As a landlord, it`s important to know how long you`re legally required to keep a tenancy agreement. There are several reasons why you might need to refer back to this document in the future, so it`s important to understand the legal requirements. Here`s what you need to know about retaining tenancy agreements.
Firstly, it`s worth noting that there`s no set time frame for how long a landlord needs to keep a tenancy agreement. However, there are some general guidelines to follow. Typically, it`s recommended that landlords keep a copy of the tenancy agreement for at least six years after the tenancy has ended.
This is because of the Limitation Act 1980, which specifies that a landlord has six years from the date that a legal claim arises to bring a claim against a tenant. This means that, in theory, a landlord could need to refer back to the tenancy agreement up to six years after the tenancy has ended.
It`s also important to note that there may be other reasons why a landlord might need to keep a copy of the tenancy agreement for longer. For example, if there are ongoing disputes or legal issues related to the tenancy agreement, then it may be necessary to hold onto the document for a longer period of time.
In addition to the tenancy agreement itself, it`s also a good idea to keep any other relevant documentation related to the tenancy. This might include rent payment records, inventory lists, and correspondence between the landlord and tenant.
Keeping accurate records is not only important for legal reasons, it can also be helpful for managing your property portfolio. By keeping detailed records of each tenancy, you can keep track of important information such as when leases are due to expire, which tenants have given notice to leave, and which properties require maintenance or repairs.
In summary, while there are no set rules for how long a landlord needs to keep a tenancy agreement, it`s generally recommended that you hold onto a copy of the document for at least six years after the tenancy has ended. By keeping accurate records, you can protect yourself legally and make better-informed decisions about your properties.