Property subject to AST- what's required on purchase?

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    Property subject to AST- what's required on purchase?

    Hi

    I am considering purchasing a property which has a tenant half way through an AST

    I was wondering how taking on another L's AST works, particularly-

    Does current L have to serve notice and I draw up a new AST?

    If not what happens with the current protected deposit?

    Are there any other pitfalls I should watch out for?

    Thanks for your time

    #2
    1. Purchase as normal.
    2. On completion, V hands-over to you (as P) a Letter of Authority addressed to T.
    3. After completion, you send to T:
    a. that Letter;
    b. Notice under s.3 of LTA 1985; and
    c. Notice under s.48 of LTA 1987.
    4. The Tenancy continues as it stands, except that you become L. No new Agreement is necessary, at least until the existing one expires.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      Thanks for your time Jeffrey, I appreciate that.

      Dave

      Comment


        #4
        Originally posted by jeffrey View Post
        1. Purchase as normal.
        Soemthing else: your sols. will need to liaiase with V's sols. to apportion rent on completion.
        Example:
        1. T agreed to pay rent of £1000 pcm, in advance, on first day of each month.
        2. You complete purchase today (12 Sept.)
        3. If T HAS paid Sept. rent to V, V owes you 18 days' rent (13-30 Sept.)
        4. If T HAS NOT paid Sept. rent, you owe V 12 days' rent (1-12 Sept.) which you can then recover (with rest of Sept. rent) from T.
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

        Comment

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