Whether you’re a landlord or a tenant, when it comes to renting a property all sorts of little problems and dilemmas can arise. With more and more people turning to rented accommodation, be it single men and women, or couples, the buy to let market is booming and the majority of landlords are cashing in!
AST
As a result of the increase in the amount of people renting, one issue I’ve come across is whether a couple should both put their names on the AST (Assured Shorthold Tenancy) agreement. When I moved into my flat with my partner, the letting agent explained that they wanted both our names on the AST, and we were both keen to put our names down anyway just in case if anything unfortunate happened then we would both be liable for paying the rent rather than one person being lumbered with it, for example.
Half a Couple
However, every now and then, there are some couples that only want one half of the couple to be on the AST agreement. Landlords and letting agents, in my opinion, should not allow this! If only one half of the couple is on the AST then that will mean that, in the case of anything going wrong, only the one tenant who put their name on the AST will be liable, which could leave you, as a landlord, out of pocket in the event that the one tenant is unable to pay the full amount of rent each month. Rent arrears can be recovered via good landlord insurance policies, however, it would be a stressful situation indeed for any landlord!
Furthermore, by having two names on the AST agreement, it will mean that in the event of both tenants failing to pay the rent, then you will have two contacts to chase up rather than just the one. This will make it considerably easier to recover money that is owed to you.
Whilst these aren’t particularly pleasant things to have to think about, they are necessary issues that all landlords must be aware of. At the end of the day your buy to let property is intended to make money, not allow someone to live in for a cut price!