When it comes to renting a property, there are different types of tenancy agreements that landlords and tenants can agree on. One of these is the non-assured tenancy agreement, which is also known as the fixed-term tenancy agreement.
A non-assured tenancy agreement is a type of rental agreement that has a fixed duration. Typically, this type of tenancy agreement will run for a specific period, such as six months, a year, or two years. During this time, the tenant has the right to occupy the property, while the landlord retains ownership and is responsible for maintaining the property.
One key advantage of a non-assured tenancy agreement is that the rent amount is agreed upon for the length of the tenancy. This means that the landlord cannot increase the rent amount during the fixed-term period unless agreed upon in the contract.
Another advantage for tenants is that they have greater security of tenure. Since the rental period is fixed, tenants have the assurance that they can continue living in the property for the agreed duration, providing they comply with the terms and conditions of the agreement.
For landlords, a non-assured tenancy agreement offers some security as the fixed term of the agreement means that they have guaranteed rental income for the agreed duration. Additionally, landlords have the flexibility to choose the duration of the tenancy agreement, meaning they can align the rental period with their investment goals.
It is important to note that a non-assured tenancy agreement may not be suitable for all rental situations. For example, if a landlord is looking for a long-term tenant, they may prefer an assured tenancy agreement, which provides greater security of tenure for the tenant.
Overall, a non-assured tenancy agreement offers both landlords and tenants security and flexibility. For tenants, it provides the assurance of fixed rent amounts and greater security of tenure, while landlords benefit from guaranteed rental income for the agreed duration. As with any tenancy agreement, it is important to consult with legal and financial professionals before entering into any rental agreement.