Hi
I have bought a tenanted house in England. The tenants (2 parents and 2 grown up children) moved in 3rd September 2010 and have had an annual AST since then. The deposit was protected with ‘mydeposits’ and has been transferred into my name. I wish to raise the rent, which is paid monthly, and sign a contract with them when the current contract expires on 2nd September. (The current rent is has hardly been raised for five years, and my proposed new rent is slightly below market rent, though the tenants doubt it). They say that they will sign.
The fly in the ointment is a smallish chance I may need to sell the property in less than six months – I may have a good opportunity coming up for which I need cash. My understanding is that with an AST I cannot sell in less than 6 months, is that correct? Therefore I would prefer to give them a periodic contract. Will I be legally covered if I do – given that they have not previously had an AST *with me*?
Thanks very much for your help
I have bought a tenanted house in England. The tenants (2 parents and 2 grown up children) moved in 3rd September 2010 and have had an annual AST since then. The deposit was protected with ‘mydeposits’ and has been transferred into my name. I wish to raise the rent, which is paid monthly, and sign a contract with them when the current contract expires on 2nd September. (The current rent is has hardly been raised for five years, and my proposed new rent is slightly below market rent, though the tenants doubt it). They say that they will sign.
The fly in the ointment is a smallish chance I may need to sell the property in less than six months – I may have a good opportunity coming up for which I need cash. My understanding is that with an AST I cannot sell in less than 6 months, is that correct? Therefore I would prefer to give them a periodic contract. Will I be legally covered if I do – given that they have not previously had an AST *with me*?
Thanks very much for your help
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