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Part 2 - A change for the better
The more usual contract currently which is used by the majority of private landlords is called the "assured shorthold tenancy agreement". This has been in use since 1988 and has ( cheap mortgages ) specific rules with regard to rental levels, liability for damage, rules regarding pets, parking, etc., the problem with this agreement is that, whilst it is commonly used as a basic agreement, landlords have written in an assortment of terms and conditions and there are now many varying versions of this too.
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If the Law Commission's proposals become law, then the number of these contracts ( bad credit loans ) will be reduced to just two. One will be specifically designed to be suitable for the requirements of social housing tenants. This will be referred to as a "secure contract". The other is relevant for private landlords and will be known as a "private standard agreement".
It appears that it won't be mandatory to replace the old assured shorthold tenancy with new ones, but it would seem to be sensible to do so. In the event of any dispute with regards to the tenancy, ( medical insurance ) the courts would obviously be more in tune with the clear and precise terms of the new "private standard agreements". New rules regarding repossession of the property will come into force too. Whilst at present tenants have the right to hold the tenancy for six months, the new rules will allow more flexibility should the landlord be placed in a position where it is imperative that the property should be placed on the market, for instance.
This "tidying up" will make life a whole lot more simple, ( remortgages ) both for the current and prospective landlord and promises to be a real change for the better.
Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.