periodic tenancy


Also found in: Financial.

periodic tenancy

n
(Commerce) social welfare the letting of a dwelling for a repeated short term, as by the week, month, or quarter, with no end date
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The most common form of periodic tenancy is a month-to-month tenancy.
If the tenancy has lapsed into a Periodic Tenancy, a tenant will typically have to give at least one rental period of notice.
It then becomes a periodic tenancy as described above and if you want to end the tenancy, you still have to serve a notice.
With a periodic tenancy such as this, where there has not been a breach of any of the terms of the tenancy agreement you must provide the appropriate statutory notice of two months' notice.
A tenant may be described as a 'tolerated trespasser' when, under a secure or assured periodic tenancy, the tenancy comes to an end but the occupier continues to reside in the property.
Occupation by licence, periodic tenancy and tenancy at will are the three scenarios that are most likely to arise if a tenant takes up early occupation of a building and it is therefore important for landlords understand how this impacts on the rights and responsibilities of both parties," said commercial property specialist Louisa Jakeman.
The benefit of an assured short hold tenancy to a landlord is that a minimum of two months notice can be served either to coincide with the end of the contractual term, or following that, to coincide in any month with the last day of the periodic tenancy, and this will terminate the letting.
In a recent case, the tenant wished to vacate the premises but found itself liable for 13 months' rent, an amount of circa PS185,000, after it was judged that a periodic tenancy had come into existence.
The case was a bit different, in that the lease was originally for a fixed term and then lapsed into a periodic tenancy, but the judge essentially said that if tenants are joint and severally liable to pay the rent, then the tenants remain responsible for the debt even though the tenancy changed from fixed term to periodic.
A When the period of an assured short hold tenancy comes to an end and the tenancy is not renewed the tenant has a periodic tenancy until the landlord wishes to end it.
Once the period of an assured short hold tenancy has ended,it becomes a periodic tenancy.
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