Important Things You Should Understand about Joint Tenancy

Renting a private house is not that affordable to many, especially in the UK. This explains why many people decide to have a joint tenancy instead. A joint tenancy is where you and your housemates sign a single tenancy agreement with a landlord or an owner of a rated home for rent. In a joint tenancy, all housemates have the same responsibilities and rights as a tenant.

Rent Responsibility of Joint Tenants

All joint tenants are individually and jointly liable for paying the rent. What this means is that if one of the housemates fails to pay their share, or just leaves the house without notice, the other tenant/s should pay the rent for them. If everyone fails to pay the rent, the landlord may require any one to pay the entire amount.

Tenancy Deposits

Should you decide to move into a private house for rent, it is required that you pay a deposit that will cover any unpaid rent or damage to the property. When making the payment for the deposit, make sure that you give the payment straight to the letting agency or the landlord. This way, your money will be put in a tenancy deposit scheme to ensure its protection.

What happens to the tenancy deposit when a joint tenant moves out?

If, for instance, another person is moving in to replace another tenant who has moved out, that person may ask that you pay the deposit to them, which is not a very good idea here. If the tenant who decides to leave has caused any kind of damage to the property, or perhaps left some unpaid bills, it is possible for the landlord to deduct such costs from the deposit in the event that you move out.

If you want to be sure your money is protected, you may ask the landlord to provide a new tenancy agreement that includes the new tenant.

How to leave a joint tenancy?

If you wish to leave a joint tenancy and try looking for another home ratings, it will be good if you could discuss with the other tenants first. If your housemates decide to stay, then it will be better for them to negotiate another agreement with the landlord.

It is also possible for the remaining tenants to look for another person to replace the other tenant who is moving out. In this case, the landlord may create a new tenancy agreement for the new tenant, or may simply accept the rent from the new tenant.

Finding the Best House for Rent

When it comes to finding an affordable place to rent, you should check out ratedrents. There you will find a huge listing of private properties in the UK, along with the average property rating in specific areas.