Owner becomes tenant

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Owner becomes tenant

    We are currently negotiating the purchase of a property. The current owner bought the house as an investment purchase about eighteen months ago and has spent quite a bit of money on improving it. She has been trying to sell it for the past two months, but unfortunately finds herself caught in the current price slump trap. This means she will be losing quite a bit of money on the deal. However, we have tentatively agreed a price which is acceptable to both sides.

    Her agent contacted us last week and has put a proposition to us which we need to clarify. The idea is that after the sale, the present owner will remain in the property, but as our tenant under standard tenancy agreement. This has certain benefits for us as it means we don't have to spend time and money finding and vetting potential tenants. The thing I need to clarify though is whether there might be any complications or long-term implications associated with the fact that she would have uninterrupted occupation of the property, before and after the sale.

    I can obviously clarify this more fully with our solicitor, if we proceed with the deal, but wonder if anyone has had any experience of such a situation before?

    #2
    Not as such, but see existing thread re a similar idea (P wants to move-in and be tenant until completion of purchase): http://www.landlordzone.co.uk/forums...d.php?t=12515.
    In your case (V wants to stay-on and be tenant after completion of sale), simply invert the procedure.
    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

    Latest Activity

    Collapse

    Working...
    X