A guide on joint tenancy
Joint tenancies are a wonderful introduction to the world of renting.
It provides a fun, social way of living while being super affordable. With many different types of letting agreements available, it’s important to understand the tenancy before signing it. In this article, we help you understand the entirety of a joint tenancy.
What is a joint tenancy agreement?
Joint tenancies, most common among students, young professionals, couples, and families, are legal agreements that bind two or more individuals together as equal tenants. It allows you to equally split the costs and responsibilities of renting a property. When involved in a joint tenancy, it’s crucial to have clear communication and organisation to avoid potential disputes.
What are the benefits of a joint tenancy?
Better affordability
A joint tenancy has many appealing benefits, but the biggest one overall is how it makes the costs of renting more affordable. This is because you are able to equally divide the overall expenses of renting, reducing your financial burden and allowing you to save for your own property one day.
Less responsibility
With an equal split in the tenancy, all responsibilities are divided between every party. Whether that’s cleaning, cooking, or even simply taking the bins out, it allows you to share all the responsibilities of renting a home.
Create relationships
Being involved in a joint tenancy allows you to create solid friendships you will keep for life. Sharing a home with new people will boost your overall social life and create the perfect scene for anyone who doesn’t want to live alone.
What are my responsibilities as a tenant in a joint tenancy?
All the joint tenants are under one agreement, which means they share all the same responsibilities and face the same challenges as if they were one. Each tenant must follow the terms of the tenancy agreement and look after the property, but if an individual doesn’t comply with the rules of the tenancy, everyone in the joint tenancy is liable.
Joint tenancies usually have one key individual named as the lead tenant who interacts with the landlord or letting agent, making the communication path simpler. If you act as the lead tenant, this allows you to take charge of the tenancy and learn more about responsibility.
How do deposits work in a joint tenancy?
A joint tenancy deposit acts like any other regular deposit. The deposit is collected in separate payments from each tenant but collected and combined, creating one tenancy deposit. A joint tenancy is a joint responsibility with all the parties involved, so when it comes to the return of your full deposit, you will be relying on your housemates to be trustworthy and respectable towards the home.
How do I end my joint tenancy?
Ending a joint tenancy can be seen as a confusing process as it involves multiple tenants. You can’t end a fixed-term tenancy before it expires unless the tenancy agreement has a break clause, or all the joint tenants and landlord agree to end it. If the fixed-term tenancy comes to an end and an individual wants to discontinue their part of the tenancy but the others want to continue, the responsibility will fall on the remaining tenants, either paying the extra rent each month or by identifying a replacement tenant.
Is a joint tenancy the right way for you? Contact us for more information.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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