Did you know that a tenancy agreement can be formed verbally as well as in writing?
For example, if you and the Tenant were to agree how much rent is to be charged, a move in date and for how long you will let the property, a tenancy agreement could come into force.
This means that both parties would be bound by the terms of the agreement just as if a written agreement had been drawn up!
If you are discussing a potential let or renewal of a tenancy, you should always take care that you do not create an oral agreement by mistake.
Use ‘Subject to Contract‘ in all correspondence!
Always use the words ‘subject to contract’ on any correspondence relating to the potential let – this includes when leaving messages on voicemail or speaking directly with a Tenant.
Also – don’t sign the tenancy agreement unless you are absolutely certain you want to let the property to the Tenant. You will not normally be entitled to any ‘cooling off’ period.
Make sure your tenant has been fully credit referenced and a full background check has been made on any previous Landlords and employers.
