Tenancy Swaps

What is a tenancy swap?

A tenancy swap is when one ore more tenant(s) would like to leave the property but the other(s) remain, it is their responsibility to find a tenant to replace them. A new Private Residential Tenancy (PRT) will be created.

NOTE: until a new PRT is signed, the existing PRT and all the named tenants/guarantors will remain fully liable for all aspects related to the tenancy. ALSO all tenants have to agree to any tenancy change as it is a joint tenancy and not one person can make a change without permission of all named tenants. SPM do not get involved in advertising for a replacement tenant or chasing documents. All documents should be submitted at the same time. If all documents are not received within 10 working days, we will assume that the change is not to go ahead.

Please refer to the Tenancy Swap Conditions & Process which will detail the full process. Below is a summary of the main points:

Existing tenant

To remove your legal liability from the current PRT Agreement, the person planning to leave will need to let their Property Manager know. The leaving tenant must then complete this Tenancy Swap form (remaining tenants are also required to sign).

Replacement tenant

The replacement tenant will need submit a Tenant Detail Form and provide supporting documents. If a guarantor is required, they must complete this Guarantor Detail Form.

New Tenancy Agreement

An overview of the swap will be sent to the landlord for approval.  A tenancy swap cannot take place without prior consent from the landlord. Should a new tenant move in without permission, then this will be regarded as subletting, and therefore a breach of tenancy.

Once we have permission from the landlord, we will finalise the swap by creating a new Private Residential Tenancy (PRT) Agreement and Tenancy Swap Mandate for signing electronically. This will confirm that the new tenant has permission to occupy the property from the date specified on the PRT. The new start date can only commence on the 1st of the month. Should the Tenancy Swap be accepted on or before the 17th of the month, then the new PRT will commence on the 1st of the next month. If after the 17th, then it will commence on the 1st of the next following month. E.g. acceptance on the 18th September, then the PRT will start on 1st November.

Rent

The rent must be paid as normal. i.e. in full, on the 1st of the month. Should the rent be short, due to the existing tenant not paying a full months’ share, then they will be liable for any late rent fees incurred as per the tenancy agreement. The new tenant must not pay SPM any rent until the date the new PRT starts. If SPM receive rent from a tenant who is not on an active PRT for dates prior to the new PRT starting, this will not be processes and the tenants on the active PRT will be liable for any unpaid shares and late fees incurred.