When renting a property, it`s common to have a tenancy agreement in place. This is a legal contract between the landlord and tenant, outlining the terms of the lease and the obligations of both parties. However, as with all contracts, there comes a time when the tenancy agreement will expire.
So what happens when your tenancy agreement expires? Here`s what you need to know.
1. Renewal options
Before your tenancy agreement expires, it`s worth checking to see if there are any renewal options available. Some agreements will have a clause allowing for the option to extend the lease, either for a set period or on a rolling basis. If this is the case, you`ll need to make sure you understand the terms and conditions of the renewal, including any changes to rent or other conditions.
2. Negotiating a new agreement
If there are no renewal options available in your existing tenancy agreement, you may need to negotiate a new agreement altogether. This will involve discussing the terms of the lease with your landlord and coming to an agreement on the rent, length of lease, and any other conditions that need to be included. It`s important to remember that negotiations work both ways, so be prepared to compromise if necessary.
3. Moving out
If you don`t want to renew your tenancy agreement or if you`re unable to negotiate a new one, the only option will be to move out. You`ll need to provide your landlord with notice in accordance with your tenancy agreement, usually at least one month prior to the end of the lease. You`ll also need to make sure the property is left in good condition and all rent and bills are paid up to date.
4. Legal implications
If you continue to live in the property after your tenancy agreement has expired and you haven`t agreed to a renewal or negotiated a new lease, you could be in breach of your contract. This means your landlord could take legal action against you to evict you from the property, which could result in court proceedings and a tarnished rental history.
In conclusion, when your tenancy agreement expires, it`s important to know your options and take action accordingly. Whether it`s renewing, negotiating or moving out, make sure you`re familiar with the terms and conditions of your lease and act in accordance with them to avoid any legal issues.