Why Crew Should Consider A Written Tenancy Agreement

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In this article, we’re here to talk about the benefits of having a written tenancy agreement and where yacht crew come into it all.

Where Do Written Tenancy Agreements Stand, Regarding The Law?

At this moment in time, in England and Wales, many landlords in the private residential sector are not required by law to have a written agreement in place, with many tenancies agreed verbally. 

However, a verbal tenancy agreement carries significant risk and room for misinterpretation which can lead to headaches (and expensive costs!) down the line. This is why we advise all landlords to have a written tenancy agreement signed by the tenants before they move in, even when letting to family or friends. 

Benefits Of Having A Written Tenancy Agreement

  1. It is much easier to prove what was agreed between the parties, preventing any long-lasting disputes.
  2. Both parties know exactly what’s expected of them. 
  3. A simple way to evidence that an address has been given and was received by the tenants.
  4. Additional clauses can be inserted. Some tenancy agreements include a term that the tenant is liable to pay the landlord’s reasonable costs incurred by the landlord because of any breach of the agreement or in respect of court proceedings for possession. Without this term in a written tenancy, it is unlikely that a landlord will be able to recover their costs.
  5. It is an opportunity to provide, and evidence service of, the Gas Safety Certificate, How to Rent: The Checklist for renting in England, Energy Performance Certificate, and Deposit Prescribed Information.
  6. Some insurance providers will require a written tenancy agreement to offer a policy for landlords.

Why It’s Important For Crew To Consult A Specialist

The law in this area is fast evolving and specialist advice and assistance should be sought to ensure that Landlords are adequately protected and all agreements are up to date with the current law. We have come across several tenancy agreements that have made the landlord’s position worse because they didn’t take the time to consult a solicitor while creating them and this can be a costly and stressful mistake if things don’t go to plan with a tenant!

If you’re a CrewFO member, and would like further support on this matter, log in and reach out!

If you are not a member, below are our contact details:

Email us at: hello@crewfo.com 📧

Call us on: +44 203 538 8622 📲

At Crew Family Office, we are here to help Superyacht crew navigate their finances and make the right decisions.

For more of our financial services, designed for Superyacht crew, take a look here.

Published on 12th June 2024 in by