Welcome to Home Relief Bulletin Board
Monday 22 June 2020
by the Property Team
Post No. 146
Rental Responses to Covid-19
Case of Private Rental Contract Change
There have been many ways of responding to the Covid-19 outbreak and its related consequences by both sides of the rental process (landlords/ladies and tenants). Amongst these responses are the following: reduced rent, rent repayment plan, contract shift, early end of tenancy agreement, etc.
As some landlords/ladies and tenants continue to experience difficulties in their rental agreements and relationships despite the reopening of the housing market, there could be a need to look at some of these responses in terms of their effectiveness and problems-solving feature. One of these responses is contract change which will be the focus of our e-work this week.
Private Rental Contract changes
Usually, a tenancy agreement cannot be changed unless both parties agree to the changes. If both parties agree, the change should be recorded in writing either by drawing up a new tenancy agreement or by amending the existing agreement.
In difficult circumstances like of Covid-19, contract change can be used if the two parties want to continue the tenancy under new terms. One of the contract changes is a rolling tenancy.
A rolling tenancy is a statutory periodic tenancy that rolls each month, according to the rent period. So, if a tenancy is paid monthly it will roll from month to month.
Like in any tenancy, there are pros and cons regarding a rolling tenancy. One of the problems of a month-to-month rental contract is the lack of security between the two contractual parties in terms of the length of stay in the property.
This week, we are e-working with landlords/ladies and tenants to explore the practicals in terms of contract change or shift to enable the two parties to cope with the Covid-19 pressure.
What this week’s e-work will deal with
We will e-work on the following:
√ Needs assessment of contract change or change of tenancy terms and conditions
√ Determinants or parameters that preside over contract change
√ Contract change initiators (whether it is a tenant or landlord/lady who initiates) and implications for the initiator
√ Proceedings or process to change contract
√ Risks involved in contract change or amendment
√ Implementation of a changed or amended contract
Additionally, we will be sharing the available resources (online and print) related to the topic of private rental contract change.
What this week’s e-work expects to achieve
One could hope that at the end of this week’s process, landlords/ladies and tenants will be…
√ Better aware of the advantages and disadvantages of contract change
√ Choosing the formula of contract change that is the most appropriate to command a less conflicting relationship
√ Avoiding further rental agreement pressure at this difficult time of the pandemic
√ Preserving the rental interests of each party
Need to e-discuss change of contract, why not e-work with Home Relief.
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Thank you for reading this post.
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Home Relief – freelance e-property people dealing with affordable homes