Tenancy agreement can be expensive – should I source my own to save the cost?

Tenancy agreement can be expensive – should I source my own to save the cost?
Following on from my recent posts about tenancy agreements and the importance of getting them right, you may well be worried about the costs of getting one written professionally!
I am a portfolio landlord myself, and over the years I’ve been offered tenancy agreements at silly prices, as well as having them included for no extra cost. I have used agent provided agreements, and have also opted for using my own. And yes I’ve been caught out using one which didn’t include certain prescribed information about deposit protection. And let’s just say that it hurt, financially.
I’ve learnt the hard way, but you don’t have to
Nowadays I always use an agent tenancy agreement so that I can be sure that it’s the most up-to-date possible. Of course that’s my choice. If you choose to use your own document, I would suggest that you obtain a template from a landlord body, such as the Residential Landlords Association, or via a friendly agent or solicitor – and refresh it regularly to keep it current.
Fees can vary
You are right that agents’ fees on this do vary wildly. There was an article published in May 2012 about London letting agent fees. A mystery shopper poll of nine agents revealed that fees varied from £150, to the most expensive at a whopping £420! And yes, that was just to draw up the tenancy agreement!
We don’t charge anything. It’s that simple
At EweMove we do not charge our landlords anything at all for drawing up the tenancy agreement. We always use professionally drafted agreements, which are regularly reviewed and updated to reflect any developments in legislation or case law. And all the landlord/tenant information for the tenancy agreement is automatically populated by our systems to avoid human errors. We like to stand out from the crowd. We don’t believe anyone should be fleeced, and it is part of our client commitment that we won’t pull the wool over anyone’s eyes. And if that sounds refreshingly honest, get in touch.
www.ewemove.com/dorkingGraham Faulkner is Branch Director of EweMove Dorking and he’s also a portfolio landlord himself, as well as specialising in helping other landlords. So if you have any questions, why not give him a call. Apart from his own experience and expertise, he can also recommend the right professionals, as tried and tested by him, to advise you.

Award winning EweMove in Dorking  are a residential property sales and lettings agency who pride themselves on being refreshingly different and standing out from the crowd. EweMove Dorking covers from Ockley to Oxshott.

Enquiries to 01306 406 506 / 01372 701 702, or via email to dorking@ewemove.com