SHOCK: Most people don’t read tenancy agreements!
We probably all suspected this already, but a new survey by a law firm shows that most people don't read contracts before signing them.
Maybe we all knew this already, and now it’s been confirmed, most people don’t read their tenancy agreements.
A survey from law firm Weightmans shows that only 24% of tenants actually read the contract before signing it. And internet searches for ‘how to read a contract’ have increased by 23% in the last year.
The survey also revealed that 39% of respondents admit to signing contracts they don’t understand.
Men more guilty
Men are more guilty of not reading agreements with only 20% doing so, compared to nearly 28% of women.
The importance of not rushing this process cannot be overstressed.”
Nicola Gonnella, Partner at Weightmans, says: “The importance of not rushing this process cannot be overstressed.
“Contracts can be notorious for their use of complex legal terminology, which can be a major barrier to understanding.
“Some sections of a contract are particularly crucial and deserve extra attention.”
Disputes
She says often contracts are subject to negotiation, and it’s important tenants check that the written agreement reflects any agreed changes.
“Signing a document that does not fully capture the agreed-upon terms can lead to disputes and misunderstandings,” she says.
Running a business
Many tenancy agreements don’t allow for running a business from home, and with more people working at home now this can be a problem.
Tenants are advised to check with their landlord if they are comfortable with home working.
WARNING: ‘Ignorance over periodic vs fixed-term tenancies can be costly’
