Tag: Landlord
10 Rights You Have as a Tenant That Your Landlord Won’t Tell You About
Whether you rent a fully-furnished property or an unfurnished property to fill with your own furniture, or you rent furniture, there are certain inalienable rights that Indian law grants you as a tenant. Some of these rights pertain to your rights in negotiating the rental agreement, others offer protections during the rental for you and your furniture, for example, your couch or refrigerator on rent. However, in all scenarios, the law is on your side as the tenant and under no circumstances can your landlord breach these rights. Fixation of Fair Rent: As a contractual tenant, you are offered protections on the price you agreed to pay for the property rental. This means that during the contracted period, your landlord cannot unjustly increase the rental price. If the landlord believes you are not paying enough rent for the property, he or she must approach the Rent Control Court to apply a fair rent to the property. The Rent Control Court dictates that fair rent is 9% of the total market value for the building. Fit for Living: The tenant has the right to a property that is fit to be lived in. If the property becomes unsafe due to bad electrical wiring, and holes in the floor, or ceiling, the landlord must take measures to repair the property and ensure it is fit to be lived in. Peace of Living: As a tenant, you are entitled to peaceful living. This means the landlord cannot enter the rented property without prior notice and communication. Essential Services: The landlord cannot disconnect essential services like electricity and water. If your landlord is threatening to do this over late rent or any other dispute, inform them that you will approach the Rent Control Court and file a complaint against them. Points of Contact: The tenant must have the contact information, including telephone numbers, email addresses, and postal addresses of the landlord. The landlord is also available to contact at any time. Unfair Eviction: The landlord cannot evict a tenant without valid reasons. They must also inform the tenant as to what those reasons are. There are only a select number of valid reasons for which a landlord can seek eviction. These are unpaid rental payments, the tenant subletting the property without the landlord’s consent, causing a nuisance, or if the landlord has plans to move into the property themselves. Repairs: The landlord is obliged to pay for any repairs to the property. If the tenant pays for any repairs out of their pocket, they are entitled to reimbursement from the landlord. Deposit Return: The landlord cannot withhold the security deposit without citing specific, valid reasons. Building Energy Rating: Before signing the tenancy agreement, the tenant must be able to access the property’s Building Energy Rating (BER). This is the rating which informs prospective tenants how energy-efficient the property is and is a reflection on how much heating and air conditioning bills might be. Legal Heirs: In the event of a tenant’s death, all of the legal protections afforded to that tenant are immediately passed to their legal heirs. This means the landlord cannot evict the legal heir of the deceased tenant without a valid reason. Read Also: 5 Ways To Become A Profitable Landlord Benefits Of Investing In City Centre Property
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How to Protect Your Property as a First Time Landlord?
No matter what route you take to the rental market, you’re making an exciting step in life. Many people believe that becoming a landlord is fail-proof. However, although the process can be both financially and mentally rewarding, there are downsides and potential pitfalls. Renting out a second property is ideally an investment and, as such, several risks come with it. As a result, you need to protect your investment and mitigate against risk. Here’s how you can do just that to make sure that you are getting returns for your investment. 1. Take Out Insurance Being The Landlord: Traditional insurance doesn’t usually cover rental properties. As a result, you should take out specialist landlord insurance. As well as protecting your home in the same way traditional home insurance would, landlord insurance can protect you against other problems, such as unpaid rent or a tenant injuring themselves at your property. Get a company that offers the best insurance deals to landlords and insure your property with them. 2. Draw Up the Correct Contract: The correct tenancy agreement can help you in case you need to evict a tenant or take action against them. The vast majority of rental agreements come to an amicable end, but there may be times when you need to evict your tenant. A correct tenancy agreement will provide you with the framework to issue either a Section 21 notice (giving them two months’ notice) or a Section 8 notice, which allows the person to seek possession under particular grounds such as rent regions and anti-social behaviour (more information on both of these notices can be found here). Make sure that the tenancy agreement that you craft will protect you under all circumstances. 3. Take A Security Deposit: Taking a security deposit or a damage deposit (usually a month’s rent) allows you to protect you and your property against any breakages or damages. It is important to put these measures in place if you want to be sure that you are on the safe side. You must place the deposit in a concern that is regulated by a government deposit scheme, such as the Deposit Protection Service, MyDeposits or the Tenancy Deposit Scheme. The deposit is then returned to the tenant at the end of the tenancy unless they fail to meet the terms of a tenancy agreement, cause damage to the property or fail to pay rent and bills. 4. Ensure There’s an Inventory: Before your tenant moves in, you should complete an inventory of everything currently in the property. As well as listing everything currently in the property, you should also list its current state, including any dents, scratches or stains. Once this is complete, you should have a walk around the property with the tenant. Then you can both confirm everything listed is present and the condition described is accurate. When this process has been completed, you should both sign and date the inventory. 5. Have a Financial Buffer: Finally, you should ensure you have a financial buffer, in case you have to pay for running repairs. The costs for running a rental property can quickly stack up. Although you could take out an installment loan to finance any major payments, it’s advisable to have a pot of savings before you begin, in case you need to finance any running repairs. Read Also: Is Property Investment Still A Good Way To Make Money? 6 Expert Tips For Finding The Right Home To Buy
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