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First letting, advice on tenancy agreement

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  • 12-02-2015 5:52pm
    #1
    miss_stephanie
    Registered Users Posts: 1 ✭


    Hello boardies,
    Long story short, I am forced to let out the property and I got someone (one of my friends) interested in letting my house. If all goes well I will move out by the end of the month. This is first time I will be letting the place. Can anyone have any advice about first few steps I need to do?
    Here is a hard bit, I'm on particular budget and each small expense counts, therefore if I could I would spare a trip to solicitors to draft the agreement. Would anyone have a word template available?

    The part which I'm particularly interested in is to have an option to start for 6 months agreements (this is what we initially agreed).

    Ideally I would appreciate one from a landlord with good standing and the one with a break clause (in case anything goes into wring direction).

    Thanks!


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    #2
    surpy
    Closed Accounts Posts: 383 ✭✭surpy


    There's one on irish landlord. Com

    http://www.irishlandlord.com/index.aspx?page=documents


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    #3
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    miss_stephanie wrote: »
    Hello boardies,
    Long story short, I am forced to let out the property and I got someone (one of my friends) interested in letting my house. If all goes well I will move out by the end of the month. This is first time I will be letting the place. Can anyone have any advice about first few steps I need to do?
    Here is a hard bit, I'm on particular budget and each small expense counts, therefore if I could I would spare a trip to solicitors to draft the agreement. Would anyone have a word template available?

    The part which I'm particularly interested in is to have an option to start for 6 months agreements (this is what we initially agreed).

    Ideally I would appreciate one from a landlord with good standing and the one with a break clause (in case anything goes into wring direction).

    Thanks!

    You don't need to go to a solicitor you can download tenancy agreements online, you need to decide on the amount of rent make sure all your expenses are covered, set some ground rules ie. if you dont allow pets etc that kind of thing, decide if you want a 6 month lease or a years lease or a fixed term agreement which would be a lease / contract with the tenant for a certain amount of time ie. 2 years.

    Personally when I was renting my property for the first time I just did a 6 month lease with the tenants.
    I would insist on the rent being paid direct to your bank on a certain date maybe have this coincide with your mortgage payment.
    You will be liable for income tax after a year I believe it is and it would be an idea to register with the PRTB for your sake and your tenant.
    Best of Luck


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    #4
    The_Morrigan
    Moderators Posts: 9,368 ✭✭✭The_Morrigan


    TrishSimon wrote: »
    You will be liable for income tax after a year I believe it is and it would be an idea to register with the PRTB for your sake and your tenant.
    Best of Luck
    ...not just 'an idea' it's the law.
    You are also liable for income tax from the get go, and tax returns are due in October.

    OP - please print off the RTA 2004 and read it, then re-read it and then for good order sake read it again. You would be surprised the amount of people who don't know their rights and obligations when it comes to renting in Ireland.
    You may want to engage a tax professional to show you the ropes for the first year or so, they can advise on allowable expenses etc.


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    #5
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    The_Morrigan wrote: »
    ...not just 'an idea' it's the law.
    You are also liable for income tax from the get go, and tax returns are due in October.

    OP - please print off the RTA 2004 and read it, then re-read it and then for good order sake read it again. You would be surprised the amount of people who don't know their rights and obligations when it comes to renting in Ireland.
    You may want to engage a tax professional to show you the ropes for the first year or so, they can advise on allowable expenses etc.

    I wasn't sure on the income tax thing but I have phrased the PRTB bit wrong I meant register with them right away


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    #6
    sapper
    Registered Users Posts: 421 ✭✭sapper


    I have rented out a house for many years and have never made anyone sign a tenancy agreement. I simply register the tenancy with the PRTB and let the Residential Tenancies Act apply.

    It might be simplistic but I find the only thing an agreement does is attempt to tie the tenant in for one month/a year, but in practice if a tenant wants to go they will go. I'm lucky I guess in that my house is in Dublin City Centre as so long as the rent is right I can always rent it out again pretty quick.

    Anytime I have had an issue (not often) the RTA/ obligations of tenants/landlords on the PRTB website is sufficient backing.

    If you're new to it I agree its a good idea to learn about how tax is applied


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    #7
    the world wonders
    Registered Users Posts: 489 ✭✭the world wonders


    sapper wrote: »
    I have rented out a house for many years and have never made anyone sign a tenancy agreement.
    ...
    Anytime I have had an issue (not often) the RTA/ obligations of tenants/landlords on the PRTB website is sufficient backing.
    You've been lucky then. There are all sorts of potential disputes that aren't covered by the RTA e.g. amount/frequency of rent, day that rent is due on, payment method for rent, pets, parking spaces...


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