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Types of tenancies
Landlords and tenants may have other rights and responsibilities depending on which type of tenancy they have. Tenancies can run for a set period, normally of six months or longer (fixed-term tenancy), or on a month-by-month basis (periodic tenancy).
Letting your property
Assured Shorthold Tenancy Agreement
If you let your property, the tenancy will normally be an assured shorthold tenancy (AST). With an AST, you have guarantees and rights, for example:
- you can get your property back after six months provided any fixed-term agreement has ended and you have given your tenant two months' notice to leave the property
- you can charge a market rent
- you can end a tenancy at any time if your tenants don't pay the rent, behave anti-socially or damage the property, including within the first six months or initial fixed term if the tenancy agreement provides for this
You should agree with your tenant how long the tenancy will last and write it into the tenancy agreement before they move in. You can agree to a set period - known as a 'fixed term' - or you can leave it open-ended.
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Commercial (Business Tenancies)
The Landlord and Tenant Act 1954 (the Act) is an important piece of legislation in England and Wales which affects a large number of properties, in the main most non-domestic premises.
Business Tenancies are basically contractual in nature, i.e., based on a contractual agreement between the parties and usually result from a protracted pre-contract negotiation of the terms between landlord and tenant.
A Statutory Right to Renew the Tenancy
The Act therefore gives business tenants a statutory right to renew their tenancies, on similar terms to the original lease, at full market rent.
Section 24 of the Act provides that a business tenant's existing lease is continued until terminated in accordance with the rules laid down in the Act.
If a landlord wants a termination, business tenants are given a right to renew their leases if they so wish. This right is triggered by the service of a statutory notice (section 25 and 26 notices) from either the landlord or the tenant. Until one of these notices has been served, the current tenancy is automatically continued on a periodic basis
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