Fixed Term Vs Periodic Tenancy Agreements and the Risk with Landlord Insurance...
A fixed term tenancy agreement is one that has a start and end date.
A periodic tenancy agreement has a start date, but does not have an end date and can continue indefinitely. The landlord/agent can end the tenancy at any time (allowing for the correct notice) without having to wait for an expiry date.
A periodic tenancy agreement may be beneficial if a landlord is considering selling or moving back into the home, as it allows for more flexibility in asking the tenant/s to vacate. However, this option can expose a landlord to a lack of security as the tenant can give notice at any time.
As a landlord, if you are considering starting a new agreement as a periodic or you do not wish to renew the existing agreement and allow the tenants to remain in the property, it is recommended that you contact your insurance company to check your level of coverage, which can be affected.