New condition report for renewal of lease?

Hey guys and gals,

I'm about to take over management of my IP at the same time as the lease is due for renewal. The tenants have told me that they are happy to stay on and sign for another 12 months. I'm pretty much going to redo the current Form 18a and just cut out the old PM details and change the lease dates. Do I need to do another condition report before we sign the new lease? The property is still in the same condition, if not better since the tenants moved in.

I'll give the tenants my bank details to pay the rent.

I'll get the bond change over form from the PM next week to transfer that to my name.

I'd better contact EDM and see that they will cover me for LLI with me as PM.

Is there anything else that I need to do?

Thanks.
 
A new incoming report is not necessary - you already have the baseline from when they moved in, if you do a new one you have shifted the try line making it harder for you to pursue damage as you have overwritten the original report and accepted the present condition as the status quo.
 
Hi Zipper,
You don't need to do a new ingoing report. The original one is what will be used when the tenant does vacate to check the condition (whether that be in 1 years time or 10 years time!) but a routine inspection might be a good idea.
 
Thanks Sez.

I'm going around tonight to sign the new lease, so I'll have a look inside. I drive past it on my way home everyday, so I know the front yard is gtg!!
 
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