I have a group who wish to take a student 6-let of mine in Cardiff. However one of the tenants only wishes to live in the property until 31st Jan 2018 and the other 5 student tenants have agreed that after he vacates they will stays as a 5 (rather than get a substitute tenant) and pay the full monthly amount between them (so increase their standing orders to cover his portion of the rent).
How do I correctly reflect this in my tenancy agreement? I’d prefer to keep them on the same joint and several agreement but the outgoing tenant is studying law! and quite rightly wants it stated in the contract that after he leaves on 31/1/18 he is released from the contract. I will do an inspection of the property and his bedroom on the 1/2/18, and make sure he has returned his keys etc. He says he’s happy to wait until the end of the contract (after 30/6/18) for his deposit back. Would something along the lines of this be OK?
“On 31st January 2018, Tenant Mr XXXX XXXXX will vacate the property, and following a satisfactory inspection and no rent arrears, will be released from any further obligations under this contract. The five remaining tenants will pay the total rent due of £XXXX.XX per month between 1st February 2018 and 30th June 2018 and will amend their standing orders from £XXX per month to £XXX per month. An inspection of property and Mr XXXX XXXXX’s bedroom will be undertaken and any damage or arrears attributed to him will be noted and be demanded to be paid in full by 14th February 2018. The protected deposit will be administered by the landlord and the lead tenant at the end of this tenancy agreement after 30th June 2018.”
What do you think? Thanks as always! 🙂