Finding a Good Tenant - Advice for New Landlords
Tenancy Application
It is strongly advised that as a first step you get any prospective tenants to complete a full application form. This needs to include: identity evidence, income and credit history, past accommodation and full employment details, references and other details, such as: any children, pets, car owner, smoker or non-smoker, the intended number of people living in the rental. The application should also specify the length and type of letting, the basic terms and the rent and deposit required. The application should also inform the tenant that credit checks and references checks will be made in accordance with the Data Protection Act.
Reference Check
Don't ever be tempted to not check the prospective tenant's credit or identity history, and do take up the references before deciding to enter into any tenancy agreement. Consider asking for a guarantor if you are not 100% sure. All these steps are much easier than having to evict a problem tenant. However 'nice' your prospective tenants seem don't be lulled into taking chances - your screening process is your insurance.
Tenancy Agreement
When you decide to let your property your new tenant will need to sign a Tenancy or Letting Agreement. This can be drawn up by anyone (and some landlords prefer to have it checked over by a solicitor) - the signing should be witnessed by an independent witness. This should be accompanied by a full inventory and statement of condition of the rental property. If you are arranging a let for more than three years you will legally need to get a Lease by Deed arranged by a solicitor.
What makes a Top Tenant?
makes rental payments on time complies with the conditions of the tenancy agreement or lease causes no damage to the property keeps the property clean and tidy - rubbish is properly disposed of and any garden area is maintained, such as cutting the grass noise levels are kept to a minimum notifies the landlord about any repairs, before any further damage occurs allows any necessary access for servicing or maintenance gives plenty of advance notice when vacating the property
Related Tags: rental, landlord, buy to let, tenant, references, letting, good tenant, tenancy agreement, guarantor
Fiona Howard specializes in writing for the financial and business market, and is a well-respected city analyst. She currently advises Loan-Loans-Mortgage, one of the leading UK online sites for finding a fast Business Loan or Buy to Let Mortgage
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