When it comes to finding a dream home, there are a lot of factors to consider – location, price, size, and so on. But have you ever thought about the type of lease agreement that comes with the property you`re interested in? One example of a unique lease agreement is the Guinness Lease Agreement.
The Guinness Lease Agreement, also known as the “Fair Rent” or “Guinness Trust” Agreement, was created by the Guinness Partnership in the early 1900s. The Guinness Partnership was founded by the famous beer brewing family, the Guinnesses, as a way to provide affordable and secure housing for working-class people in London.
The agreement is still in use today and is a popular choice for many tenants in the UK. So, what makes it so special?
Firstly, the Guinness Lease Agreement is a “lifetime agreement”. This means that as long as the tenant abides by the rules set out in the agreement, they can stay in the property for as long as they wish. This provides great security and stability for the tenant and their family.
Secondly, the rent is set at a “fair rent” which is determined by an independent rent officer appointed by the government. This means that the rent is always affordable and will not increase dramatically over time.
Thirdly, the agreement allows for a “succession” clause. This means that if the tenant passes away, their spouse or partner can take over the tenancy as long as they have been living in the property for at least 6 months. This clause also applies to other family members, such as children or grandchildren, as long as they have been living in the property for at least 2 years.
Lastly, the Guinness Lease Agreement includes provisions for repairs and maintenance. The landlord, in this case, the Guinness Partnership, is responsible for most repairs and maintenance to the property. This ensures that the property is kept in good condition, and the tenant does not have to worry about unexpected repair costs.
In conclusion, the Guinness Lease Agreement is a unique and attractive option for tenants looking for security, stability, and affordable rent. While it`s not available in all parts of the UK, it`s worth considering if you`re looking for long-term, secure housing.