Getting The Best Out of Joint Tenancies: Tips for Landlords
Many landlords will find themselves managing joint tenancies. Here are some tips on how to get the best out of them.
It’s easy to understand why joint tenancies are so popular with renters in the UK.
Sharing a tenancy with a friend, partner or family member means you can split the bills and divide up the chores.
And it’s nice (most of the time, at least) to come home to a familiar, friendly face.
However, joint tenancies rely on mutual trust and good communication to be successful. This requires tenants to understand and respect their responsibilities.
Landlords also have a role to play in ensuring things run smoothly – albeit a supporting one.
While it’s not up to a landlord to act as a referee or counsellor, there are proactive steps you can take to nurture good relations.
Make sure everyone knows where they stand
Many people don’t understand the fundamentals of a joint tenancy – until they fall out with their flatmate over unpaid rent or repair bills.
While the contract will spell it out in detail, it’s useful for landlords to explain at the start of a tenancy that all tenants have ‘joint and several liability’.
This phrase means that all tenants share the same responsibilities and rights. If one person fails to pay their rent, any of the other people on the contract can be required to pick up the shortfall.
The same goes for damage. For example, if one tenant spills wine on the sofa, all the tenants could be liable to cover the cleaning costs.
Be proactive with communications
Don’t rely on one tenant to relay information to the others living in the property. They may or may not be a brilliant communicator, so don’t leave it to chance.
Doing it yourself is the only way to ensure correct information is passed on. Always back up a conversation with an email sent to all tenants.
Arrears
If a tenant is behind with their rent, let all tenants know about the situation. (At this point, you’ll be grateful that you’ve explained that phrase ‘jointly and severally liable’.)
The other tenants living in the property can provide valuable support in helping to get the tenant in question to pay their rent.
Get professional help
To make your life much easier, get a good letting agent to manage tenant relations for you.
They’ll have managed many joint tenancies before, and should a dispute arise over arrears, damage or deposit deductions, they can take the lead.
Contact us today to learn more about our property management services.
Would someone you know benefit from reading this article? Why not share it with them?
*The information in this article does not constitute legal advice. Always refer to the terms of your rent agreement.