Most of you might think that renting a property is an easy source of income, but in real, it is the legal minefield. As you may have to pay tax on the income that you earn. If there are certain arguments that take place between you and your tenants, it becomes a drain on your time and resources. The best way to avoid such situations is to connect with the right property lawyer at the start.
Property lawyers deal with all landlord and tenant laws and try settling disagreements. Prevention is better than cure. Whenever you look for tenants, a solicitor assists you in deciding what the terms of tenancy will be and draft them into a written agreement tailored to your requirements.
Getting the right advice!
Make sure to contact your solicitor as soon as you wish to rent your property. This gives the fair idea of the terms to be offered to any tenant that you are considering.
Explains various types of tenancy agreements for you.
Verifies the agreement for you.
Explains the related issues in detail.
Warns you beforehand regarding pitfalls if any.
Highlights the important requirements and terms of the tenancy agreement.
While the property lawyer strives hard to provide you the most accurate information, make sure he is updated with the very changing laws so that things do not affect you directly.