Recent surveys reveal that over 80% of students reside off campus. There are different rental options for these students. But sharing a flat with other students remain the most popular and affordable option. Flats near universities are private and secure, but hostels and student accommodations are also popular options for many.
Students in London should evaluate their lease for London student apartments and for how long is the contract effectiveand what are the terms and conditions of the payment. Here are some of the more common conditions for lease conditions and tenancy agreements.
Periodic Lease
This is sometimes called a monthly contract. You and your landlord can terminate your lease at any time provided you give the other party sufficient notice. In most cases, a 15 to 30-day notice will suffice for the termination of a periodic tenancy. It is beneficial for students undertaking short courses and those with attachments in between. In a periodic lease, however, your landlord might raise the rent at any time provided they give you notice within a specified time.
Fixed-Term Lease
This lease gives you the right to rent your apartment for a specific period and guarantees the payment of a specified rental rate during this period. You will pay your due rent even if you choose to vacate before your lease is over. A fixed-term lease is an excellent choice for students taking long courses with minimal breaks.
Sublease
In this option, you rent an apartment as a third party from someone with a fixed or periodic lease. The landlord might be included or excluded from your agreement depending on the terms of the initial contract. Though inexpensive, a sublease offers you minimal protection in case things go awry.
Assured Shorthold Tenancy
If the property is a private home and the landlord does not live on the property, they are often assured shorthold tenancies. This also applies to landlords who lease out rooms to tenants who share common facilities, such as the kitchen. However, landlords cannot use this tenancy if they charge high rates.
Often these agreements offer a fixed term of 6 to 12 months, and the landlord cannot raise the rent within the agreed period. Once the contract ends, the tenancy becomes ‘periodic’, which means the tenant will pay on monthly rent.
Non-assured Shorthold Tenancy
This tenancy is often used for specific situations, especially if the rent is less than £250 a year. This also applies if the tenant resides elsewhere, or the landlord lives in the same property but does not share facilities with the tenants.
These tenancy agreements require the landlord to place the tenant’s deposit into a government-approved deposit protection scheme, so the client will still receive the deposit once the contract ends.
Students looking for places to rent should ask potential landlords of these hostels, flats, and student accommodation facilities on the kinds of leases and tenancy agreements they offer. Picking the right length for your lease from the above is the primary element to find the right rental unit for you.
