Rolling Contract Rent in London: What You Need to Know
If you`re looking to rent a property in London, you might come across the term “rolling contract rent”. It`s a type of tenancy agreement that has become increasingly popular in recent years. But what does it mean, and is it right for you? We`ll break it down for you in this article.
What is Rolling Contract Rent?
A rolling contract rent is a type of tenancy agreement that doesn`t have a fixed end date. Instead, it rolls on a periodic basis, such as monthly or quarterly. This means that you can stay in the property for as long as you and the landlord agree, without having to renew the contract every few months.
The advantage of a rolling contract rent is that it provides flexibility for both the tenant and the landlord. Tenants can avoid being locked into a long-term contract, while landlords can avoid the hassle of having to find new tenants every few months.
Rolling contract rents are particularly popular in London, where the rental market is highly competitive and rents can be expensive. They are often used for furnished properties, where tenants are more likely to be looking for short-term accommodation.
What Are the Key Features of Rolling Contract Rent?
Here are some of the key features of a rolling contract rent:
– No fixed end date: The tenancy agreement does not have a specific end date. Instead, it rolls on a periodic basis.
– Notice period: Both the landlord and the tenant are required to give notice if they wish to terminate the tenancy. The notice period is usually one month.
– Rent changes: The landlord can increase the rent with a month`s notice. However, they cannot increase it more than once every 12 months.
– Security deposit: The landlord is required to protect the tenant`s security deposit in a government-approved scheme.
– Tenancy agreement: The landlord must provide the tenant with a written tenancy agreement that includes the terms and conditions of the tenancy.
Is Rolling Contract Rent Right for You?
If you`re looking for flexibility in your rental situation, then a rolling contract rent could be a good option. It allows you to stay in the property for as long as you like, without having to commit to a fixed end date.
However, there are some downsides to consider. For example, the landlord can increase the rent with just a month`s notice. This means that you could end up paying more than you initially anticipated.
In addition, if you`re looking for stability in your accommodation, a rolling contract rent might not be the best choice. The periodic nature of the tenancy agreement means that you could be asked to leave at any time, albeit with one month`s notice.
Finally, it`s important to ensure that you have a good relationship with your landlord if you choose a rolling contract rent. You`ll be in a more vulnerable position if you don`t get on with them, as they could decide to terminate the tenancy with just a month`s notice.
Conclusion
Rolling contract rent is a flexible option that can work well for tenants and landlords alike. However, it`s important to be aware of the potential downsides before you commit to this type of tenancy agreement. Always read the tenancy agreement carefully and seek legal advice if necessary. With the right preparation, rolling contract rent can be a great way to find short-term accommodation in London.