I have a situation, the property is rented out to a couple. Now the gentleman want’s to move out and his partner wishes to stay on and she wants to share it with her another friend.
I managed this via the Open Rent renewal process and swapped one of the tenants with new one.
How to manage the deposit? There are some deductions to be made and then the for the renewal the deposit should be 1months rent. How can I release the existing deposit and get the new deposit locked in?
Personally, in this situation I would end one tenancy agreement and start another one from scratch. That might incur you an extra open rent fee but is in my opinion the best way to do it.
This isnt a tenancy renewal, its either a completely new tenancy or a legal assignment of the tenancy made via a deed, (with a witness). Im not familiar with the OR process and its possible that it covers all this, but I would check if I were you or you’ll have a real mess with the original tenancy not having been properly ended.
If there are deductions to be made, the cleanest way is probably to refund the balance of the deposit to the relevant parties and re-take a new deposit from the new tenants.