Leasing Property - Don't Make These Mistakes

One of the most common reasons why people rent property in the UK is that they are financially unable to afford to buy a home, or to be able to pay for the maintenance. By paying a smaller rent, they are able to put aside money for a deposit on a house, which could also help when they come to look for a good mortgage deal. People also often decide to rent if they are forced to move elsewhere due to their job, or if they go to university or college in a different town from home, but still go bck home during the holidays. Whyever you decide to rent, you should ensure that you are aware of the legal obligations of entering into a lease agreement, and do not make the mistakes listed below:

1. "I don't have to get a solicitor until after I've come to an agreement about the terms of the lease."

When renting a property, most people often only decide to instruct a solicitor once they have agreed the terms of the lease. However, instructing a solicitor from the very beginning before any terms have been agreed means that the solicitor is able to advise you on the full terms of the lease and its implications. This means that you can negotiate with the landlord for the most appropriate lease terms for your circumstances.

2. Failing to make sure that you comprehend all the legal terms.

The terms of a lease can be very complicated and if you have any difficulty understanding them you should contact your solicitor and ask them to explain in more detail. It is important that you understand the temrs and obligations of the lease before entering into it.

3. "I'll have to pay the other side's legal costs if I withdraw from a transaction."

Always remember that you can withdraw from a transaction at any time before contracts are exchanged and there is normally no obligation to pay any fees for the other side whatsoever.

4. Failing to check the anticipated timescale of the transaction at the beginning.

You should ask your solicitor how long the transaction is likely to take. On average it can take around 4 weeks from first contact with the letting agent to moving in. This period can depend on problems encountered with the legal process and response time from the other side. You must keep in touch with your solicitor so that you are always aware of what is going on.

5. "I have signed my lease and not taken legal advice from a solicitor."

Once the lease is signed you will be bound by the contents of it. The majority of leases will have many pages of detailed clauses that can affect you financially, so we recommend that you ask a solicitor to look at these and negotiate them for you before you sign the lease.

However, under the Unfair Terms in Consumer Contracts Regulations, terms that are regarded as 'unfair' under the regulations will have no effect. Consult a solicitor straightaway if your landlord is trying to enforce rights against you that you consider to be unfair.

About the Author

Bonallack & Bishop are a firm of Landlord and Tenant Solicitors that have particular experience in Lease Extension work (http://www.enfranchisementsolicitors.co.uk ). Tim Bishop is senior partner at the firm, responsible for all major strategic decisions. He has grown the firm by 1000% in the last 12 years and sees himself as a businessman who owns a law firm.

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