Accrington in Lancashire is a beautiful town with a growing property market. This makes it a great place for landlords. Knowing your rental agreements is key to keeping both you and your tenants happy. In this guide, we offer insights into these rental agreements in Accrington to help landlords understand them better.
The main goal of a rental agreement in Accrington is to set the terms of the lease between the landlord and tenant. For landlords, these agreements also act as a safety net in case of disagreements with tenants.
In Accrington, there are two main types of rental agreements: Assured Shorthold Tenancies (ASTs) and Non-Assured Shorthold Tenancies (Non-ASTs). The most used one is the AST, which gives landlords the right to get their property back when the agreement finishes.
For an agreement to be an AST in Accrington, the landlord must not be living in the property and the rent should be more than £250 and less than £100,000 each year. Also, it should be the tenant’s main place to live. The Non-AST can apply if the landlord lives with the tenant, or if the yearly rent is outside the AST range.
A rental agreement in Accrington usually lists the rent, deposit, how long the rental lasts, the rights and roles of both landlord and tenant, and how to end or extend the agreement. Keeping these agreements simple and clear is helpful for avoiding confusion.
It’s also a good idea to detail things like looking after the property, whether the tenant can make changes to the property and ways to resolve disputes. A good rental agreement is key to maintaining a positive relationship between a landlord and tenant.
It’s also crucial to update agreements if rental laws change. An example of this is the Tenant Fees Act 2019 where landlords can’t charge tenants for anything other than rent, deposit, and certain other charges. So, landlords need to be aware of up-to-date property laws and adjust their agreements to stay legal.
To wrap up, rental agreements in Accrington are important tools for landlords to ensure a peaceful and financially beneficial relationship with their tenants. Staying informed is crucial for a landlord in Accrington. This includes the rental agreement’s terms and keeping up with new rental laws to ensure that your agreements stay current and obey the law. Above all, a fair and complete rental agreement is something every Accrington landlord should have.