If you have a common lease, all tenants have exactly the same rights. You are all also responsible for paying the rent and complying with the terms of your contract. To check what type of rental you have (if you`re not sure), you can use this little Shelter felt tool. My second word of warning is not to tear down existing leases by adding and changing clauses to meet your specific circumstances. This is something that many owners have only done to regret soon after. They could be in a legal obligation if one of the additional clauses were to be challenged and if they were not properly drafted or not applicable at all. As we mentioned recently in our “Legal Advice for Landlords” guide, there are specific rules and rules for multi-occupancy housing (HMOs) that differ from other rental properties. It is essential that HMO owners understand their legal obligations, or that they face fines or even jail time. As you can see, the more leases you have for a single property, the more opportunities you have to maximize the return on your investment. Some HMO properties are leased with a common lease.
This means that different tenants/households have the same rent and all the rights and obligations that flow from it. A common tenancy agreement does not allow one tenant to move earlier than the other, as both are tied to the same fixed term and have the same deposit. The lessor may authorize changes to a common tenancy agreement that frees one or the other tenant from the contract. Landlords can sign an individual contract with each tenant or sign a rental agreement with the group. The lease should mention what is the case. Common contracts generally require less administration, as there is a comprehensive agreement with a single rent to pay (and to protect a down payment, you should decide to take a deposit). Tenants are jointly responsible for both rent and maintenance of the property. These contracts work best when tenants know each other and are likely to move in and leave at the same time; for this reason, they are the most popular for student real estate.