What To Expect When A Fixed-Term Tenancy Expires
If you currently rent a property in Bristol, you may wonder what will happen when your fixed-term tenancy ends. At Northwood Bristol, our expert team has some advice and information to help you decide what to do next.
Your Options
Your first option is to vacate the property when your tenancy ends. If you wish to do this, you must give the 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 carry on 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
How To Sign Up To A New Agreement
If you’re happy to sign up to a new fixed-term tenancy agreement, contact your letting agent or landlord to ask them for a new agreement. You should put this in in writing, outlining how long you’d like to remain in the property – usually 6 or 12 months.
There are several benefits if you choose 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, reliable tenant.
Is A Rolling Contract Right For Me?
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 one 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 notice to leave the property when and if they wish you to vacate.
If you’re looking for a property to rent in Bristol, get in touch with Northwood Bristol. As local experts in the rental sector, we can help you find your ideal rental home.
