Is there a cooling off period for a tenancy agreement? I've had second thoughts and I want to cancel.
Unfortunately, if everything has been signed by both parties, there isn’t anything you can do.
Many people believe that they receive a cooling off period for any type of legal agreement – this is not the case. It is only correct when it has specifically been given in an act of Parliament and it does not apply to tenancy agreements - once the ink is dry, you and your tenant are both bound to the legal agreement.
However, you should ask yourself why you wish to cancel the tenancy agreement. Is it something to do with the tenants, or have you circumstances changes and you no longer wish to rent the property?
If it is in relation to the tenants, it is worth remembering that they too are bound by the legal document that you both signed, and are legally obliged to keep to the terms that you agreed. This would mean that if they fail to pay the rent that has been agreed, or maintain the property to the standard that you have requested in the agreement, they are breaking legal guidelines and you would be within your rights to issue them with the appropriate eviction notice.
If your tenant keeps to their side of the bargain though, you have no option but to wait until the natural break clause in the tenancy agreement (usually six months) and issue and Section 21 notice to your tenant. Whilst this will be frustrating if you want to get your property back straight away, if you have a tenant who is looking after your property and paying the rent every month, you are in a good position.
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