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TNT
17-02-2010, 22:52 PM
I found a tenancy contract that has a duration of one year minus one day
e.g starts 23rd of May 2000 and finishes 21st of May 2001

anybody knows why?

Poppy
17-02-2010, 23:08 PM
It must be what the landlord and tenant agreed to. The fixed term can be whatever both parties agree to.

mind the gap
18-02-2010, 04:25 AM
It is not uncommon. I sometimes do this, for two reasons :

(i) to allow time in between lettings to deep clean the property without the 'start' date each year creeping later and later (I let to students and July 1st or Sept 1st is their preferred start date each year).
(ii) to make the '12 month' letting period exactly 52 weeks (365 days = 52 weeks + 1 day, a leap year is 52 weeks + 2days). Not essential to adjust for this reason, but it makes the maths more transparent! (Some students pay monthly, some termly, some half-yearly, some all in one go).

As Poppy says, the fixed term can be as long or short a time as both parties agree to.

PaulF
18-02-2010, 08:50 AM
I found a tenancy contract that has a duration of one year minus one day
e.g starts 23rd of May 2000 and finishes 21st of May 2001. anybody knows why?The reason is because of old Stamp Duty rules which required SD to be paid on tenancies of 1 year or more duration, so to avoid it you made it for one day fewer. It's probably a very ancient example of a tenancy agreement methinks.

jeffrey
18-02-2010, 12:00 PM
The reason is because of old Stamp Duty rules which required SD to be paid on tenancies of 1 year or more duration, so to avoid it you made it for one day fewer. It's probably a very ancient example of a tenancy agreement methinks.
That sounds likely (but, of course, Stamp Duty was abolished several years ago). Similar 'year less a day' lettings occur on agricultural land.