Whether you’re a landlord or a tenant, it’s important to know the differences between a periodic tenancy and a fixed-term tenancy.
A periodic tenancy is one that continues until either the tenant or the landlord gives written notice to end the tenancy. As a tenant you are required to give a minimum of 28 days’ written notice to end the tenancy.
Fixed Term tenancy
A fixed-term tenancy agreement lasts for a set amount of time – eg, 1 year. There is no maximum length for a fixed-term tenancy. You must include the length on the tenancy agreement. Once a fixed-term ends, the tenancy will automatically become periodic.
Whilst under a fixed term agreement you cant not give notice to end a tenancy early. If a situation arises where a tenant wants to break the agreement, there will be a “break fee” to pay, and as the resident under a legal and binding agreement you will be required to continue paying rent until the property is re-tenanted.