Many landlords look to minimise their costs. By a landlord saving on their overheads this will help a landlord to maximise their net revenue. One way that a landlord can potentially save money is by obtaining a free assured shorthold tenancy agreement. Ostensibly there should be no difference for a landlord in securing a free tenancy agreement than one that they have to pay for.
Cost savings by Downloading Free Tenancy Agreements
The cost savings for a landlord obtaining a free tenancy agreement are not huge. For instance it is possible to obtain a tenancy agreement for as little as ?5; most landlords will pay nearer ?10 for a tenancy agreement. However, these costs mount up if a tenancy form has to be purchased each time a landlord creates a new tenancy. For a landlord that potentially creates 3 tenancies a year this would amount to a potential saving of ?30.
Where to get a free tenancy agreement
There are a number of websites that allow landlords to obtain a free tenancy agreement. To my knowledge there are at least four. The best way for landlord to find a free tenancy agreement is to Google the term. This will bring up a number of opportunities for landlords to secure a free copy of a tenancy agreement.
Most websites that provide a free tenancy agreement require the landlord to sign up for a tenancy agreement and then they will send or enable the landlord to download a blank tenancy agreement that has to be filled out using pen and ink. The details in this tenancy agreement have to be filled in several times as a landlord requires a tenancy agreement for themselves and each of the tenants they are letting to.
There is one website that provides free tenancy agreement in a slightly different way in that the landlords? sign up details are used to pre-populate the tenancy agreement. This tenancy is then stored on the landlords unique user account as a record and can be down loaded and printed as a PDF any time by the landlord before being given to the tenant. There are advantages for the landlord of this mode of operation in that the landlords tenancy agreements are accessible anywhere the landlord has internet access. The landlord also has no fear of loosing their tenancy agreement should they suffer a hardware failure or loss.
Things a landlord should look out for in getting a free tenancy agreement
A tenancy agreement needs to set out the landlords and tenants? rights and responsibilities. Therefore, it's important that any solicitor that prepares this tenancy agreement is suitably experienced and qualified. A landlord should make sure that they can check out the source of their free tenancy agreement and that the tenancy agreement has not just been ?cobbled together? by an unscrupulous website operator. Otherwise a landlord might find that the free tenancy agreement is not worth the paper the tenancy agreement is printed on!
If their is no mention or link to the solicitor who has prepared the free tenancy agreement or to the nature of it's source then I would advise landlords to move on, or at least contact the website to obtain this information.
Free Tenancy Agreement Template
It's fairly easy to find a free tenancy agreement that you can download. Many new landlords that are looking to rent out a property for the first time will look initially for a free tenancy agreement. However, there are several factors which you need to be aware of in sourcing your free tenancy agreement.
A tenancy agreement sets out the landlords and tenants? rights and responsibilities. Therefore, it's important that any solicitor that prepares this free tenancy agreement is suitably experienced and qualified. Make sure that you can check out the source of your free tenancy agreement and that it has not just been ?cobbled together? by an unscrupulous website which is trying to flog you discounted property. Otherwise you might find that the free tenancy agreement is not worth the paper it's printed on and might end up costing you in the future.
One advantage of some downloadable free tenancy agreements is that they are instantly available and are available 24/7. This means as a landlord that you do not have to make arrangements to buy the agreement from your solicitor or stationer.
Should you feel uncomfortable about not paying or receiving a free tenancy agreement ? I know some people that are. You should expect to pay between ?5-10 for a properly drafted assured shorthold tenancy agreement. Many of these are available to be downloaded from the internet and some companies will offer additional rental forms with the assured shorthold agreement. These are often referred to letting packs and enable landlords to extend the tenancy, bring the agreement to an end or raise rents.
With all this talk about forms and free tenancy agreements, I am frequently asked
?do I really need to bother with a formal agreement??. Well the short answer is actually no. You may be surprised to discover that you can grant a tenancy verbally; providing the following conditions are met:
∑ it takes effect on the day it is granted
∑ it is for a term not exceeding 3 years, and
∑ it is at the best rent which can reasonably be obtained without a premium being taken (one off capital payment for the beneficial interest of the lease)
∑
However, I would never recommend this, even if it is to a friend or relative. This is because the enforcement of possession or alteration of the terms is more expensive without the documentary evidence of a tenancy agreement, because accelerated proceedings are not available.
Therefore, my advice is ?go for a Free tenancy agreements? if you can find one. However, make sure that the agreement is traceable to an appropriately qualified solicitor before you start using it.
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