any landlords out there answer my question regarding re-letting

[dizzydo]

We are at the end of the year's contract with our tenants who will be leaving to go home. Luckily, we have probably found new tenants without the help of estate agents who are willing to draw up a year's company lease with rental contract and three month deposit. What is the best way of getting an agreement drawn up and credit checks done? Do Estate Agents do this without charging their usual exorbitant 10 or 11% commission or would it be better to go through a lawyer or other agency and is the cost of doing this split between landlord and tenants, born by the landlord or born by the tenants.

TIA [grin
]

You can do your own credit checks via Experian or any other credit checking agency, and don't bother with a lawyer for the agreements - you can buy a LawPack from WHSmith which has the forms for an assured shorthold tenancy in it. Just fill in the blanks and you're away! Don't forget to do an inventory if it's furnished.

sorry, just re-read, what's a company lease? assumed these are ordinary domestic tenants?

An estate agent will usually charge you a set up fee that can be around 40% of the first months rent to draw up contracts and do reference checks (I used to work in a lettings agency). In reality, a standard contract is very easy to draw up (I think you can even buy a ready made one in WH Smiths) and you may be able to go direct to a credit referencing agency for much less than the agency would charge (the credit agency charged us £25 a person for a reference, but we charged £157 to the person for the priveledge ) Might be worth asking the tenants to pay only the credit agency fee if you want to do it cheaply.

Sorry been watching I could be Nancy or whatever its called!!

Well that sounds pretty easy, a lot cheaper than the £350 each side we paid the agents last time LittleMy I'm probably not even using the right terminology, all I meant was they are being relocated so I think the agreement is with the company.

Thanks for your responses two littles

Actually thinking about it I could just use the Agreement the agents set up last time that must be fairly watertight. If I take out all references to them. Do you think that's okay?

The agents might be a bit miffed and although chances are it's fairly standard it'll probably have lots of references to them that are tricky to take out tidily. If you use a LawPack (they're only about £5) then you know you've got the right thing.

Don't know if your agents paid you your rent gross or net, but if you're getting your rent direct in future you'll need to declare it on your tax return. Some agents take the tax off before they give it to you, I don't know how you've been working it.