Buying with existing tenant

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    Buying with existing tenant

    Hi,

    I was wondering what the normal process is when you buy property with an existing tenant in place. Do you normally assign the existing tenancy, with the new owner taking over from the old? Or do you have to create a new tenancy to run back-to-back with the old one and corresponding with the change of ownership.

    My interest is as a possible buyer in this instance. It seems to me that assignment would be much preferred. For back to back new tenancy this would all have to be written into the purchase as material conditions, as we wouldn't want the sale to go ahead and find we don't have the tenant - or worse maybe that the tenant remains but has no agreement with us - or worse still could he have the right to remain without such a tenancy?

    Feedback from anyone who's gone through the process either as buyer or seller would be appreciated.

    Thanks in advance, Tony S

    #2
    Leases Act 1449 means tenancy continues.

    I might amuse you to look up wording on legislation.gov.uk
    www.legislation.gov.uk/aosp/1449/6/paragraph/p1
    Item it is ordanit for the sauftie and fauour of the pure pepil that labouris the grunde that thai and al vthiris that has takyn or sal tak landis in tym to cum fra lordis and has termes and yeris thereof that suppose the lordis sel or analy thai landis that the takaris sall remayn with thare takis on to the ische of thare termes quhais handis at euir thai landis cum to for sic lik male as thai tuk thaim of befoir
    I think that's clear...

    Ask tenant when he 1st moved in

    Dunno any more, try SaL helpline
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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