my tenant has agreed to a new rent proposal at the end of his fixed term AST. I understand if we do not renew the AST it automatically Statutory Periodic.
There would a difference of £75 between the old and the new rent payment.
What about the deposit?
Does it need to be returned and the new paid in again? Does it just need to be added the £75.
There is nothing to do when the tenancy become periodic unless you have an insured deposit and the scheme requires the insurance to be renewed. The deposit can otherwise just be kept as it is. Most landlords dont bother asking the tenant to increase it as a refusal often offends, as they say.
If you have informed the tenant of the rent increase then once they start paying the increase, it becomes legally binding. If they dont pay it then you can serve a s13 notice unless your tenancy agreement has a rent review clause.
Hi David, thanks for the advice, much appreciated
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