Vacating sharer template
Are you facing the situation where one of your fellow residents wishes to exit the shared tenancy?
Access our free vacating sharer template.
Shared responsibilities: Joint and several liability:
As a resident, you and your fellow tenants share both rights and responsibilities equally. This concept is known as “joint and several liability.” However, circumstances might arise where one resident needs to leave midway through the tenancy. Rest assured, mydeposits has established procedures to facilitate this change under specific conditions.
Transitioning with mydeposits: Making it work
Should one resident choose to vacate, there are two viable options: the remaining residents can take on the departing resident’s responsibilities and share the rent, or you can find a suitable replacement to take their place. The responsibility falls on the entire household to locate a suitable replacement and make sure that everyone agrees on the new resident.
Key points to remember:
- Outgoing residents remain liable until their replacement is found, fully referenced, and all relevant paperwork is signed, returned, and processed by mydeposits.
- If the tenancy has less than three months left until renewal, the resident wishing to leave must wait for the renewal before the transfer process begins.
- Residents cannot transfer if rent is in arrears, and any outstanding arrears must be cleared before the process starts.
- Satisfactory referencing and signed contracts are prerequisites for every resident transfer.
Why go through this process?
Resident transfers are crucial for making sure that legal obligations are met. Without proper procedures, an outgoing resident might still be liable for rent and bills, even after they move out. This leaves them exposed to financial risks. Additionally, reimbursement of their deposit share is contingent on being replaced by a new resident.
Seamless transition with mydeposits
By following these procedures, mydeposits makes sure that resident changes are executed smoothly, safeguarding the interests of all parties involved. If you find yourself in a situation where a resident wants to leave, take the necessary steps to provide a suitable replacement and make sure that everyone’s rights are protected.