Re-sign or Get Out

Great, thanks

 

Do they both cover 100% of lost rent? and damage? My understanding is the lost rent is severely disadvantaged under a periodic lease. @brettc

 

How many times can the agent increase rent, and how much notice does the agent need to give if you, if you do roll onto a periodic lease?

Example, if you signed for 500/week for a year, you know what your paying and it can't be increased. What can happen to the rent and how often if on periodic?

 

This is all covered on the consumer.vic site

 

Doesn't really change from fixed lease scenario - still 60 days notice and 12 months apart here in SA. Varies a bit between states.

 

Good question - most lenders will take the latest rental statement from their property manager if it's on a periodic lease for residential applications.

Where this becomes a real problem is if the owner self manages and has a periodic lease - some lenders can be a real pain in these scenarios and may require tax returns etc to verify income.

 

A periodic lease is still a lease

 

So interestingly, I explicitly requested a periodic lease, and the landlord said yes.

But in that time I landed another place so we're outta here! Thanks all for the advice & discussion.

 

Plenty of times LL want a minimum one year lease and wont allow you to periodic rent.

This said what state are you renting in as affects the time periods for notice.

If in NSW then 90 days after the lease has ended, 30 days if before (eg leading up to the end of the lease).

 

So maybe it wasn't the landlord who was forcing the issue after all .... ?

 

Must have had good references

 

Yep! The agent was still pushing for me to sign the 'periodic lease'

 

Well there you go. Seems it all worked out in the end.
Some days it's all about the wording. A fixed lease that rolls over to a periodic lease is fine by most Landlord Insurance - starting off on a period lease is probably not - which is where the confusion comes in.

 

Yes there is, some insurance won't cover periodic, what's the big deal ? sign for a shorter term if they want it, I always ask for a new lease, but would have done it as per requirements.

 

Some insurers will not cover anything that is periodic, does not matter if you had a fixed term lease prior, also, this means your locked into an insurer.

As soon as any tenant baulks at a renewal term, it tells me they want to leave at their leisure (probably soon), which is not really suitable for myself nor ideal for multiple reasons.

 

Nope, does not work that way, just like a car crash, you can't start insuring after the event. (you need a fixed term lease in place to start LL insurance with ones I know of).

Most tenants would/should also be happy if a LL want's to renew, it is a commitment by both for stability, just as a tenant may want to walk, non renewal may also mean LL plans to sell or other soon too.

Maybe your just objecting to the language used here.

 

It is still a lease, no drama on the finance side, only insurance if you want/need to change IMO

 

Suggest you read the title and opening post and get on topic, the fixed lease is in place then moving to a periodic lease absoulutely nothing to do with insuring after the event.
Most insurers cover this situation