Tenancies

The plural term for ‘tenancy’. This refers to the right to use land or live in a building or premises in exchange for rental payments. Rental payments are typically made either weekly or monthly under the terms of the contractual agreement made between tenants and landlords. In addition, the contract usually specifies how long the tenancy will last.
Tenancy and ‘lease’ both mean the same thing, and the two terms are often used interchangeably. Tenancy is more commonly used to refer to shorter term agreements, whereas a lease can refer to an agreement extending over 21 years. In some instances, a joint-tenancy is appropriate. It splits the tenancy between two or more participants as opposed to just one.
The House of Lords defines tenancy by these three hallmarks:
The grant of exclusive premises;
For a period of time; and
At a rental price.
The landlord retains full ownership over the properties given out via tenancies, but that does not grant them full freedom of entry. Tenants are not obligated to allow landlords into the property, particularly if they arrive unannounced. Tenancies can be agreed for a fixed term or periodic.