New purchase and tenant would like to stay

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

  • New purchase and tenant would like to stay

    I'm about to buy a propery that has a happy tenant in place, notice has already been served by the current owner. The current owner has asked if Id consider taking the tenancy over on completion, can you advise to any areas I need to be concerned about or should I insist on an empty property on completion.
    Thank-you

  • #2
    A lot depends on whether you're buying it as an investment or to live in!

    Things to bear in mind (though your solicitor handling the sale should be able to tell you exactly what the notices are)
    * Before your new tenant will pay money to you, you have to serve them a correctly worded notice. (Section 53 rings a bell but I could be way off).

    * You need to include negotiations with the seller regarding the tenant's deposit. Once you become the landlord, you become responsible for the return. If the deposit is in a TDS then it should be fairly straightforward to change the name of the landlord (emphasis on should) but if it is transferred from seller to you, be careful that if you issue a new tenancy agreement rather than just continuing with the terms of the existing agreement, you will need to get the deposit protected.
    * Make sure you get originals of the tenancy agreement, and inventory.
    * Not sure, but as the seller has already issued notice to the tenant, you might need to protect yourself from your tenant just up-ing and leaving, you might need to get a letter from him stating that they have returned the notice issued by previous landlord and accept that it is no longer valid (there have been threads discussing how to rescind a S21 notice, others may be able to point you to them.

    Comment


    • #3
      See several previous threads re purchase of already-tenanted property and the forms/notices needed to be served on T.
      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

      • Mouldy silicone wear and tear?
        aciduzzo
        Tenants are moving out today and i am doing the final inspection later; however, last time i was at the flat i noticed the bathroom was in a poor state.

        What is the general opinion on black mould that has formed inside bathroom silicone? Is it considered wear and tear? Also, the seal...
        03-07-2017, 08:07 AM
      • Reply to Mouldy silicone wear and tear?
        mystic08
        You might like to gift your new tenants some Kilrock mould cleaner which is magic in a bottle! Cheapest in the Pound shop or The Range but supermarkets sell it too. Works brilliantly on algae too. Garden pots, patios, headstones etc.
        22-07-2017, 20:52 PM
      • Discussion - GDPR and implications on landlords
        MrShed
        I've just posted something on GDPR and then wondered whether it had been discussed on here before - a quick search implies its never been mentioned.

        I thought I would raise a topic to discuss it and the implications on landlords.In effect this is a replacement of the Data Protection Act...
        20-07-2017, 15:01 PM
      • Reply to Discussion - GDPR and implications on landlords
        jjlandlord
        That's the exemption that allows sending data outside of the EEA, which is the issue discussed.



        No, because of that very exemption....
        22-07-2017, 19:19 PM
      • Referencing question
        kangoo1
        A couple wants to rent from me, she is on maternity leave and will not be returning to her previous employment, he is permanently employed and moving due to a job transfer. I have referenced him for the full rent and his guarantor has been successfully referenced.
        I am going to prepare the ast...
        22-07-2017, 17:19 PM
      • Claiming for protected deposit
        mandm
        This is an interesting one, got me into a spin.
        Tenants signed AST but decided to leave after 6 months and 3 days (problem with moving) using the break clause in the AST. I protected the deposit using DPS (Insured) and returned the deposit minus deductions when the moved out.
        I served the...
        21-07-2017, 08:00 AM
      • Reply to Claiming for protected deposit
        JK0
        I'll leave it at that. I'm not going to get into one of JPK's interminable arguments.
        22-07-2017, 16:28 PM
      • Reply to Discussion - GDPR and implications on landlords
        jpkeates
        That's simply one of the Schedule 2 exemptions which, if met, allows a process using personal data at all - all the other principles still apply in parallel (where it can be stored, be not excessive, kept up to date etc).

        So, while it might be OK because it relates to a contract, there...
        22-07-2017, 15:22 PM
      • Excessive estate agent fees
        Cml241
        I have a property which I started renting out via an agency. When the contract started, they found new tenants, did the relevant checks etc and charged an upfront fee which equates to approx one month's rent. As one year has almost passed, the agent has approached me asking if I want them to 'renegotiate'...
        21-07-2017, 16:26 PM
      • Reply to Excessive estate agent fees
        mariner
        A new 12 month fixed term does provide LL & T with extra security but can lead to complications for either if their resp circumstances/legislation change during the new AST.
        Personally, I would prefer if a orig AST was for a fixed 6 month term, followed by an SPT that required both LL &...
        22-07-2017, 14:09 PM
      Working...
      X