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daveyboy321
29-03-2010, 05:34 AM
Hi All
I am new to the Landlord world and will be asking lots of questions in the near future so please be gentle with me.
I am in the process of purchasing a property in the Essex area and the vendors have intimated their wish to stay and rent the property after the completion of sale. What are your thoughts and suggestions of the legalities.
Dave

Ericthelobster
29-03-2010, 07:01 AM
I am in the process of purchasing a property in the Essex area and the vendors have intimated their wish to stay and rent the property after the completion of sale. What are your thoughts and suggestions of the legalities.It can be done - it's been discussed here before; but personally I think that as a first-time landlord I think you'll have enough on your plate without having to worry about the extra complexities of having an home-owner -> tenant conversion to contend with.

But I'm guessing the situation is not exactly as you've described it - ie, that you've decided to buy a property to let, and the owners have suddenly decided they'd like to stay as tenants? I assume this is a case where the owners can't make the mortgage payments and are selling up to you at a favourable price, specifically with a view to staying in the property - a bit different?

ram
29-03-2010, 10:47 AM
vendors have intimated their wish to stay and rent the property after the sale.

Gut reaction = don't do it.

They are in financial difficulties if they need to sell their house and then rent the same house.
You wont know how much they owe for loans, remortgage, credit cards, cars etc.
It has happened lately, that people owe more than the final figure they will get for the sale of their house.

You need an empty house to inspect, go in the attic to check the water tanks, insulation etc etc. You may need to repaint, refurbish. You will need gas and electrical certificates. Make sure the boiler / central heating is efficient. They may have neglected everything, even though things work ( just ) at the moment.

How can you do all that with tennants in situ, and maybe they wont let you into THEIR home they have had for years, and they may be difficult by not letting in strangers and workmen. May only let workmen in "at times to suit themselves", which they initialy have a right to do so.

You can't just arrive and say, I want to look at so and so. You have to give at least 24 hours notice. etc etc

No, you want to start afresh, have a building conform to the regulations, and pepared before you let.

Think on this, and the future implications "They are in financial difficulties if they need to sell their house" Do you want to let to someone who is possibly showing you already, they are strapped for cash, rent off you ?

R.a.M.

unhappydisgustingWOW
29-03-2010, 10:55 AM
It could just be that the Vendors haven't quite lined up their next property and wish to stay for a while??

But ISTR being told that Sale & Lease Back deals are now subject to a minimum 5yr contract? That could be a good or bad thing depending on the OP's long term intentions.

jeffrey
01-04-2010, 15:58 PM
There is no 'five year' maximum. Why did you imagine that there might be?