A joint tenancy is an assured shorthold tenancy contract signed by multiple tenants to rent a single property that makes each person ‘jointly and severally’ responsible for paying their share of the rent.

This is usually worked out as a fraction or percentage - so four tenants will each pay a quarter or 25% of the monthly rent, as well as a quarter of the rental deposit too.

Some tenants divide up the rent unequally to reflect the different room sizes within a property. So perhaps the tenant taking the double bedroom with a balcony will pay 31% of the rent while the other three with single bedrooms pay 23% each. Or something like that!

But remember joint tenancies bind renters together much more strongly than other types of tenancy such as Houses of Multiple Occupation (HMOs). When you jointly sign a contract with people there are both financial and contractual consequences if you, or one of the other tenants, wants to leave the property.

Most tenants are happy to rent a home this way and take the risk. Living in a shared house with friends or acquaintances through a joint tenancy is usually much cheaper than renting a one-bedroom apartment or studio, and a bit nicer than moving into an HMO where everyone’s a stranger.

But remember if one of your housemates does leave, you will have to pay your share of their rent until a replacement can be found.

Can you leave a joint tenancy?

Yes, but only after the minimum term of a tenancy has been finished which for a standard Assured Tenancy Agreements (AST) is between six and 12 months. You’ll need to check the agreement that you signed.

If you leave before the minimum term is finished, then the landlord may deduct any unpaid rent from your deposit. So if you leave with two months of the minimum term to run and the monthly rent is £500, you may have £1,000 taken from your deposit.

If the minimum term HAS finished you’ll need to tell your housemates and the landlord. They will either need to change the existing contract (i.e. delete your name and then find another tenant to fill your room and add them to the existing contract), or draw up a new contract.

The tricky bit is the deposit. When you leave, your landlord must return your deposit but first they will check the property to ensure there is no damage.

For example, if you had a wild house warming party at the beginning of the tenancy and the lounge carpet got trashed then your share of the replacement cost will have to be deducted from your deposit.

Also, if you don’t clean your room properly before moving out then the landlord may charge you to have it professionally cleaned, and the cost deducted from your deposit.

How much does it cost to quit a shared house?

The following costs may still apply if you're moving out of a joint tenancy:

• Fees charged by the agent to delete your name from the existing AST or draw up another one.

• If you move out before the minimum term (see above) then you may have to pay outstanding rent if no one else can be found to take your place.

• If you don’t own a vehicle, think about the costs of removals.

• Your share of any deductions made by the landlord should you or your housemates have damaged the property in any way.

• The cost of settling up your share of any outstanding utility and other bills including water, electricity, gas, council tax, broadband and telephone.

Do I have to find a replacement tenant?

You are not obliged to, but most people help their house/flatmates to find a replacement, otherwise it's unfair on their friends, who will have to pay your share of the rent until a new tenant can be found.

Are utility bills included?

No - not usually. Tenants normally sort this out themselves and then ask their house/flatmates to share the cost of the bills.

Who will pay my rent if I quit a joint tenancy?

A joint, signed AST agreement is a group commitment signed by you all to pay the rent between you. If someones quits the tenancy then the others are contractually required to pay their share of the rent between them until a replacement can be found.

Read our comprehensive guide to renting a home

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Remember the information provided in this article is for information purposes only and should not be considered as advice.