I am a landlord. I have tenants for past 11 months under a 12 months rental agreement. Both me and my tenants agreed to continue with the tenancy for another 12 months. As per the new law, I have to reduce the DPS deposit money so that it comes under the 5 weeks rent amount. To reduce the deposit money amount, I have decided to re-sign the contract with low deposit money for DPS. The other things in the contract remains exactly the same.
My question here is that this is going to be a new rental agreement hence do I have to take their (tenants) IDs etc again and file it for this new rental agreement?
You response is highly appreciated.