As a tenant, you know that your tenancy agreement is one of the most crucial documents in your landlord-tenant relationship. It sets out the terms and conditions for your tenancy, including the length of the tenancy, rent, deposits, and other critical details. When your tenancy agreement comes to an end, you may wish to renew it, and this process is known as an “assured shorthold tenancy agreement renewal.”
What is an assured shorthold tenancy agreement renewal?
An assured shorthold tenancy agreement renewal is simply the process of extending your tenancy agreement by a further term. Typically, a tenancy agreement will last for a fixed-term of six or twelve months, after which both parties can decide whether to renew or not.
Why renew your assured shorthold tenancy agreement
Renewing your tenancy agreement comes with a range of benefits, including:
1. Security – Renewing your tenancy agreement gives you the peace of mind and stability that comes with the knowledge that you have a secure place to live for a further term.
2. No fees or charges – Unlike when you move out and look for a new property and have to pay for agency fees and deposits, renewing your tenancy agreement can save you some money, as there are no fees or charges associated with renewals.
3. Convenience – Renewing your tenancy agreement means you don`t have to look for a new place, which can be one of the most frustrating experiences, considering the time, energy, and money involved.
What happens during an assured shorthold tenancy agreement renewal?
When you decide to renew your tenancy agreement, you should contact your landlord or letting agent to discuss the specifics. Typically, the renewal process consists of the following steps:
1. Check your lease – Look through your original tenancy agreement and check if it has any provisions that deal with renewals. Usually, these will set out the terms and conditions that will apply when renewing your tenancy agreement.
2. Agree on the new term – You will need to agree on the new term of your tenancy, which is typically another six or twelve months.
3. Revise any terms – If you feel that there are any terms in the original tenancy agreement that are no longer relevant or need revision – this is an excellent opportunity to discuss these with your landlord.
4. Sign the new agreement – Once all parties have agreed on the new terms, you will need to sign the new agreement, and your landlord will provide you with a copy.
Renewing your tenancy agreement is a simple process that comes with many benefits. It provides you with security, avoids any fees, and gives you the convenience of not having to look for a new place. So, if you are happy with your current living situation, it makes sense to renew your tenancy agreement when it ends to enjoy the benefits of a stable and secure home.