Purchasing property that is tenanted

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    Purchasing property that is tenanted

    Hello,

    I am currently in the process of purchasing a tenanted property. The tenant is on a 12 month AST that will expire in June. I'm currently just a few weeks from exchanging contracts, however I'd like to understand in more depth how this process will work...

    I would like to increase the rent from what the tenant is currently paying, and setup a brand new AST. However am I able to get the tenants to sign this before completing, or even exchanging on the property? Also does 2 months notice for the current AST ending need to be given by the current landlord, and do they need to do that even if the tenant wants to stay on?

    I understand purchasing a tenanted property an have its complications, but overall this purchase seemed too good an investment to pass on.

    #2
    Secure the property then see about either renewing of granting a new tenancy in favour of the tenant. You have no "nexus" with the tenant at present ie no legal standing concerning the letting. Therefore you cant legally contract terms with him or her. as you are not the landlord. Sort it out when you are in the driving seat

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      #3
      After serving notice(s) compliant with s48 & S3. If not served no rent due (s48) and possible criminal offence and fines (S3).

      Tenant does not have to agree or sign any new tenancy or changes.

      When did tenant 1st move in? If early enough it won't be AST -regardless of paperwork.
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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