If you are a tenant currently renting a property, you may wonder what will happen when your fixed-term tenancy ends. At The Letting Experts, our expert team has some advice and information to help you decide what to do next.
Your first option is to vacate the property when your tenancy ends. If you wish to do this, you must give your letting agent or landlord notice in advance. This is usually one month's notice if your tenancy runs monthly. You’ll need to check your tenancy agreement to determine how long your notice period is and how to proceed.
Your second option is to continue living in the property. If that is your wish, you have two options:
Sign up for another fixed-term tenancy agreement.
Carry on the tenancy on an ongoing, rolling monthly basis (periodic).
If you’re happy to sign up for a new fixed-term tenancy agreement, contact your letting agent or landlord to ask them for a new agreement. You should put this in writing, outlining how long you’d like to remain in the property – usually 6 or 12 months.
There are several benefits to choosing this option. You’ll have the financial security of knowing what your payments will be and when you’ll need to make them for the entire contract length. You’ll also feel safe knowing you have somewhere guaranteed to live for that timeframe.
Bear in mind that the landlord may decide to increase your rent when a new agreement is drawn up. You may also need to pay a renewal fee. Don’t be afraid to negotiate or come to a compromise about the costs. Landlords often find that it’s more affordable to compromise with an existing tenant than to go through the process of finding a new tenant.
A rolling contract involves your tenancy rolling over - usually monthly. Sometimes called a “periodic tenancy” it starts automatically at the expiry of the original agreement, and you won’t need to sign another contract to continue living in your rental home.
If you’re looking for a flexible option that allows you to move out with a month's notice without waiting until your fixed period ends, a rolling contract may be suitable for you. You also won’t need to pay a renewal fee, saving you money. Bear in mind, though, that the landlord can increase your rent or give you just two months' notice to leave the property if they wish you to vacate. This could be because they want to move into the property, or sell it.
You may be interested to read A First Time Renters Guide
If you’re looking for a property to rent, get in touch with The Letting Experts. As local experts in the rental sector, we can help you find your ideal rental home.
Call us on 0333 344 9915 or email hello@thelettingexperts.co.uk.
You have two options: renew your tenancy for another fixed term or continue on a rolling monthly (periodic) basis.
To renew your tenancy, contact your landlord or letting agent and discuss your options. You may need to sign a new agreement and potentially pay a renewal fee.
Your landlord may increase your rent when your tenancy agreement is renewed. However, there are regulations in place to protect tenants from excessive rent increases.
A rolling (periodic) tenancy offers flexibility and allows you to move out with a month's notice. However, your landlord can also give you notice to leave at any time.