One of my joint tenants wants to leave half way through the initial 6 month term. The other tenant wants to remain. What is the best way to proceed? If I agree that one tenant can end the tenancy early, their name will still remain on the tenancy. Presumably I will need to agree a surrender with both of them and then start a new tenancy?
Both tenants are liable for rent for the whole fixed term unless you allow them to end it early. If you do this, the all parties sign a surrender and the tenancy ends for everyone. You cant just release an individual tenant in a joint tenancy.
I would want to re-credit check the one who wants to remain and only agree if he can afford it. If so then you need a whole new tenancy with all documentation and dealing with the deposit. All this has a cost and you can charge the tenants, but only your actual costs.
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Just out of interest would the procedure be the same if the joint tenants were outside of the fixed term and on a rolling periodic contract ?
No, with a statutory periodic tenancy, either tenant can serve notice unilaterally, but it does still end it for both. With a contractual periodic tenancy, it depends on the wording of the tenancy agreement.