Switch tenant on a multi-tenant lease - addendum or new lease?
My tenants are getting a new housemate to replace one that is moving out (there are 3 total). I've screened the incoming tenant and all is fine - now just have to add her to the lease in place of the tenant who is moving out. My question is how to do that - by addendum or a new lease?
The lease has joint and several liability and is auto-renewing and we'd like to keep the lease's end/annual renewal date at May 31 (new tenant is moving in Aug 1). What do other landlords do in this situation? Make an addendum swapping out one tenant for the other in Docusign for all to sign?
Is there a template for this type of tenant switch addendum?
Or should I just re-do the whole lease in Docusign with the new tenant's name and new start date Aug 1 , keeping lease end / auto renew date at May 31?
Is there any legal advantage / disadvantage to either approach?
Thanks!
Elizabeth