End of AST - new AST or periodic

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    End of AST - new AST or periodic

    I appear to have been more successful with my second tenant and the original 6 month AST is expiring shortly. Is it best to have a new 6 month AST or just to accept rent on a monthly basis ?

    Thanks

    #2
    Have you asked the tenant whether he/she would like another six months? This would seem to be the logical first step.

    Comment


      #3
      Also, L needs to decide whether it's better to have:
      a. the flexibility of a periodic tenancy, terminable sooner than a fixed term; or
      b. the security of a fixed term and (all being well) a reasonably probable rent flow during it.
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment


        #4
        Thanks for the responses.

        Are all Landlord (and tenant) rights, like access to the property etc that were in the AST still valid through the periodic tenancy ?

        In addition does this change of tenancy have any effect on the tenant deposit which remains with the DPS ?

        Thanks

        Comment


          #5
          Originally posted by Hertford23 View Post
          Are all Landlord (and tenant) rights, like access to the property etc that were in the AST still valid through the periodic tenancy ?
          Yes

          Originally posted by Hertford23 View Post
          In addition does this change of tenancy have any effect on the tenant deposit which remains with the DPS ?
          No

          It's certainly the 'simple' option just to let it go periodic. Personally, assuming I have tenants I want to keep, I tend to explain the two options (periodic vs new 6-month AST) and let them decide which they prefer.

          Comment


            #6
            Originally posted by Hertford23 View Post
            I appear to have been more successful with my second tenant and the original 6 month AST is expiring shortly. Is it best to have a new 6 month AST or just to accept rent on a monthly basis ?

            Thanks
            If the tenant is someone you would like to keep and the open market in your area may not secure you any more worthwhile rent, a new 6-month AST and not having to deal/worry about the property/income for 4-5 more months would be my preference.

            If the tenant is amenable, why not go for 1 year?

            I doubt rents will change much over a year and even if they do rise a bit, you always have to balance receiving a slightly lower rent with the security of having a regular income stream without voids for 1 year/6 months.

            Comment


              #7
              Thanks for all your advice - it was very useful. I will speak to the tenant.

              Comment

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