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Renewal of Tenancy Agreement
Our Renewal Agreement empowers you to create a legally binding and secure Assured Shorthold Tenancy. This agreement includes an Addendum Agreement and a new Assured Shorthold Tenancy Agreement. You can use these documents to easily switch between fixed-term and periodic tenancies and adjust rent as needed. This is an ideal solution for landlords and tenants in England who want to ensure their tenancy is legally valid and secure.
Description
Renewing Tenancies in the UK: An Addendum Agreement & AST
When renewing a tenancy in the UK, landlords have two options – an Addendum Agreement or a new Assured Shorthold Tenancy (AST) Agreement. Each option has its advantages and disadvantages, so it’s crucial to determine which one fits your situation best.
When to Use an Addendum Agreement
An Addendum Agreement is the most straightforward way to renew a tenancy. It is an agreement between the landlord and tenant that adds or amends existing terms of the existing AST.
It is a quick and easy way to extend a tenancy for a fixed period, making it an excellent choice for landlords who need to secure a tenancy quickly and easily.
Benefits of an Addendum Agreement include:
• Faster and less costly than creating a new AST
• Can be used to extend the tenancy for a fixed period
• Can be used to increase the rent
• Easy to create and amend
Addendum Case Study
John is a landlord with a tenant who has lived in his property for two years. John wants to extend the tenancy for another year but wants to avoid going through the hassle of creating a new AST. He uses an Addendum Agreement to add a one-year extension to the existing tenancy. He amended the rent amount to reflect the market rate, and both parties signed the agreement. The tenancy has now been extended for another year.
When to Use a New AST
When the current Assured Shorthold Tenancy (AST) is about to expire or when significant changes are required, landlords may opt for a new AST to renew the tenancy. This is a more formal procedure and can be used to make substantial changes to the tenancy, such as increasing the rent or adding new clauses.
Benefits of a new AST include:
• Can be used to make significant changes to the tenancy
• Can be used to increase the rent
• Legally binding agreement
New AST Case Study
Steve is a landlord with a tenant who has lived in his property for two years. The tenant’s name is Sarah. Sarah wishes to make significant changes to the tenancy, such as increasing the rent and adding clauses about pet ownership. He created a new Assured Shorthold Tenancy (AST) agreement to make these changes. He said the new provisions and amended the rent amount to reflect the current market rate. Both parties sign the new deal, and the tenancy is legally renewed.
Conclusion
Renewing a tenancy in the UK is a simple process, and landlords have two options: an Addendum Agreement and a new AST. An Addendum Agreement is the easiest and quickest way to renew a tenancy for a fixed period, while a new AST can be used to make significant changes to the tenancy agreement. Knowing which option suits your situation is essential to ensure a legally binding and secure tenancy agreement.
£14.95
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