In the UK, there are two property types: leasehold property and freehold property. Apart from owning a property, you can also take it for lease. For a leasehold property, the real owner will be called the landlord and the occupier will be called a tenant. You must draft a lease in which different terms and conditions will be mentioned. It is crucial for both the parties to stick to the statements mentioned in the lease.
Each statement in a lease agreement is very important. Some lease may hold for more than centuries. Hence it is crucial to pay extra attention while you draft a lease. The first thing you can do is to meet a good conveyancing solicitor.
Phew! – A reliable property conveyancer
At Phew! you can find reliable conveyancing solicitors, who will help you draft a safe lease. They are proficient and have years of experience in this field. They will explain to you all the complicated legal jargons in a simple language which you can understand. This will in turn help you learn more about your responsibilities as a landlord or a tenant.
Communicate with the conveyancing solicitor
You should speak in detail with your conveyancing solicitor. If there are some kind of local or state regulations, make sure you that mention about this clearly to your property conveyancer. Always be aware about the rights and privileges of your tenants too.
Get a sample lease
The next step is to get a sample of the lease. You can either get it form an office store or you can ask your conveyancing solicitor to arrange it for you. In addition to this, you can also download it from the internet. These samples will have all the necessary information. It will explain in detail the obligations of both the tenant and the landlord. This will serve as a template, while you fill up your own lease.
Fill up lease document
Once you get this, you can start filling up your lease in the way you prefer. But make sure you do it in the presence of your conveyancing solicitor. At least insist that your conveyancing lawyer recheck it, as this will help you stay on the safe side. This is a very important point as it is crucial for a landlord to protect themselves and their property. A wrong step may cause them to lose their property.
Contact your friends
Another easy idea is to contact other landlords whom you know. They would obviously have experience in drafting a lease for their property. So, they may be able to give you efficient tips to make your task simpler. You can use their lease as a sample too.
Make it specific
All the terms and conditions mentioned in the lease should be concise and clear. There is no point drafting longwinded leases. Using legal jargons that are too complicated may not be the best idea. It is better to use simple language which both the parties can easily understand. Ensure that all the information you include the lease is specific. There should be no room for question in your lease agreement.
Forfeiture of a lease agreement
In case of breach of the lease agreement by the tenant, the landlord has a right to forfeit the lease. But this right has been intervened many a time to dilute the powers of a landlord.
