In a joint tenancy, you and your roommates or housemates all sign a single contract of tenancy. This will mean you and your roommates will have equal rights and responsibilities under the tenancy agreement. Shared version tenancy can at times present challenges especially if you do not understand what it entails to be in a joint tenancy program. It is therefore important you take time to understand certain key elements of a joint tenancy.
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.
Just like separate tenancy contract, your landlord will require that you pay him through his agents or him personally at least a one month deposit. This is to be used to cover any part of rent that may be left unpaid or damages any of you may cause to the building in the cause of its usage. This acts as a surety to the landlord just like single tenancy and other types of tenancy agreements.
All the tenants are required to present only a single deposit to the landlord and not separate deposits. Deposit will be used to pay off any unpaid rent or damages caused to his rental property regardless of who failed to honor his part of the bargain. After taking his claims from the deposit, the remaining amount will be handed over to the tenants to share among themselves.
It is possible to ask for a new tenancy agreement if you are replacing a tenant or one tenant decides to move out. This is beneficial in that you ensure that if that moving tenant asks for his share of the deposit, you can offset it against his unpaid bills or damages. It also helps to makes sure the new tenant bears his part of the deposit.
It is interesting to note that you cannot alter even a single term in the tenancy agreement or improve in any way the building without the other tenants giving their approvals. It is even more difficult to bring in another person or assign your part of the tenancy to someone else without securing the consent of other tenants.
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.
The landlord has no right to terminate the tenancy contract of any one tenant and leave the rest. If he has to evict any of you, then he will have to evict all of you and then enter into a new agreement of tenancy with the remaining tenants. Eviction of any tenants in joint tenancy will mean the end of the contract under common law.
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.
Just like separate tenancy contract, your landlord will require that you pay him through his agents or him personally at least a one month deposit. This is to be used to cover any part of rent that may be left unpaid or damages any of you may cause to the building in the cause of its usage. This acts as a surety to the landlord just like single tenancy and other types of tenancy agreements.
All the tenants are required to present only a single deposit to the landlord and not separate deposits. Deposit will be used to pay off any unpaid rent or damages caused to his rental property regardless of who failed to honor his part of the bargain. After taking his claims from the deposit, the remaining amount will be handed over to the tenants to share among themselves.
It is possible to ask for a new tenancy agreement if you are replacing a tenant or one tenant decides to move out. This is beneficial in that you ensure that if that moving tenant asks for his share of the deposit, you can offset it against his unpaid bills or damages. It also helps to makes sure the new tenant bears his part of the deposit.
It is interesting to note that you cannot alter even a single term in the tenancy agreement or improve in any way the building without the other tenants giving their approvals. It is even more difficult to bring in another person or assign your part of the tenancy to someone else without securing the consent of other tenants.
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.
The landlord has no right to terminate the tenancy contract of any one tenant and leave the rest. If he has to evict any of you, then he will have to evict all of you and then enter into a new agreement of tenancy with the remaining tenants. Eviction of any tenants in joint tenancy will mean the end of the contract under common law.