New tenancy agreements for existing tenants

want to do new tenancy agreements for existing tenants is this possible on this platform not used before

Welcome!

So the question on everyone’s lips will be why you think new tenancy agreements are necessary for existing tenants. With the RRA now being law, it’ll restrict you in certain ways if you make new agreements (e.g. you’ll reset the clock on being able to evict if you want to sell the property or to raise the rent)

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@karenhelmn

Yes but you have to end existing tenancy and return security deposits and do all new agreements. There’s no way to transfer deposits. Tenants have to apply after you create a listing, pay the holding deposit, balance of 1st month rent and new security deposit.

All possible but cash flow issues for tenant unless you let them pay holding deposit/balance of 1st month rent due on new 1st month rent due day (ignore OR chasing emails), and pay tsecurity deposit only after they’ve got the old one back. Slight issue as not covered by security deposit meanwhile

As LL you also may be waiting up to 10 days after 1st month rent due date before OR transfer it to you

And resets clocks as @tatemono mentions

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As others have asked, why do you want to change the agreement? I am struggling to think of a reason that would benefit either you or the tenants?

@Hamish3 compared with a tenancy agreement where traditional letting agents do the management not a diy kandlord, there can be plenty of benefits if LL is organized and a good LL

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Sorry @David240 , I don’t follow you. What you’re referring to seems to be a contract with a letting agent. The OP is talking about changing a tenancy agreement. Whether the property is self-managed or agent-managed, the tenancy agreement should be standard.

@tatemono

OP doesn’t use OR tenancy agreement at mo.

We were asked what would benefit of using OR.

I’m comparing a tenancy where the agent manages for LL (agent details would be in the contact details bit of tenancy agreement) with a diy LL who manages the tenancy (for example using the OR created tenancy agreement).

In that circumstance the advantage of latter is no agent fees better control etc.

Strictly you’re right you could create an OR tenancy and still use an agent to manage it but why would anybody do that (agent normally want to use their own tenancy agreement as well)

Other benefits of OR created tenancy -does allow access to some other OR services as well like monthly rent collection (10 quid a month much cheaper than a traditional agent would charge), OR’s RGI (if OR referencing also used) etc.). For tenant OR keeps holding deposit and 1st month rent balance for 10 days after move in so protects against rogue LLs who don’t hand over keys, and protects security deposit properly without the LL getting it (ditto) - these are less an issue for existing tenant obv. And a standard widely used contract (may be better at least than one drafted by a LL)

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no we were asked if a new tenancy agreement was possible on OR, not whether there were any benefits to it.

Doesn’t matter whose contact details are in agreement, you simply contact the LL if the LL is managing. Whether there are fees or who has control is irrelevant to the tenancy agreement.

@tatemono

I was replying to this

“why do you want to change the agreement? I am struggling to think of a reason that would benefit either you or the tenants?”

so it’s obvious to think why does someone not on OR platform asking could possibly want to use it instead of a current tenancy - which is not merely about whether the OR tenancy agreement is better than AN other tenancy agreement.

Anyway if my answer not useful OP or Hamish can ignore - many people do :grinning_face:

ah I see… this is why I typically quote the passage I’m responding to… just for clarity. I thought you were responding to the OP.

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