What will I have to pay when signing the contract?

Rents are quoted on a calendar month basis (i.e. £ 40.00 per week x 52 * weeks a year / 12 months = £ 173.33 pcm).   When signing the contract the tenant will have to provide one month’s rent in advance along with the balance of the deposit payable only in cash.   You will be required to pay your subsequent rent either by standing order or by pre-dated cheque (pre-dated seven days before your rent due date) to allow for cleared funds when your rent is due. Tenants will not be able to move into the property without cleared funds.

What kind of contract will I sign?

A Short Assured Tenancy Agreement is the commonest form of arrangement used by Key-Lets for the letting of rented property. These tenancies were introduced by the Housing (Scotland) Act 1988.  Initially the contract is for six months, however longer leases can be agreed depending on the Landlords requirements. Most Key-Lets properties are long-term lets.

The tenancy can be extended after the initial six-month period on a monthly, six-monthly or annual contract.  In Scotland the principle of ‘tacit relocation’ exits where tenancies automatically renew themselves on the same terms and conditions of the original lease if the tenancy is not formally renewed.  If you choose to follow a monthly extension to the lease then the contract renews itself automatically on a month by month sequence.  This allows greater flexibility after the initial six months and removes the need to sign a new lease every month.

Once you have entered into a Tenancy Agreement you are legally bound to the contract until the end of the Tenancy Agreement.  

What is a Joint Tenancy?

Joint tenancies can be agreed with two or more people from the outset of the tenancy. Each tenant is then responsible jointly and individually for meeting the terms of the tenancy in full, including paying the rent. Therefore if one joint tenant leaves the property before the end of the tenancy without the Landlord’s agreement and you cannot recover the rent due from them, the remaining tenant/s will be responsible for paying the full rent and any other subsequent costs. Under a joint Tenancy, all the tenants have equal rights under the Tenancy.
Therefore if you have any doubts about sharing your tenancy with anyone you should not proceed as you and/or your Guarantor will be jointly liable for the full rent.

Can the tenant leave during the tenancy?

As a tenant, you wish to terminate your tenancy before the expiry of the contract, you have two following options
·       Continue to pay the rent until the end of the tenancy
·       Continue to pay the rent until a suitable tenant is found to release you from the contract, subject to the Landlord's  permission

In the majority of cases, Key-Lets Landlord’s are protected through rental and legal insurance.  Failing to meet your obligations under the lease can have expensive repercussions.  It is always advisable to discuss any problems with Key-Lets well before a small problem becomes a major issue.