I have had a tenant in my property for a year and the time has come to either renew the agreement or find new tenants. Before asking my tenant if he wants to renew, I wanted to know what the current maximun amount is for an AST. And what rental increase would be appropriate? By what percentage has rents gone up in the past year in st.John's Wood area, London? Furthermore, in renewing a lease are there any other points I should bear in mind. Do the rights and obligations of both landlord and tenant remain the same as in the past or are there any changes I should know about.
I would appreciate the most detailed advice possible.