Do we need a new Tenancy Agreement?
This is the first tenancy we have changed after the deposit scheme was introduced. We decided to charge £450 pcm for the intitial six months, with written indication that we would consider reducing the rent on a second term if all the terms of the tenancy agreement had been met. Current rental values in this area are around £100 per week, we we propose to reduce their rental to £420 per cal month from 20th April 2008. No deposit has been taken, and the higher charge in the first six months was rental, not deposit, with none refundable.
Question? Will a letter premitting them to reduce their standing order suffice, or, do we have to get signed new tenancy agreements and guarantor agreements please?
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