JOINT & SEVERAL TENANCIES AND LIABILITY (if applicable)
If there is more than one name on the tenancy agreement then the tenancy is called a joint tenancy, therefore the named tenants have Joint and Several Liability of the Tenancy. The rent will be a single figure also the deposit will be quoted as a single figure.
This means that if one party was to vacate prior to the end of expiry of the tenancy, the remaining tenant(s) will be liable for the full rent and terms of the tenancy.
Also, if one party does not pay their share of the rent, the other(s) are equally liable for the arrears, or if one party damages the property, fixtures or fittings, it will be treated as all of the tenants have damaged the property, fixtures or fittings. Even a couple signing a joint Tenancy will be treated in this manner. Therefore, it is most important that you are happy to share the property with your co-tenants prior to signing a Tenancy Agreement.
As the deposit is a whole amount, the person vacating will not receive their part of the deposit back until a “top up” has been made by the remaining Tenant(s)