Existing tenant, rent increase and new lease

Iacc,
You dont need a new lease with the tenant. When the property settles all you need to inform them in writing, is that you are the new owner and your contact and banking info. At that time you can give them the 60 days notice off the increase. If they ask for a new lease then draw one up but not needed. Make sure the change of management is lodged with NSW Fair Trading for the bond. Paper work should be prepared for you from the current PM.

Thank you. The current agent may be a bit difficult now that we've decided to self manage (they were very nice until we decided not to sign up for them to continue managing the property) so I'm not holding my breath with regard to them being pro active with the paperwork. I expect I will have to follow this up but I accept that this is part of self managing a property!
 
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