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A rolling assured shorthold tenancy (AST) agreement is a type of tenancy agreement that allows a tenant to stay in a rented property on a month-by-month basis after the initial fixed term tenancy has ended. This type of agreement is beneficial for both landlords and tenants, as it provides both parties with flexibility and security.
In a rolling AST agreement, the tenant is not required to sign a new agreement every time the initial fixed term has ended. Instead, the tenancy automatically rolls over and continues as a monthly agreement, until either the tenant or the landlord decides to end the agreement.
For tenants, a rolling AST agreement offers flexibility, as it allows them to stay in the property for as long as they need to without the pressure of signing a new agreement every six or twelve months. It also provides tenants with security, as it ensures that they cannot be evicted without proper notice from the landlord.
For landlords, a rolling AST agreement provides flexibility as they can choose to end the tenancy with proper notice if they wish to sell the property, move back in themselves or rent the property to someone else. It also provides landlords with a steady stream of income, as the tenant is required to pay rent on a monthly basis.
However, it is important to note that a rolling AST agreement does not provide long-term security for either party, as either the landlord or the tenant can terminate the agreement by providing proper notice. For this reason, it is important for both the landlord and the tenant to communicate effectively and ensure that their expectations are clear before entering into a rolling AST agreement.
If you are considering a rolling AST agreement, it is essential to ensure that the agreement is legally binding and complies with all relevant legislation. It is recommended that you seek the advice of a legal professional to ensure that the agreement is fair and protects the interests of both parties.
In conclusion, a rolling AST agreement is a flexible and convenient option for both landlords and tenants. It provides security and stability for tenants while providing flexibility for landlords. However, it is important to ensure that the agreement is legally binding and complies with all relevant legislation to protect the interests of both parties.