Tenancy Agreement - Mortgage Lender's conditions
We are in throes of letting for the first time. We planned to create an AST for 6 months fixed, then periodic 1 month. However our mortgage lender (a sub-entity of RBS) has imposed the following condition on their consent to letting:
'The Agreement must not grant a periodic tenancy, nor contain a clause extending or conferring an option to extend the fixed period referred to above [between 6 and 12 months]'.
That seems to allow no flexibility whatsoever, and to give us all the bother of signing a new agreement every 6 or 12 months.
Can you suggest a way we can meet the bank's condition, whilst giving the tenant some assurance we have no plans to end the tenancy if all is going well.
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