A new law is giving those who choose to rent a nice way to take root in the community by extending a lease to 3 years. This gives families much more stability when it comes to settling and being rooted in their community rather then having to be forced out after only a year when children have already made friends and made their house a true home. There is a 6 month back out clause built in for special circumstances. This option will be available after August 26.
Key Takeaways:
- Both landlords and tenants would have a six-month break clause, enabling either party to back out of the agreement.
- The move could lead to small-scale landlords, such as those with only one property, exiting the buy-to-let sector.
- It is likely there will be exceptions made for certain types of tenants, such as students.
“The Government is proposing allowing people who rent in the private sector to opt for three-year tenancy terms to give them more stability and enable them to put down roots.”
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