When your first tenancy period is complete it defaults to a rolling contract, but nothing safeguards your interests better than renewing onto a revised contract for the next year.
The best assurance you have of a secure, long-term, investment is to renew with a new fixed-term tenancy. This reassures your tenants(s) that they have the security of their home for another year. It also affords you another year’s income from a tenant you already know and trust. Renewing the tenancy also allows you to review your rent if the property’s value has improved. It gives you the opportunity to update the terms of the contract, renegotiate any minor matters with your tenant to maintain a trusted occupant for a long-term rent, and make sure the new contract is watertight with any new changes in legislation.
Alternatively, you can allow the tenancy to freely default onto a rolling contract. This gives you more freedom to give your tenant notice should you need the property back. However, your tenant gains the same freedom and may leave within the coming year. You also lose the opportunity to increase rents or make any changes to the contracted terms.
Your Tenancy Renewal is included as standard when you are part of our Fully Managed Service.
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