End of AST - new AST or periodic

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  • Hertford23
    replied
    Thanks for all your advice - it was very useful. I will speak to the tenant.

    Leave a comment:


  • SEB
    replied
    Originally posted by Hertford23 View Post
    I appear to have been more successful with my second tenant and the original 6 month AST is expiring shortly. Is it best to have a new 6 month AST or just to accept rent on a monthly basis ?

    Thanks
    If the tenant is someone you would like to keep and the open market in your area may not secure you any more worthwhile rent, a new 6-month AST and not having to deal/worry about the property/income for 4-5 more months would be my preference.

    If the tenant is amenable, why not go for 1 year?

    I doubt rents will change much over a year and even if they do rise a bit, you always have to balance receiving a slightly lower rent with the security of having a regular income stream without voids for 1 year/6 months.

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  • Ericthelobster
    replied
    Originally posted by Hertford23 View Post
    Are all Landlord (and tenant) rights, like access to the property etc that were in the AST still valid through the periodic tenancy ?
    Yes

    Originally posted by Hertford23 View Post
    In addition does this change of tenancy have any effect on the tenant deposit which remains with the DPS ?
    No

    It's certainly the 'simple' option just to let it go periodic. Personally, assuming I have tenants I want to keep, I tend to explain the two options (periodic vs new 6-month AST) and let them decide which they prefer.

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  • Hertford23
    replied
    Thanks for the responses.

    Are all Landlord (and tenant) rights, like access to the property etc that were in the AST still valid through the periodic tenancy ?

    In addition does this change of tenancy have any effect on the tenant deposit which remains with the DPS ?

    Thanks

    Leave a comment:


  • jeffrey
    replied
    Also, L needs to decide whether it's better to have:
    a. the flexibility of a periodic tenancy, terminable sooner than a fixed term; or
    b. the security of a fixed term and (all being well) a reasonably probable rent flow during it.

    Leave a comment:


  • Pelican eats pigeon
    replied
    Have you asked the tenant whether he/she would like another six months? This would seem to be the logical first step.

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  • Hertford23
    started a topic End of AST - new AST or periodic

    End of AST - new AST or periodic

    I appear to have been more successful with my second tenant and the original 6 month AST is expiring shortly. Is it best to have a new 6 month AST or just to accept rent on a monthly basis ?

    Thanks

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