Renewing an Assured Shorthold tenancy

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Renewing an Assured Shorthold tenancy

    We have 5 student tenants - now graduates - who have decided to renew with us for another year. The tenancy ends on 27th July. We have several questions:
    Q1: if we continue the tenancy without a break would this mean we would continue to retain the current deposits we hold, without entering one of the new deposit schemes? Or would we need to pay them back and re-request them under the new scheme?
    As the tenants are now going into work, we have all agreed verbally to change from a 42 week, 3-term tenancy to a standard 12 month tenancy. (We are not putting up the rent itself but because of the longer agreement period, it will vary the total amount we collect over the agreed period, and we will now also include and manage payment of an element to cover Council Tax, from which they were previously exempt).
    Q2: Given that this will change the amounts we levy in standing orders, what is the best way to renew the tenancy: a) simply by a letter, stating that we are renewing the tenancy and listing the changes? b) By re-issuing the standard agreement, with relevant changes?
    Q3: if we did it by letter, would they need to countersign a copy of the letter and return it?
    Q4: Are there any other loopholes, glitches or considerations in this that we have not spotted?
    Best wishes SimonB

    #2
    1. You have two options when fixed term expires:
    A. Let old tenancy run on as a periodic tenancy, on same basis as old tenancy- retain deposit as previously.
    B. Issue new fixed-term Tenancy Agreement- new deposit rules will apply but funds in hamd could be handed direct to deposit-holder (unless you retain funds on insurance-based deposit svheme. If you want to change tenancy basis, as per what you agreed verbally, you will need this option B.

    2. Select your choice (b).

    3. N/A.

    4. No, but I hope that you issued five Tenancy Agreements (one each). Five people are not legally capable of jointly holding one tenancy.
    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


      #3
      Originally posted by jeffrey View Post
      4. No, but I hope that you issued five Tenancy Agreements (one each). Five people are not legally capable of jointly holding one tenancy.
      What is the maximum number of people who can legally hold one tenancy ? I hope the answer is 4.

      Comment


        #4
        Originally posted by MDM View Post
        What is the maximum number of people who can legally hold one tenancy ? I hope the answer is 4.
        Yes- four.
        See my thread on CONV. FORUM ("Trustees- basics, and limit on number").
        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

        Latest Activity

        Collapse

        Working...
        X