If you are a buy to let landlord or you rent residential property to tenants in the UK then it is important that you are familiar with the different types of tenancy agreements that are commonly used in the private rental sector. You should learn how to recognise the main forms of tenancy agreement and know where to use them including Assured Shorthold Tenancy agreements (ASTs) Regulated Tenancies and the more basic Assured Tenancies.
Investment Property Partners landlords and property investors guide to tenancy agreements covers the most common forms of tenancy agreement used in the UK, where to use them, and the rights of both landlords and tenants given under the agreements.
Understanding Tenancy Agreements
Because of the different forms of tenancy agreements within the private rental sector it is recommended that you get to grips with each type of agreement, what they involve on both sides, and under what circumstances they should be used in order to establish which is the most applicable to you.
More importantly, it is vital that you know which type of tenancy you have, as it can affect your rights as both a landlord and a permanent resident, and can also have a bearing on how the property is used.
However, before we go into further detail about the types of tenancy agreements we’ll start at the foundations of the subject and learn exactly what a tenancy is.
What is a Tenancy?
In simple terms, a tenancy is an agreement, normally a written agreement or contract, but sometimes verbal, that sets out the rules and obligations of a tenant and a landlord as part of a property letting.
This tenancy agreement or contract typically details things such as the name of the tenant permitted to live in the property and the rules and regulations that they must abide by.
It should also detail rental payments including how much rent will be due and when it should be paid.
Even though tenancy agreements can be either oral or paper-documented it is advised that the agreement be prepared in a written or printed form.
Should there be any disputes further down the line, there will then be written evidence which proves that the rules and regulations were agreed and signed off by both parties and to which both parties can then refer back.
A tenancy agreement will also need to be prepared before anyone rents a property.
Protecting the Legal Rights of Landlords & Tenants with the Correct Tenancy Agreement
When it comes down to rights and legal protection, both landlords and tenants can take heart from the fact that there are certain rules and regulations set out in tenancy agreements that the other party has to abide by legally.
Different Tenancy Agreements
Now that you understand the basics of a tenancy agreement, we’ll now consider the different forms of tenancy agreements.
We’ll start with the Assured Shorthold Tenancy, as it is the most common form of tenancy in the UK.
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More information about tenancy agreements for landlords… here →
More information about tenancy agreements for tenants… here →
More information about Assured Shorthold Tenancy agreements… here →