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We are often contacted by landlords whose fixed term tenancies are coming to an end, and they’re not sure if they should sign a new contract with the tenants. Here’s a quick run down of what happens at the end of a fixed term tenancy, so you can make an informed decision about whether to renew or not.
What are the benefits of a renewing a tenancy?
At the end of the fixed term, your tenancy will automatically continue on a rolling monthly basis. This is called a Statutory Periodic Tenancy, SPT. During the SPT, you are required to serve your tenants with two month’s written notice, however, they only have to serve you one month’s notice.
In order to avoid the SPT, you will need to sign a new fixed term tenancy agreement. This gives you the security of having a tenant in place for the next 6/12 months, and also gives the tenant the reassurance of the property for an extended period.
What should I do now?
If you would like to sign your tenants for a further fixed period, first you’ll need to check that they also want to renew. This is also your opportunity to review the rent, should you so wish.
How do I renew my tenancy?
We can draw up a tenancy renewal.
You may also like to consider our esigning service. This enables you and your tenant to sign the tenancy renewal without having to meet up, or post the tenancy renewal back and forth.
You can order yours by clicking here.
What if I or my tenants want to continue a rolling monthly contract?
If both parties are happy to continue on a rolling monthly basis, that’s fine! Just continue as you are. You will both still be protected by the contract, it’s just the notice periods that change. You can continue on a rolling (periodic) tenancy indefinitely.