buying a property with a tenant in place

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  • buying a property with a tenant in place

    Hi there i'm a new member so be gentle with me.I'm sure you clever peps can help me.I'm soon to purchase a property with a tenant (not a sitting tenant with a regulated rent) who has asked to stay , I am happy for his tenancy to continue ,I will obviously credit check him etc but I wasn't sure if I renew his tenancy at the end of its time or if its periodic on completion day what is the correct procedure, thanks.

  • #2
    There isn't really much point in credit checking your tenant as they are already in occupation so if you do find something adverse there is very little you can do about it (unless they go into arrears or a S21 has expired).

    Personally I wouldn't renew there tenancy agreement. If you do you are locking yourself into a new fixed term which isn't necessary as your tenant still has the same legal rights under their old agreement.

    How long have they been in occupation and what is the term of the agreement?

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    • #3
      Thanks for your reply, I've been told the tenant has been there for 4 years ,he and his partner seem nice people and they keep the apartment immaculate ,I'm still waiting for the agent to get back to me regarding the tenancy.Also with the security deposit ,I assume the previous LL gives it back and I then receive it placing it in the TDS if completion is after the 6th April.This is the 1st property that I'm managing myself as others are with agents as they are a distance away so I obviously want to do it right for myself and the tenant.Cheers.

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      • #4
        Originally posted by kim gramlick View Post
        Thanks for your reply, I've been told the tenant has been there for 4 years ,he and his partner seem nice people and they keep the apartment immaculate ,I'm still waiting for the agent to get back to me regarding the tenancy.Also with the security deposit ,I assume the previous LL gives it back and I then receive it placing it in the TDS if completion is after the 6th April.This is the 1st property that I'm managing myself as others are with agents as they are a distance away so I obviously want to do it right for myself and the tenant.Cheers.
        ALSO:
        1. Ensure that, on completion, V or V's solicitor hands over to you a Letter of Authority addressed to T and directing that all further rent be paid to you as new L.
        2. Serve on T not only that Letter but also your statutory Notices under s.3 of LTA 1985 and s.48 of LTA 1987.
        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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        • #5
          Kim

          If you have a long term tenant then the likely hood of them staying is good. No void periods, probably no repairs; landlord's dream.

          If they are long term their rent may be a bit on the low side; we do that to keep tenants and avoid the void periods which are expensive. If this is the case don't wade in and hike the rent, they may just up and go. Put it up with inflation rate every year.

          Good luck

          rewop

          By the way, kim gramlick, is that an anagram or is it your real name (no offence intended)
          If you are not offended by what I say then please tell me so that I can try harder next time.

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          • #6
            Thanks for your replys and advice and yes that is my name (damm my husband)!

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            • #7
              Originally posted by kim gramlick View Post
              Thanks for your replys and advice and yes that is my name (damm my husband)!

              Kim, I would've kept rewop guessing! It would've been interesting to see what sort of word combinations he came up with for your surname.....

              Ah well....

              J
              Last edited by Joannepowell; 20-03-2007, 11:40 AM.

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              • #8
                No manners

                Mick Kilogram I humbly apologise on behalf of the senior member for de-railing a second thread this morning.

                Some people have no manners

                (the humble) rewop

                PS Before you point out my anagram error I have applied the "poetic licence" rule.
                If you are not offended by what I say then please tell me so that I can try harder next time.

                Comment


                • #9
                  Originally posted by Wickerman
                  No need to place the deposit into a deposit scheme unless you renew the tenancy agreement.
                  ...and a periodic tenancy continuation of fixed term is NOT a renewal, so deposit can stay where it is (no statutory handover required).
                  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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