Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Term definition

What does Term mean? In lending practice, the term is the length of time a loan is intended to run, from initial drawdown (or first utilisation) to the final scheduled repayment date (often called the maturity date or final repayment date). It is market usage rather than a statutory concept, and the meaning is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Consumer credit rules require disclosure of the duration of an agreement, but do not redefine the term. Key features: - Also known as the tenor. - For amortising loans, the term covers the period over which instalments are scheduled; for bullet loans,...

Periodic tenancies in England and Wales: creation, implied terms, termination notices, LTA 1954 security, and distinguishing tenancies at will

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Practice notes

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The Renters’ Rights Act 2025 obtained Royal Assent on 27 October 2025. For guidance on how the Act affects residential tenancies in England, see Practice Note: Renters’ Rights Act 2025—key provisions. That Practice Note explains the nature of a periodic tenancy and the process and notice periods for ending such a tenancy. It also considers the effect of the Landlord and Tenant Act 1954 and distinguishes a periodic tenancy from a tenancy at will.

What is a periodic tenancy?

A periodic tenancy is a continuing letting that endures until a notice to quit is served. It may arise by express agreement or by implication. The period is usually determined by the interval by reference to which the rent is reserved, rather than when it is actually paid. For example, if the parties agree (or agreed under a previous fixed term lease) an annual rent of £30,000 payable monthly, a yearly periodic tenancy will probably arise, rather than a monthly one. If the parties agree a quarterly or monthly rent, a quarterly or monthly tenancy will arise respectively...

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Web page updated on 21/05/2026

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