To renew or not to renew tenancy agreement

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NoobLandlord
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Hello everyone.
I would like your opinion about what is the best course. Renew or not the tenancy agreement.

So the current tenancy agreement of my tenant is coming to an end and I was informed that he is interested in staying for another year. My agent offered these two possibilities

1) Sign a new tenancy agreement with the same rent for 1 year and pay 120 for drafting a new contract

2) Do not sign a new tenancy agreement and go on a periodic contract. In which case there is no contract drafting fee to pay.

Given that I am happy to keep the rent at the same levels, which would be the best option?
In other words, what kind of extra security does a renewal of the tenancy agreement give me? For example if the tenant wishes to leave before the end of the tenancy period and he has signed a tenancy agreement, is there some compensation to be payed?

Many thanks
13/04/2016 13:29

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