Beware, some agents will try to force you to renew the contract only so that they can calculate the fees, which means that it is the only and/or safest option. It`s absurd, of course. Stay strong and resist if you`re happy that the lease is rolling. If the tenant wishes to continue after the expiry of the original contract, you have two options: you can offer him a new fixed-term contract or allow him to switch to a legal term lease. Both have pros and cons and what you use really depends on your circumstances and circumstances of your tenant. One thing you should remember when issuing a new fixed-term contract is to re-protect any deposits you made at the beginning of the original lease, even if none of the tenants` details have changed. If a lease changes periodically, you must notify the system in which the deposit is registered of the change in status, but you are not responsible for the protection again. As no one seems sure that it is necessary to re-expose the tenant with the information prescribed on their deposit, you could do it just as well to be safe. On the Landlordlaw blog, it says that there is no definitive answer, and so far it depends on the regulations if you have to notify him if the lease becomes periodic.
A periodic lease continues under the same conditions and you should pay your rent as usual. It will run monthly or weekly, depending on how often your rent was due during the fixed period. Eric, my point is the use of a temporary repository before it becomes periodic. Don`t be distracted by the stupid punishments that baffle the purpose of rental bonds! The advantage for landlords and tenants is security. This is because renewed short-term rents give an initial minimum period of six months and monthly rental income is generally set during this period. If you have used a high street rental agent to find your tenant and you want to renew a rental contract, chances are that the agency will beat its dirty little mitts because they are about to beat you with what is called a rental fee. In “theory,” the fee covers administrative costs related to the extension of the lease and the maintenance of the tenant. A common tenancy agreement becomes periodic if one of the tenants stays, unless there is a new agreement. If there is no new lease, a landlord can terminate the tenant. This only applies if the initial fixed term has expired and has become a “periodic lease.” The main exception to this notice is when a lessor accepts another notice. Just an update for Jerry/Eric (and for all those who have followed the quarrels in the comments): As of today, March 30, 2015, deposits received after April 2007 and the prescribed information will be made during the original fixed term – owners will no longer be required to continue providing the prescribed information when the lease becomes periodic – once it does! 🙂 A joint tenancy agreement does not end if the common tenants remain beyond the end of the term of term, unless there is a new agreement. You could be responsible for the rent, even if you leave.
Without the money actually changing ownership, the tenant pays a second deposit to the landlord, see Superstrike Parades 36. The tenant must charge the deposit at this transition period for any damages, but only if the landlord makes claims. All this “hey, don`t worry about rolling” talk is naïve, because a compensation agreement is then reached, so that an owner, if he does not make a claim, has cancelled any damage. This would be a breach of contract and a non-order. So if she can`t give you a budget on her income and expenses, as well as other facts that mitigate her position, you may be forced to terminate the lease in June.