Tenancy for years/Fixed term tenancy

Nov. 2, 2009 - PRLog -- Tenancy for years is allotment of tenancy for a fixed amount of time hence it is also known as fixed term tenancy. This fixed term can range from a few days to a few years though the term ‘tenancy for years’ seems like it lasts for years but the period varies.

Termination can be effectuated by mutual agreement between the landlord and the tenant or it can be terminated by the landlord due to breach of contract or it lasts until the occurrence of an event.

The mutual agreement is signed when the landlord needs to acquire the property or the tenant needs to shift. A notice is issued post which the tenant needs to vacate the place. This kind of agreement is known as ‘surrender of the lease.’ Breach of contract like failure to pay rent or using the property for illegal activities can lead to termination by the landlord.

Tenancy for years can terminate after a specified event. For example if the contract says ‘until the crop harvests’, the agreement automatically terminates after the event has occurred. It can be further extended depending on the requirement of the tenant and landlord.

The fixed term tenancy comes to the rescue of the landlord as it assures that he/she gets their monthly due on time. Even if the tenant leaves the property without mutual consent the landlord has the right to claim rent payments until the agreement expires.

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