Do this at the beginning and end of each lease. This ensures that you have a data set for utilities, even if your tenant doesn`t. Perhaps you would like to seek legal advice to ensure that your lease is appropriate in such cases. The bond system was put in place to help tenants insure their surety. It ensures that owners comply with the law if they can charge for repairs/arrears. Tenants should withdraw their rental deposit, provided they have met the conditions of the lease. A monthly lease does not have a predetermined date on which it ends. The rental agreement continues until the tenant correctly indicates the extract or until the lessor ends the lease by law. Section 1 of the Residential Tenancy Act (RTA) designates a monthly lease as a «periodic lease». Monthly rentals are by far the most common type of periodic rental, but a lease can also be established weekly or on other periodic basis. The landlord is not responsible for breaches caused by the irresponsible action of the tenant and the nullity of the contract.

A broken window or broken door caused by the tenant is not the owner`s responsibility to repair. Obviously, administration can be a lot of work, and you need to stay on top of payments and price changes. You are solely responsible for paying the invoices and you must clearly indicate this in the rental agreement. You are also responsible for any debt accumulated by your tenant – although you can claim the tenant`s deposit for any debts they have not paid. If the property does not have a tenant, the landlord is responsible for all electricity bills. You can reduce the cost of bills by making sure that heating is not used often — although we do not recommend turning it off completely in winter, otherwise you can end up with frozen pipes. If your property is not furnished, you can also contact your local authority and request a reduced municipal tax bill for a maximum of six months, while the property is empty. We recommend that you have all bills transferred to your name when you call the utilities at the end of the rental. In Scotland, a deposit cannot have more than two months` rent.

Pros: Monthly rentals offer flexibility. If your life takes an unexpected turn that requires a move, all you need to do is cancel one month in writing to end your tenancy. Even if your tenants want to change businesses, they have to pay the current energy supplier from the day they move in. The maximum amount of rental deposit you can demand from a tenant depends on the entire annual rent for the property: The collection of rent and any additional expenses are set out in the rental agreement, but a few practical steps to consider include: Rental bonds (also known as a surety) are a standard part of a new lease…