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A Tenancy at Will is a contract entered into between two parties whereby one party (the Landlord) provides the other party (the Tenant) with the right of lease to the Property, with the mutual agreement that the tenancy is terminable at any time by either of the parties. This agreement regulates the relationship between the parties, stipulating the terms and conditions upon which the agreement is based.
This agreement is ideal in cases where the lease is for a short period of time and/or the parties have not had time to finalise a formal tenancy agreement and wish to have some form of written agreement in place until such time as a formal tenancy agreement can be concluded. This is an informal agreement containing the essential clauses necessary to ensure that both parties' interests are protected. It is often regarded as a temporary protective measure until a more formal and comprehensive tenancy agreement can be concluded.
The advantage of this agreement is that it is easy to terminate and the parties need only provide reasonable notice to terminate the tenancy.
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