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Question

Changing the Terms (England) | During the Tenancy (England) | England

bank requires an AST (6 month) to remortgage, but current tenancy is rolling one month periodic tenancy

9 Sep 2021 | 3 comments

I need to remortgage my property.  When I first obtained the mortgage, it was at the same time as its purchase, so the property was vacant.  7 years on, I need to remortgage.  I need an AST in the names of the two tenants.  At the moment, they have separate rental agreements. For the lead tenant, it started in 2018. For the second tenant, it started in 2020 and is entitled “Fixed Term 3 month Rental Agreement”.  I believe they will agree to a new 6 month AST.  My question is, should it be written to start from say, 01/09/2021, or should it be  backdated to 2018 ?  The signatures will presumably have a date next to them, or is this not a requirement of the law?   Unless I have an AST in place, I won’t get a mortgage.  Therefore I will be forced to sell the property, so I  would have to give the tenants notice of repossession.  That is how serious it is.  Thanks in advance for your advice

Answer

3 Comments

  1. guildy

    As they already have tenancies, there’s no point backdating even to 1 September. We don’t like backdating agreements especially when the tenant is already protected by existing tenancies.

    We would just start a new one from the next rent day (whenever that might be) and perhaps the easiest will be to put both names on a single AST.

    You can download a tenancy agreement from our website and here’s a link to the quick start guide: https://help.landlordsguild.com/quick-start-tenancy-builder-3

  2. green123

    Thanks for the info. The answer to issue a single AST to two separate tenants is exactly what I was hoping for. Is it possible that in the list of FORMS, that you can kindly put an AST up. This could be printed out by someone like myself as a template that can be adapted. Unfortunately, I am not able to use the Tenancy Builder at all. It seems you have recruited someone with a degree in I.T. or in web development. All the choices might help a customer who is an estate agent. But for the individual, a simple form like all the hundred or so other forms, will do the job. The government’s AST template is over 60 pages. I shall have to spend a whole day copying it out word for word, & it is in black and blue script. It is not clear in the government’s document which text is compulsory and which is not. It could be made much simpler by Landlords Guild with only the essential text in the form. Hope this helps you improve your site.

  3. guildy

    Thanks for the feedback.

    The problem with a downloadable PDF as suggested is to just cover the basics, we need 14 different versions to cover England, Wales and deposit scheme variations (to do it properly).

    Creating a quick blank agreement is very easy and please see here for the guide.

    Only a small number of drop downs need to be selected (so we know which country and deposit type for example) and everything else can simply be left blank.

    If you need help, please don’t hesitate to call us and we’ll walk you through 01423873399.

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