Drafting And Advising On Assured Shorthold Tenancies
An Assured Shorthold Tenancy (AST) is a Tenancy agreement between a Landlord and a Tenant for a fixed term of at least six months but usually one year.
It gives a much needed security for Tenants and reassurance for Landlords. It is protected by Statute and can be renewed or extended on expiry by agreement between Landlord and Tenant. Landlords invariably require a rental deposit to be paid into a Statutory Deposit scheme.
Typically, ASTs are provided for a period of six to twelve months. However, if the tenant breaches any terms of the agreement, the landlord may look to evict the tenant.
Generally, to qualify as an AST, the premises must:
- Be the tenant’s principal residence
- Be Independent from the landlord’s own premises
- Not be rented for more than £100,000 per annum
- Not include more than 2 acres of farming land
Conditions are often added to ASTs that include restrictions on leaving the premisses unattended, keeping of pets and paying local authority taxes.
The successful Letting of a property relies on the understanding between the tenant and the landlord. It is important that both parties understand the rights and responsibilities from the outset.
If you are a landlord looking to rent property of you own, it’s essential that you are aware of the agreements that should be tied along with the property. Contact the Property team at Rainer Hughes for further advice.
Key Experience
Acted for high-net-worth clients on property transactions in London.
Advised investors on purchase and disposal of their property portfolios.
Advised on commercial lease transactions including acquisition and disposal of shops, restaurants, and offices.
Advised clients on acquisition of a hotel, part of a franchise at West End.
