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A change for the better
Do you own a buy-to-let property? There are some ( life insurance ) proposed new rules regarding tenancy agreements. Find out more.
Author: Dot Piper
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Life is set to become a whole lot easier for UK landlords if the findings of a Law Commission report, currently coming up to final draft stage, are to be implemented.
If you own a buy-to-let property, or are considering joining the growing band ( medical insurance ) of landlords, it is important that you're aware of proposed new legislation regarding tenancy agreements. These are designed to remove some of the head-aches associated with the legal aspect regarding rental agreements.
It appears that there is a steadily growing demand for rental property ( cheap mortgages ) with many new investors coming in to the market. This has resulted in an increasing number of specialized lenders offering comprehensive buy-to-let mortgage packages. So, there's a wealth of advice and funding available should you wish to enter the market, and now it seems as though the actual rental contracts are set to become a whole lot simpler too. Many landlords and tenants would agree that this change is long overdue.
These contracts are legal documents between landlord and tenant and at present, ( bad credit loans ) unbelievably, there are over twenty different types available. It appears that a great many of them are based on agreements which were originally ( remortgages ) brought into force over a century ago, with clauses and phrases which are totally out-dated and largely irrelevant. However, they are legal contracts and, as such, can still be used.
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.