My tenants (3) want to add a fourth tenant. Do I have to create a new tenancy agreement for them all or just for the new tenant? What about subletting? Don’t want to end up with a sitting tenant…
There are two options with different consequences.
One option is to add the new tenant to the existinting tenancy with deed of assignment. This will keep the current tenancy ongoing, not change the fixed term, and make the incoming tenant enjoy the same rights and responsibilites as the existing three tenants.
The other option is to create a new tenancy, which will supercede the current one. This will create an entirely new tenancy, with a new fixed term, tenancy deposit, requirement to serve the prescibed information, right to rent booklet, etc.
I would say, if you were considering renewing with the existing tenants or adding new terms, or changing the rent anyway, then this is a natural time to do it. If you do not want to make any changes or lengthen the fixed term, then perhaps best to simply add the new tenant via a deed.
Thank you so much for your swift reply! I would like to go for the first option if possible - adding the new tenant via a deed of assignment, as you suggest. How do I go about that?