How long is a long term let?
How long is a long term let?
When you’re searching for a rental property there are lots of seemingly random words floating about. Do you want a fixed or periodic tenancy? Are you technically a lodger or a tenant? Do you want a short-term or a long-term tenancy?
All this jargon can get confusing, and you might find yourself even wondering what does long term let mean? Well, whether you’re looking for somewhere for the next month or next 2 years, we’re here to help. This blog will break down all you need to know about long term lettings - you’ll be an expert in no time. Let’s get started:
What is a long term let?
When you hear the term “long term let” it might sound like you’re signing up to live there until you’re old and grey. But there’s no need to be picking out stair-lifts for your new place just yet - a long let might not be as long as you’re imagining.
A long term tenancy is actually the most common kind of tenancy. But how long is a long term let? Normally the term for these tenancies will be 12 months, with the option to renew your agreement at the end of that period. Some landlords will prefer to have tenants with a longer fixed-term, so in some situations, you might also find them asking for 18 months or more in your tenancy agreement.
These long term tenancy agreements are usually for people who are working and living nearby, so know where they’ll be for the next year or so. If you’re looking for a holiday home for the summer or are trying out a new city for a couple of months a shorter let might be for you. Read on for all the info on short- and medium-term lets.
What is a short term let?
So actually how long is a short term let? The general rule is that a tenancy will be classed as “short term” if it lasts 6 months or less. Once you get above 6 months but less than 12, you’re in the range of a medium-term let. These are often used for student houses as the uni year lasts around 9 months.
With the rise of remote working, short term lets have been becoming more and more popular. The chance to pick up and move somewhere for a couple of months and get a change of scenery is something you can imagine remote workers welcome. And with the help of sites like Airbnb, it’s never been easier!
If you’re looking for a short term let AirBnB is often the first place to look - but more traditional letting agents and landlords do also offer them. Check out our blog on the best websites to find a rental property to help you out. Short term lets also tend to be more expensive, so it’s always good to check you have your finances in place before signing that tenancy agreement. Read how much rent can you afford for a guide on this.
Is a long term let right for you?
As mentioned above, long term lets are the norm for people living and working somewhere for the foreseeable future. If you’re a fan of that stability and think you’ll be in your next home for at least a year, a long term let could be for you. With the bonus of potentially renewing your lease and staying in a home you love at the end of your fixed term, there definitely are some pros to a long term tenancy agreement.
It’s quite common for landlords to prefer long term tenants as well. They’ll have guaranteed income from your rent for a year or more, tenants are often more likely to treat the place with care as they’ll be there a while, and it’s easier to manage a filled property. On top of that, if they leave their property empty too long, it can sometimes void their landlord’s insurance.
Urban Jungle offers a range of Home Insurance products from Homeowners, to Landlords, and Renters too. You pay for the cover you need with optional policy add-ons. So if you’re a landlord you can get additional cover options like Home Emergency, Landlord Legal Expenses and Rent Guarantee available.
There are some cons that come with long term lets for landlords, however. For example, if they end up with a difficult tenant they’re usually stuck with them until the end of the tenant’s fixed term. If they do get to the point of trying to evict them, that process can take a long time and considerable effort too.
Tenants’ rights after 10 years UK
If your favourite coffee shop thanks you with a free coffee after your 10th coffee stamp, surely there’s a reward for customer loyalty to your landlord, right? Sorry to be the bearer of bad news, but in the UK tenants’ rights after 10 years don’t change in the UK.
It’s the same even if you’ve stayed in your place for 20, 50, or even 100 years: unless your tenancy agreement changes you won’t be getting any extra leeway with your landlord. A perk of staying somewhere for such a long time is that your relationship with your landlord is probably going to improve. So, if you’re dying for a new kitchen or trying to convince them to replace the carpet, you might have more pull than a tenant that’s only been there a year.
A few final tips…
Unless you’re planning on uprooting or heading on an adventure in the next year, a long term let with often be the right choice for you. The market rent for them is typically lower than shorter terms, and you’ll get the chance to make the place feel like home.
If you’re weighing up some other features for your next place why not read Tenant furnished or unfurnished - which is best? for some more guidance?