Selling as going concern advice

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    Selling as going concern advice

    I have tenants starting 4th month of STA which has a 6 month break clause that can be triggered in the 4th month.

    I want to sell the property but don't want to unduly inconvenience the tenants and would be prepared to wait for a buyer that would take the place on with the tenants (their contract ends at end of June 2010)

    Is there a procedural norm?
    Can I put them on monthly rolling contract having triggered 6 month clause?

    #2
    You need to decide if you want to sell:
    a. a vacant property; or
    b. a let property.

    Either way, do not grant anything new to T. If the fixed term expires and T remains, it becomes periodic.

    If 'a', serve a s.21(1)(b) Notice (inc. a break-clause Notice) now. Do not exchange contracts unless T has vacated and the tenancy has conclusively ended.

    If 'b', advertise the property with details of the fixed term, its start date, and its duration.
    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).

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      #3
      Be prepared to accept a lower price for tenanted property

      Comment


        #4
        Originally posted by teeps View Post
        Be prepared to accept a lower price for tenanted property
        Unless selling to someone delighted to buy a ready-made BTL. The market value of properties let on AST is about the 'vacant' value.
        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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