There’s a lot of tenancy agreements to keep in mind and plenty of them offer a series of flexible options for your tenants. One such example is a monthly rolling contract tenancy, known to many as just a rolling tenancy agreement.
This type of tenancy agreement can be useful for people who need a little flexibility in their renting, and it can be a viable option in many situations. Let’s take a look at what a rolling tenancy agreement is and how it can help you.
What is a Rolling Tenancy Agreement?
So, a rolling tenancy agreement is one which has no specific end date. At any point, either the landlord or the tenant can cancel the tenancy by serving notice to do so.
The required notice period depends on whether you pay weekly or monthly, why you’re servicing notice, and what type of agreement you enter into.
You can technically be on a rolling contract for as long as you like. There is no limit for how long it can last. Obviously, the trade for this is a lack of security.
Is a Rolling Tenancy Legal?
So, a rolling tenancy is legal. It’s basically a tenancy that doesn’t have a fixed end period. However, the same can also apply to tenancies that have gone past the fixed end date, and now simply continue on a weekly or monthly basis.
Do I Need to Give Notice for a Rolling Tenancy?
With a rolling tenancy, if the agreement is silent on notice, then you have to give at least a month of notice if your rent is paid monthly, and four weeks if you pay weekly.
If, for whatever reason, your agreement states that you have to continue as a contractual periodic tenancy, then you will need to give notice as is described in the agreement itself.
If a landlord wishes to give notice for the tenancy to stop, the period in which they can do so must be at least four months where notice is given for any period after June 22021, because of COVID-19.
A rolling tenancy agreement is a good way for someone to enjoy the benefits of flexible rent. As a system, it is not perfect, and there are many situations where rolling tenancy won’t be suitable for you.
If, for example, you are a family who needs security with your renting situation, then a fixed tenancy agreement isn’t going to help you. However, people who aren’t as fussed by security may benefit from the arrangement.
A rolling tenancy agreement can be a good way to work if you’re only in the area on a temporary basis. It is important to choose the type of tenancy agreement which is best for you, of course.
Choosing the right rolling tenancy agreement for your needs takes time, but it is well worth doing. At the end of the day, this type of agreement can be good for you.