I’ve had a dream tenant since April 2006. Pays on time and maintains the property. However, this could be my downfall because I’ve been somewhat lax on the admin side of things.
I’ve only increased the rent once in all that time (by way of a new tenancy agreement). He has agreed to an increase that will shortly come into effect and what I would like to do is start a brand new tenancy with everything done properly upfront and then going forward be a bit more on the ball. Hence my reason for joining this association. At some point he will move on and while I don’t expect any problems I just want to be prepared in case there are. I have a concern that since I have only just protected his deposit, would this cause problems at the end of the tenancy? Should I draw up an agreement stating we agree to the termination of the current periodic tenancy? Return the current deposit and get him to pay a new one to me based on the new rent under the new agreement? I know that sounds nonsensical but given the way the law can work when there is a landlord-tenant dispute I don’t want the late protection of the deposit to put me in a precarious position.