When an initial fixed term tenancy comes to an end, it automatically roles on to a month to month or “statutory periodic” tenancy. This kind of tenancy is uncertain for the landlord and the tenant, as a tenant can give one months’ notice to vacate (in line with the terms of their tenancy), whilst equally the landlord can serve the section 21 notice giving the tenant two months’ (during COVID 19 three months) notice to vacate at any point.
Also, the landlord can serve a section 13 notice to increase the rent during the periodic tenancy provided they give with one months’ notice, or landlords can offer a new contract at any point in time. These notices are hard difficult to oppose and unless they apply to the first-tier tribunal for a rent review, the tenant must pay the increase from the date on the notice.
Many landlords and tenants are unaware of this; however, some are aware, they don’t see the benefits of negotiating a further fixed term renewal once the initial one ends.
Landlords benefits for renewal:
Things to remember if you are a landlord and decide that you would like to manage your property yourself, you have to comply with the latest legislative changes and issue a list of appropriate documents to the tenant and re-register deposit if required.Latest legislative update for the year 2020 can be found here:
Not having to worry about having to negotiate your deposit return, find a new home, go through referencing, and pay new tenancy set up fees. When you include moving costs, fees, initial rent, the deposit, the average cost of moving rental property right now is around £1500.00.
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We can carry out FREE Virtual Valuation of your home. Whether you are looking for flat valuations or house valuations, it’s important to get a precise value of your home before you decide your next move. Get in touch with My House Online estate agents and property management company to learn your exact property value today.