Joint
Tenancies: What Kent Landlords Need to Know

When they run smoothly, joint tenancies can be a good
source of income for landlords. This three-minute read explains how to get the
best out of them.

Joint
tenancies are a great way for friends or couples to live together and share the
rental burden. (Think about best buddies and flatmates Joey and Chandler in Friends,they
had a ball,right?)

And
joint tenancies can also be good news for landlords, providing steady long-term
income and low tenant turnover. (If your tenants are happy and get along like
Joey and Chandler, they’ll stay for years.)

But
sometimes, the relationship between tenants turns sour and things can get
complicated. Before we look at managing tenant relationships, here’s a quick
recap on joint tenancies.

• As a general rule*, all tenants in a joint
  tenancy are liable for the rent. This means that if one tenant falls into
  arrears, the landlord can ask any or all the other tenants to cover the
  shortfall.

• The same goes for damage to the property – all
  tenants are liable. Even if only one tenant (or their guest) caused the
  damage, any or all tenants could be required to pay for the repairs.
• One person can’t pull the plug on a joint
  tenancy; the landlord and all tenants must agree to end the tenancy.

• If end-of-tenancy deductions are agreed upon,
  they’re taken from the overall deposit.

Getting
the best out of a joint tenancy

·
Never rely on one tenant to share important
information with other tenants for you (they may fail to do so or may get it
wrong).

• If there’s an issue with arrears, notify all the
  tenants and explain that they’re all liable. Tenants who have paid their
  share of the rent can be valuable allies and help persuade the tenant who
  is behind to get back on track.
• Remain professional and don’t get caught up in
  a melodrama between friends or lovers who have fallen out (they may want
  you to take sides). Remind all parties of their joint liability and
  encourage them to sort it out amongst themselves.
• Always notify people who sign up to be the
  sole guarantor on a joint tenancy that they’re liable for all rent and
  damages. Often a parent thinks they’re just covering their own child – not
  all the tenants.

To find out how CWB Property can
help manage your property and avoid tenancy troubles, get in touch.

*Always
check the terms of your rental agreement and, if in doubt, seek expert advice.