Renting a proeprty, contract question

As this forum is the font of all knowledge...

Can someone tell me what happens when you rent out a house (family type home not pack 'em in) and say two professionals let it. Do they both appear on the contract and just one pays the rent, or does just one name appear? Obviously this would be different for a family where the Dad or Mum might be on the contract.

Of course I'll do this properly but just an early thought.

Cheers.

It's usually the name that appears on the bank account of where the rent money will be coming from which will depict the names on the tennancy agreement.
I'm sure there might be other variations of tenancy agreements but this would be the most common.
HTH

Normally both names, that way the Ebil Landlord of Doom can claim them both "jointly & seperately liable". That way, if one defaults on their half the landlord can come after the other one for payment.

EDIT: Not implying you'd be the Ebil Landlord of Doom mind (though you might be). Just checked our tenancy agreement as I happen to have it right here (floods etc), both me and the missus are on as seperate names. We might even be considered "professional". Last place was three of us sharing a big house and I'm pretty sure all three names were on that one too (although we were undoubtedly mere amateurs at that stage).

[Skip]

When I was in that situation the landlord wanted only one name on the tenancy agreement so that if we ran off he only had one person to chase!

I think that's the point of joint and seperate liabilty - if both people run off then the landlord has the option of going after either one or both, the first (s)he finds gets landed with the bill. With just one name on the contract you're tied to finding that person - plus from a tenants point of view, assuming your renting with friends rather than a partner (and hell, even couples have been known to split up from time to time), would you want to be the sole name on the contract knowing your "friends" can royally stuff you should you fall out.

Originally Posted by MiniMatt

joint and seperate liabilty

Thought it was joint & several liability?

EDIT: http://en.wikipedia.org/wiki/Joint_a...eral_liability

missus shares a flat with a friend of hers and they both appear on the contract. rent comes out from 2 different accounts each month to the landlords account

In our place there's 6 of us and all of us are on the contract, but one account is used to pay the rent........much simpler that way, both for us and the agent (scum ). If only one person was named on the contract then they would be liable for everything, including rent arrears which sucks and isn't a good idea IMO.

HTH

[Spiderman]

Joint & Several liability is the best way to go Dr Rich. Anything short of that and you are not closing all the loopholes and leave yourself open to issues of others moving in too as not all those lving there are required to be on the contract/lease.

[Viney]

Originally Posted by Dr Rich

As this forum is the font of all knowledge...

Can someone tell me what happens when you rent out a house (family type home not pack 'em in) and say two professionals let it. Do they both appear on the contract and just one pays the rent, or does just one name appear? Obviously this would be different for a family where the Dad or Mum might be on the contract.

Of course I'll do this properly but just an early thought.

Cheers.

Me and the missus is doing this now. We are both on the tenancy agreement, and we have set up a Joint account in both our names. Then all we do, is tranfer the rent n bills money inot this account. Easy peasy lemon squeezy

She is also currently rneting with 4 others. They are ALL on the agreement, and all have sperate DD's to the landlords back account. Then they ahve a sperate account for the bills, which is in the name of 2 of the occupants. Then they each have 2 people on each bill.