Joint tenancy requires that you and your roommates sign only one tenancy agreement document implying that all tenants will have equal rights and responsibilities under the agreement. However, there are key elements that can complicate the relationship between the tenants if not understood. Shared version tenancy entails a lot and it is important you understand its features before you decide to go with it.
Under joint tenancy, you are all collectively liable to pay rent. If one tenant moves out without paying his share of the rent or is unable to pay rent, then the remaining tenants are held liable. In addition, you are responsible for any amount of accrued rent whether you are personally liable or not. The landlord does not need to pursue all the tenants in the house to recover his dues but just one of them from whom he can claim the full rent.
The landlord will require you to pay at least one month deposit before you sign the joint tenancy agreement. This is to cover any part of unpaid rent or damages that any of you may cause to the building. You will likely be required to make this payment directly to the landlord or his agents.
You and your roommates will only submit a single deposit to your landlord. The landlord will deduct any of his claim arising from either damages or unpaid rent from this single deposit. Therefore, if any of you fails to honor his part of the agreement as far as rent is concerned or cause damage to the building, the landlord will deduct the cost from the single deposit and give back the remaining to you and your roommates for sharing.
One tenant may want to move out without terminating the tenancy agreement. Such a tenant may want to be paid his part of the deposit. It is usually common for the other tenants to ask for a new tenancy contract when one of them decides to leave so that they can offset any of his unpaid bills against his part of the deposit.
Alteration of the terms of the tenancy or improving any part of the house without the consent of other tenants is not possible under joint tenancy. In addition, you must secure the consent of the other tenants if you are to bring in a stranger to the premises or if you are to assign your tenancy to someone else. Your landlord must also approve of these changes.
With a fixed term tenancy agreement, if the agreed period has expired, it is not possible to end the tenancy contract without the other tenants agreeing to your decision. Terminating joint tenancies can be very difficult because you require the consent of all parties to the contract. Your landlord must also be given prior notice.
Your landlord cannot evict one joint tenant and leave the rest. If he has to evict any of you, then it will mean the end of your joint tenancy. However, he can follow the rules of tenant eviction and evict all of you and then give a new contract to other tenants who wish to continue their stay.
Under joint tenancy, you are all collectively liable to pay rent. If one tenant moves out without paying his share of the rent or is unable to pay rent, then the remaining tenants are held liable. In addition, you are responsible for any amount of accrued rent whether you are personally liable or not. The landlord does not need to pursue all the tenants in the house to recover his dues but just one of them from whom he can claim the full rent.
The landlord will require you to pay at least one month deposit before you sign the joint tenancy agreement. This is to cover any part of unpaid rent or damages that any of you may cause to the building. You will likely be required to make this payment directly to the landlord or his agents.
You and your roommates will only submit a single deposit to your landlord. The landlord will deduct any of his claim arising from either damages or unpaid rent from this single deposit. Therefore, if any of you fails to honor his part of the agreement as far as rent is concerned or cause damage to the building, the landlord will deduct the cost from the single deposit and give back the remaining to you and your roommates for sharing.
One tenant may want to move out without terminating the tenancy agreement. Such a tenant may want to be paid his part of the deposit. It is usually common for the other tenants to ask for a new tenancy contract when one of them decides to leave so that they can offset any of his unpaid bills against his part of the deposit.
Alteration of the terms of the tenancy or improving any part of the house without the consent of other tenants is not possible under joint tenancy. In addition, you must secure the consent of the other tenants if you are to bring in a stranger to the premises or if you are to assign your tenancy to someone else. Your landlord must also approve of these changes.
With a fixed term tenancy agreement, if the agreed period has expired, it is not possible to end the tenancy contract without the other tenants agreeing to your decision. Terminating joint tenancies can be very difficult because you require the consent of all parties to the contract. Your landlord must also be given prior notice.
Your landlord cannot evict one joint tenant and leave the rest. If he has to evict any of you, then it will mean the end of your joint tenancy. However, he can follow the rules of tenant eviction and evict all of you and then give a new contract to other tenants who wish to continue their stay.
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