Things to remember while preparing a tenancy agreement

After you have selected a house or flat which you want to rent, there are many steps you will have to take before actually taking possession of your desired.
One of these requirements is to draw up a Tenancy agreement with your landlord. The tenancy agreement is a contract between a tenant and the landlord. The document would specify certain rights of both of the tenant and the landlord. Presently, most of these tenancy agreements are known as Assured Shorthand Tenancy agreement which is also known as AST agreement in short.
This agreement lists out the responsibilities and duties of the landlord and the client. The most important feature of this agreement is that it states the fact that the landlord has the right to repossess the property at the end of the agreed time period. Though the agreement is called 'short', it is not necessary that the agreement is only for a short period only. This agreement could continue as long as both the parties of the agreement have no complaints about it. This agreement does not stipulate any minimum period of tenancy, but a tenant would be allowed to occupy the property for at least six months. Only a formal agreement is required to be drawn up in case of the period of tenancy is three or more years by taking the help of a solicitor.
There are a few requirements to be fulfilled for drawing up an AST agreement. They are:
1 This agreement could be drawn up with tenants who are individuals. Companies could not be a tenant under this agreement.
2 The property must be the main home of the landlord.
3 The property should be let out as a separate accommodation.
To terminate the agreement, the landlord would have to give minimum two months notice to the tenant.
The agreement should contain following information at the least:
1 The name of the tenant, landlord and the address of the property being lent.
2 The date the tenancy would start and the duration the agreement would be in force.
3 Amount of rent to be paid, the frequency of its payment, when it is to be paid and time period the rent cold be increased legally.
4 The agreement should clearly state whether any other payments like Council tax, utilities, service charges etc. is to be made by the tenant.
5 What services the landlord would provide, like maintenance of the common area.
6 The notice period the landlord and tenant would have to give to each other to terminate the agreement.
There might be many more points in a tenancy agreement like eviction rights of the landlord in case the rent remains unpaid after some stipulated time. But, as a tenant you should take care of the above points while drawing a tenant agreement your landlord.

Article Source: http://www.articleselections.com

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