Hi, I am trying to work out whether to renew tenancy and refund one weeks security deposit or allow the tenancy to go periodic and keep six weeks deposit. What are the pros and cons?
If we go periodic, is it correct we can issue a new tenancy agreement at any time? For instance, if 5 weeks rent ever exceeds the security deposit and we want to increase the deposit in-line with 5 weeks rent?
We dont at this point want to increase rent. Our tenants moved in a year ago to our newly renovated 3 bed, with all new kitchen, appliances, utility, bathroom, doors, tiling, carpet, the lot. so we are loath to refund any security deposit. They do however appear to be treating the house with respect.