Checks foe a Newbie

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    Checks foe a Newbie

    Hello good people. I am currently in the process of buying my first BTL house. There is already a tenant, so I don't need to find one.

    Can any anyone point me to a check list of 'must do legally', and also 'highly advised', please? I 've done my research but there's nothing like hearing this stuff from people who are at the coalface.

    #2
    Begin with an empty house.

    Comment


      #3
      Originally posted by AVJ113 View Post
      Hello good people. I am currently in the process of buying my first BTL house. There is already a tenant, so I don't need to find one.
      A specific thing and a general thing.

      Specific - don't buy a tenanted property, particularly as your first property to let.

      General - don't make a decision and then ask experienced people for advice.

      I cannot imagine any landlord who knows what they're doing advising buying a tenanted property today.
      I've done it in the past, and I did OK, but I wouldn't even consider it now.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        Originally posted by jpkeates View Post
        General - don't make a decision and then ask experienced people for advice.
        I don't remember asking for advice on my decision. I'm asking for a list of things that experienced people consider important after buying a house for rental. I'm pretty sure I have it all down but it's always good to get advice from people who have been through the process.

        Two people advising not to buy with a tenant. Can anyone explain why?

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          #5
          A landlord selling a house empty will usually get a higher price. Why is he not doing this? Likely because he knows his paperwork (which will become yours) has errors meaning he's unable to evict.

          Unless this is eg student property with tenant about to end course (so likely to depart) don't: Walk away.

          Do some basic education first on how to be a landlord. If you think education is expensive try ignorance.

          When I started I thought I knew what I was doing. Oh my stupidity, oh the hubris! Expensive, painful, complicated, long running mistakes.


          But hey, free country,. Do you drive a car without being able to see what you're doing? I don't.

          Good luck, hope things - eventually - work out.

          NB B2L does not always make a profit.
          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...

          Comment


            #6
            Originally posted by theartfullodger View Post
            A landlord selling a house empty will usually get a higher price. Why is he not doing this? Likely because he knows his paperwork (which will become yours) has errors meaning he's unable to evict.
            The tenant is on a monthly rolling contract and wants a new contract.

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              #7
              Says who - tenant or vendor? Several errors are not fixed by new contract.

              Tenant does not have to agree to a new contract or any changes to existing one, other than change of landlord.
              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...

              Comment


                #8
                Originally posted by theartfullodger View Post
                Says who - tenant or vendor?
                The tenant. I have interviewed him at length.

                Comment


                  #9
                  Might work out. Google "nearly legal section 21", read list them see if vendor has all (ALL ) paperwork & proof bof service.
                  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...

                  Comment


                    #10
                    Originally posted by AVJ113 View Post
                    I don't remember asking for advice on my decision. I'm asking for a list of things that experienced people consider important after buying a house for rental. I'm pretty sure I have it all down but it's always good to get advice from people who have been through the process.
                    I don't remember asking for advice on performing surgery on myself, I know what I'm doing,
                    I asked for advice on how to sharpen the scalpels.

                    Two people advising not to buy with a tenant. Can anyone explain why?
                    What are you hoping to achieve by becoming a property investor and what does buying a tenanted property deliver that buying one that has no existing tenant do to further that goal (given that most landlords don't start off doing that)?

                    Have you ever read a possession claim form and considered how you would answer all of the questions?

                    Why is the seller selling with an existing tenant, given that it limits the market significantly in a market that is currently a seller's market with properties being sold at a premium in very short timeframes?
                    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                    Comment


                      #11
                      OP I suggest you read this thread first:

                      https://forums.landlordzone.co.uk/fo...ntial-property

                      Comment


                        #12
                        Originally posted by mokka View Post
                        OP I suggest you read this thread first:

                        https://forums.landlordzone.co.uk/fo...ntial-property
                        I've read it already. I don't want to get the tenant out. Accepting all the tenant issues that have been highlighted, I don't see how taking vacant possession and then finding your own tenant negates those issues. A bad tenant is a bad tenant.

                        Comment


                          #13
                          Have you thought about one such problem with buying a tenanted property is that access for inspection and survey cannot be obtained unless the seller has first given notice to the tenant. Normally at least 24 hours' notice must be given, and even then a tenant may be difficult about allowing a buyer or his surveyor to enter the property.

                          Tenants have a legal right to exclusive occupation until the tenancy is terminated in accordance with statutory procedures. Even if an existing tenancy agreement is due to expire, the tenant has the right to remain in occupation until a notice requiring possession has been served - and even then can remain in occupation until a court order has been obtained.

                          That’s just one issue off the top of my head that could happen.

                          Comment


                            #14
                            Originally posted by AVJ113 View Post
                            Hello good people. I am currently in the process of buying my first BTL house. There is already a tenant, so I don't need to find one.

                            Can any anyone point me to a check list of 'must do legally', and also 'highly advised', please? I 've done my research but there's nothing like hearing this stuff from people who are at the coalface.
                            Fortunately in the Uk (Scotland may be different) any house purchase is "Subject to Contract" which means that at any time you can change your mind. so if you have second thoughts you can back out.
                            I would also say that even if you have signed a contract, and before completion, you can ask for a reduction in price, (which is what happened to me as at the last minute a week before completion day the buyer wanted a 10% reduction, and for him it worked as I did agree to a 5% reduction.)
                            The buyer was a professional property buyer and these are the tricks that professionals get up to.
                            I would also ask another Estate Agent/Letting Agent how much they would ask in rent if they had the place on their books.
                            Good Luck.

                            Comment


                              #15
                              Is there no one here who is prepared to present a list of a landlord's obligations (and highly advisable actions) upon a new tenancy, based on there own experience?

                              As I said I am already buying a house and there is a tenant in situ.

                              Comment

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