As a resident in a rental property, it`s essential to understand the different types of residential tenancy agreements that exist. The type of tenancy agreement you sign determines your rights and responsibilities as a tenant and outlines the obligations of your landlord. Here are some of the most common types of residential tenancy agreements:
1. Fixed-term tenancy agreement
This type of agreement is for a specified period, usually six or twelve months. At the end of the term, the agreement may be renewed or terminated by either party. Fixed-term tenancy agreements are ideal for tenants who want stability and long-term residency.
2. Periodic tenancy agreement
A periodic tenancy agreement is an arrangement that rolls over from one rental period to another. The tenant`s agreement does not have a set end date, and both the tenant and landlord are required to give notice to end the tenancy. This type of tenancy agreement offers flexibility, as tenants can give notice to vacate at any time.
3. Assured Shorthold Tenancy (AST)
An AST is the most common tenancy agreement in the UK for private landlords. It is a fixed-term agreement that provides protection to both the landlord and tenant. As a tenant, you have a legal right to stay in the property for the agreed period, and the landlord cannot evict you without notice and a legal reason.
4. Rent-to-rent agreements
A rent-to-rent agreement is where a tenant rents out a property they are renting to another tenant. In this type of arrangement, the first tenant, known as the sub-landlord, agrees to rent out the property to a third party, known as the sub-tenant. In most cases, the landlord will need to give permission for the sub-letting.
5. Licenses
A license agreement is a type of rental agreement that gives the tenant permission to occupy a property, but not exclusive possession. This means that the landlord can access the property at any time, without giving notice. A license is often used for short-term rentals, such as holiday lets or short-term rentals for contractors.
In conclusion, the type of tenancy agreement you sign determines your rights and responsibilities as a tenant. It`s important to read and understand your tenancy agreement before signing, to ensure that you are aware of your rights and obligations. If you are unsure, seek legal advice before signing the agreement.