What is a joint tenancy?
A joint tenancy is where two or more people are named on and sign the same tenancy agreement. This can be a couple, friends who want to live together or sharers (such as students).
Signing a joint tenancy, you will become ‘jointly and severally liable for all parts of the agreement’; this means that the landlord can hold you responsible if one of the other tenants doesn’t pay their share of the rent or causes damage to the property.
What are the pros?
- Sharing rent and bills keeps the costs down
- You have the security and rights of being a tenant
- If you are named on a tenancy agreement and need help with your share of the rent, you might be entitled to apply for help with housing costs
What are the cons?
- The landlord can ask you to pay the full rent if the other tenants do not
- You can be held responsible for damage caused by the other tenants
What should I consider before signing a joint tenancy?
The main consideration is that you understand that you will be jointly and severally liable for all parts of the tenancy so you must be sure you trust, and want to live with, the person or people who you are signing the tenancy with.
What is one of the tenants wants to leave?