A brief on Regulated Tenancies
here are many people in urban areas who still can’t afford to buy an own house. For people like them renting an apartment and staying as tenants are the most common ways of living. Therefore it is vital for them to have knowledge of the various tenancy agreements existing under the current government law. One such tenancy agreement is the regulated tenancies. A regulated tenancy is a rent agreement that started in England before 15TH January 1989. Under the terms of such an agreement a tenant has the legal right to live on the rented house as per his whim. Even post his demise his successor can get the tenancy act from him.
So if you are a regulated tenant and if you have started staying in the apartment before 15th January 1989 with the regular policy of paying monthly rents without the landlords staying with you they are called regulated tenancies. Tenancies can be of various types. A tenancy for a stipulated time frame is called a fixed Tenancy, while a tenancy for a weekly or monthly basis is called a periodic tenancy. There are some facts you need to know about the regulated tenancies. Firstly such tenancies apply only to residential mortgages. If the tenant restores the agreement with the landlord, the lease will still be under a regulated term even when the renewing date is after January 1989. The other important facet is that you can even decide on the rent amount via a rent officer. In that case you turn into a regulated landlord.
A regulated tenancy can be under the guideline if the new tenancy is given either before or after January 1989 to a current regulated tenant under the same landlord. Even when the court directs the accommodation to be under regulated tenancy it follows suit. Supposedly the landlord is connected to a government agency then some tenancies can be a regulated tenancy after 15th January 1989.
However it’s also important to know what terms don’t come under regulated tenancies. If the tenancy started on or post 15TH Jan 1989 without a contract then it isn’t a regulated tenancy. If both the tenant and its landlord stay in the same house then also the tenancy isn’t regulated. Tenancy agreements are imperative for both the landlords as well as the tenants. It assures both their security in terms of legality. It is worth investing in a professionally prepared tenancy agreement by a qualified solicitor.