If you are happy to continue on the basis of a statutory periodic tenancy then you do not have to prepare a new tenancy agreement, it simply rolls on from one rent period to the next until you serve a s21 notice (two months with such notice to expire at the end of a rent period) or they serve one months notice on you (to expire in the same way).
If you are happy with this flexibility for both you and the tenants then you should opt for a SPT.
If you wish to nail them down to a further tenancy agreement (ie. to guarantee rent for another 6 months or whatever the length of the tenancy would be) then you should draw up a new tenancy agreement.
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