Rolling contracts - how long before we issue a new one?

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M
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We had some tenants move into our flat in July 2007 on a 12 month AST. When the agreement was up for re-newal last year, the tenants wanted to stay on, we didn't sign a new contract as there is a clause stating that the contract can roll on. Now the tenants have said they would like to stay on for another 5 years and would like a new contract. This is great as they are fantastic tenants.

Would you advise me doing an AST for 5 years? Is there such a thing? Also we haven't put the rent up for 3 years, we are comfortable with the amount the tenants are paying and we don't want to upset them too much as they are so good. Would you advise putting the rent up? If so when?

Thanks

04/07/2009 00:00

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