Draft Tenancies Act, introduced by the Minister of Development on 08.27.2012, pending approval.
It should be noted as most important, the following modifications:
1. Priority is given to the will of landlord and tenant, they may agree to the upgrade of income, irrespective of the IPC, and the resignation of the tenant the right of first refusal. If noagreement is still in force the right of first refusal for the same contracts for less than five years.
2. The tenant may, regardless of the duration of the contract, withdraw from it at any time whenever you communicate with one month’s notice.
3. It relaxes the duration of contracts, reducing the period of forced extension of 5-3 years tacit renewal within 1 year and the update of the bonds are adjusted to the new term of three years.
4. The owner may recover the property habitual residence (provided it is for him, relatives in 1st degree of consanguinity or adoption, or spouse in case of divorce) without having agreed in the contract, with two months‘ notice.
5. It enhances the security of real estate legal transactions, so the buyer only rented accommodation must maintain the tenant leases registered in the Land Registry, although registrationis still not mandatory.
6. Streamlining the eviction proceeding, qualifying within ten days for the tenant to pay the outstanding debt, simplifying the composition of the Judicial Commission and doubling the operating capacity of the courts.