When it comes to renting a property, it`s important to understand the legal framework in which the tenancy agreement is set. One key aspect of this is the assured tenancy agreement, which is governed by the Housing Act 1988.
What is an assured tenancy agreement?
An assured tenancy agreement is a type of tenancy agreement that provides tenants with a high level of security and stability. Under an assured tenancy agreement, tenants have the right to stay in the property for a set period of time – usually several years – as long as they continue to meet the terms of the agreement.
This type of tenancy agreement is most commonly used for private rented accommodation, although it can also apply to social housing properties.
What does the Housing Act 1988 say about assured tenancy agreements?
The Housing Act 1988 sets out the legal framework for assured tenancy agreements in England and Wales. Under the act, landlords are legally required to provide tenants with a written tenancy agreement, which must include certain key terms and information.
Some of the key terms that must be included in an assured tenancy agreement include:
– The length of the tenancy
– The amount of rent payable, and when it is due
– Any rules or restrictions on the use of the property
– Details of any repairs or maintenance that the landlord is responsible for
– Details of any services that the landlord is required to provide, such as heating or water
The Housing Act 1988 also sets out the grounds on which a landlord may seek to end an assured tenancy agreement. For example, a landlord may seek to evict a tenant if they have failed to pay rent, or if they have breached the terms of the tenancy agreement in some other way.
Why is an assured tenancy agreement important?
For tenants, an assured tenancy agreement provides a high level of security and stability. Knowing that they can stay in the property for a set period of time without fear of eviction provides a valuable sense of stability and security.
For landlords, an assured tenancy agreement provides a degree of certainty and predictability. Knowing that they have a guaranteed income stream for a set period of time allows landlords to plan their finances and investments more effectively.
In conclusion, an assured tenancy agreement is an important legal framework for private rented accommodation in England and Wales. By providing both tenants and landlords with a level of security and stability, it helps to create a more stable and sustainable rental market.