A Change of Shared Tenancy is where the tenants’ names on a lease agreement are changed due to tenants moving in or out. This can occur for any number of tenants moving, as long as at least one of the original tenants remains on the lease. Changing names on a Lease Agreement can be quite an involved procedure. It requires documentation to be signed by all parties, as well as the approval from the Owner of the property.
HOW DOES THE PROCESS WORK?
- The person vacating needs to sign a vacate notice and send to their Property Manager. Email is best, stating that you wish to remove a name from and/or add a name to the lease. If you could give a reason, this will make your case stronger.
- No new tenant is to move in until they have submitted a tenancy application form and been approved.
- References will then be checked and approval will be requested from the landlord.
- If approved, your Property Manager will send out documentation for all tenants to sign and return.
SOME POINTS TO REMEMBER
– Approval for a change to a shared tenancy is at the Owner’s discretion. If you do not give a valid reason for the change, it may not be approved.
– The tenant/s remaining at the property assume full responsibility for the lease and the condition of the property at the end of the lease.
– No new condition report is carried out, the existing one from the commencement of the original lease is still legally valid and remains in place. It is not possible to carry out a new Condition Report until vacant possession is given.
*Bond – no bond monies are refunded by the Bond Board for a change of shared tenancy. It is up to the tenants to refund the vacating tenant and request funds from the new incoming tenant. A copy of the Condition Report given to you at the commencement of the lease should be provided to the incoming tenant prior to them handing over any funds, whereby they need to check for damages and any pending deductions from the bond held.