you retire and use some of the sale proceeds towards supporting you in retirement. However, if you were merely to rent a property, you would not benefit from any increase in the value of the property as the…

Renting Out Your Home

There are a number of reasons why you would consider renting out your home. For instance, you may have been unable to find a buyer for your property and are desperate to move to a larger property to accommodate a growing family. Another reason could be that you would like to move overseas for two or three years but would still like to come back to the same property in the UK after that period. Renting out your home is a big decision and there are a number of factors that you need to consider before committing yourself so let’s have a look at some of them. Find out about property rental You need to do your research to make sure that the property rental market is for you as it is not always “plain sailing”. For instance, you may find yourself in the unfortunate position of having to evict the tenants for some reason. Suitability of property Your home needs to be suitable to rent out. For instance, will it attract tenants and are those tenants the sort of people you would be comfortable letting to? For example, you may own a brand new 2-bedroom apartment that has been…

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