Originally published at: https://blog.openrent.co.uk/are-periodic-tenancies-a-good-idea-for-landlords/
Landlords often get asked by tenants to allow their tenancy to ‘turn periodic’ instead of renewing. This post will tell you exactly what a periodic tenancy is, and what it means for landlords and tenants in England and Wales. This post applies only to assured shorthold tenancies, which are the most common type of tenancy…
In practice, tenants in fixed term tenancies frequently ask their landlords to be released because they lost their job, need to move closer to family, have found work in another town… Given that they are in charge of an asset worth potentially hundreds of thousands of pounds, trying to force a very disgruntled tenant to stay in the property against their will is not a good idea for any landlord and so almost all landlords agree to early surrender. The conclusions therefore has to be that a fixed term tenancy only locks in the landlord.
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If you have a mortgage, beware of mortgage conditions before you give a tenancy of over 12 months. Some lenders won’t allow tenancies of more than 12 months, or impose special terms.