My tenants separating and wife wants to keep on the rolling contract but new one in her name only . She offered a friend to be guarantor to give me peace of mind . Is it best to update with a new contract or just leave it as I want to sell it in a year anyway ?
Can she afford it alone ?
The change should always benefit you
If you want to sell in a year, you’d be ok to issue a new 6m contract now, if you are happy the sole tenant is good risk, with or without the guarantor.
More importantly, be aware of the abolition of S21 eviction under the Renters Rights Bill, so if you are selling in a year, if I were you I would consider doing this sooner, whilst you still have Section 21, which should be an easier eviction process.
Also, make sure all new docs re-issued to tenant if you do sign a new AST (ie gas safe cert, right to rent booklet etc), otherwise eviction will stall later.
Its in your interest to let the existing tenancy continue, especially if its now periodic. The partner moving out does not change anything. Theyre both still tenants and both liable for the rent. If the one remaining defaults on the rent, you can go after the other one. With a periodic tenancy you can also serve notice at any point if you need to.
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