Welcome to Place Properties guide on finding a replacement tenant. This relates to tenants, who wish to terminate their tenancy agreement before the ‘FIXED TERM’ of their Tenancy Agreement has expired, this can only be done with the landlord’s permission and this will usually involve the signing of a new tenancy contract with a suitable replacement tenant and guarantor.
YOU MUST CONTINUE TO PAY ALL OF YOUR RENT UNTIL A NEW CONTRACT IS SIGNED.
Your ‘FIXED TERM’ ends on the date specified in your Tenancy Agreement (so please read).
A suitable replacement tenant is a person/s who the landlord has deemed to be acceptable after an application process has been completed. This can involve obtaining references, credit checks and a suitable guarantor. Under no circumstances must you let a replacement tenant into the property before they have signed a new Tenancy Agreement and do not give them any keys to the property.
Joint Tenancy Agreement
If you have taken the property as part of a ‘JOINT TENANCY AGREEMENT’ then you will need to make sure that the rest of your group are happy to sign a new Tenancy Agreement, as they will be signing this new Tenancy Agreement with this new person/s. The new Tenancy Agreement will mean that all persons who sign the agreement will be ‘jointly & severally liable’ for all costs associated with that tenancy. For this reason, it is necessary and advisable that the existing tenants meet and talk to any prospective tenant/s before signing.
Note that all property viewings will have to be carried out by the existing tenants or the person/s who wish to leave the Tenancy Agreement. The landlord will not be carrying out these viewings as it is your responsibility.
Be aware that it is in the residing interests to HELP TO FIND a suitable replacement tenant for the person/s who are leaving your Joint Tenancy Agreement, as each one of you are currently liable for any unpaid rent or tenancy charges from the person/s who wishes to leave your Tenancy Agreement. Do not assume that the landlord will pursue only the debtor’s guarantor for unpaid debts, the landlord will pursue ALL TENANTS & GUARANTORS. You can refuse prospective tenants that are put forward to you from the exiting tenant, but you must be reasonable in your decision as to why.
When a tenant/s of a Joint Tenancy Agreement, wish to leave the tenancy contract, it is advisable for all of the tenants to hold a house meeting where everybody is present so that you can discuss as a group, how each of you intends to find a suitable replacement tenant.
Please check how any new tenant will affect the council tax charges for your property.
Let the Landlord know in writing, as soon as possible, if a tenant/s wishes to leave the Tenancy Agreement as we can start to re-advertise the property on our website and forward to prospective tenants who contact us. We will also offer you guidance on how to re-advertise your property or room and will provide a list of places to advertise.
New tenants that are acceptable to the landlord, will have to provide a suitable guarantor and signed Guarantor Form.
The leaving tenant will have to pay a flat rate administration cost of £250 per person, to cover all matters of transfer of tenancy.
Under NO CIRCUMSTANCES should any keys from the property be given out to prospective tenant/s, until Place Properties have carried out the necessary credit and reference checks. They must also have given a full deposit, paid their Tenancy Administration Fees, provided fully completed a Guarantor Form and signed the new Tenancy Agreement.
Key points when re-advertising a property or room(s)
If one or more of your group wants to leave the contract, then you will need to re-advertise that room(s)/house.
• Tell your friends
• Put advertisements up on your employers notice boards – if practical and permitted.
• Place an ad on Spareroom, Openrent or Gum Tree
• Advertise in various newsagents’ windows in S7/S10/S11