Agreement to Extend End Date of Fixed-Term Tenancy: What You Need to Know
When it comes to renting a property, many tenants opt for fixed-term tenancy agreements. These agreements are designed to last for a set amount of time – typically six months or a year – and provide both the tenant and landlord with a level of certainty about the length of the rental period.
However, what happens if the end date of a fixed-term tenancy is approaching, and both the tenant and landlord want to extend the agreement? In this case, they will need to come to an agreement to extend the end date of the fixed-term tenancy. Here`s what you need to know.
Why Extend a Fixed-Term Tenancy Agreement?
There are a variety of reasons why both tenants and landlords may want to extend the end date of a fixed-term tenancy agreement. For tenants, it could be that they`re happy with the property and want to continue living there for an extended period. For landlords, it could be that they`re happy with the tenant and want to ensure that the property remains occupied for a longer period.
Regardless of the reason, extending the end date of a fixed-term tenancy agreement can provide benefits for both parties. The tenant can continue living in a property they`re happy with, and the landlord can continue to receive rental income without having to find new tenants.
How to Extend a Fixed-Term Tenancy Agreement
If both the tenant and landlord are interested in extending the end date of a fixed-term tenancy agreement, they`ll need to come to a new agreement. This could involve negotiating a new rental rate or agreeing to keep the existing rate in place. It`s also important to ensure that any other terms of the tenancy agreement are still applicable, such as the notice period for ending the tenancy.
Once the new agreement has been reached, it`s important to document it in writing. This will help to avoid any confusion or disputes in the future. The new agreement should be signed by both the tenant and landlord and should clearly outline the new end date of the tenancy.
It`s worth noting that extending the end date of a fixed-term tenancy agreement is not always possible. In some cases, the landlord may have already found new tenants to move into the property after the original end date. Additionally, some tenancy agreements may have clauses that prevent extensions.
Conclusion
Extending the end date of a fixed-term tenancy agreement can provide benefits for both tenants and landlords. However, it`s important to ensure that any new agreement is clearly documented and agreed upon by both parties. Tenants and landlords should also be aware that extending the end date of a fixed-term tenancy agreement may not always be possible, depending on the specific terms of the tenancy agreement.
