I am about to lease a property out, what are the legal steps that I would need to follow?
The first thing to be said about a lease is that it should be in writing (although it can be verbal, this is not advisable). A written lease agreement is highly recommended as it is easier for parties to rely on something that has been signed and it is easier to prove the terms that have been agreed upon.
Every lease will vary but the essentials that a lease agreement should contain are the following:
- it should clearly state who the parties to the lease agreement are
- it should clearly set out the rights and obligations of the lessor and the lessee
- it should set out the exact date on which the lease commences and the exact date on which it terminates
- it should clearly stipulate when rent is to be paid, where and by what method
- it should clearly describe the property that is being leased
- it should contain clauses dealing with subletting, renewal and alterations or improvement, duties of the lessor and lessee and breach
- it should also contain anything that parties may reasonably possibly foresee as a possible issue