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david1983
12-10-2011, 10:57 AM
Hi all hopeI have posted this in the right section. I currently rent my flat out via a estate agent. We signed up for a 1 year lease running Feb to Feb. I have put the proptery on the market and have found a buyer who doesnt want to complete until the tenant has moved out. The problem is my other half (who is expecting in Jan) and I have had an offer accepted on a house. All though the process the teanant has been very understanding but doesnt seem to be trying to find anywhere else.
Is there anything I can do as dont want to lose the house and wanted all osrted before the baby arrived.
Thanks for any help

Snorkerz
12-10-2011, 15:36 PM
You have promised the tenant he can live there until February next year. He doesn't have to move out then because the law (section 5 of the 1988 Housing Act) gives him a periodic tenancy whereby you have to give him at least two months notice before you can apply to the courts for possession.

If you serve a section 21(1)(b) notice now, the tenant may leave on the last day of the fixed term. He doesn't have to. If he doesn't - you are looking at a court order telling him to go around 2 months later. However, if he ignores that order, it could be a further 4-8 weeks before you can get the bailiffs in to regain the property for you. Lets say May-June.

The other alternative is to try and negotiate a financial settlement with your tenant - but don't pay anything until tenant has surrendered the property.

Did tenant pay a deposit? Is it legaly protected by one of the 3 government approved schemes?

If your buyer will wait this long, maybe a bridging loan would be the solution to allow your purchase to go ahead.

mariner
12-10-2011, 16:46 PM
If T accepts your financial offer, say 2 months rent, if he vacates by end of Nov, Payable end of Nov if a Deed of Surrender is signed.
Thus you can complete sale in early Dec with no bridging loan. Just hope your buyer do not back out, so get his Agreement to early Dec for exchange of contracts, if T agrees to your offer.

david1983
13-10-2011, 10:08 AM
Hi Thanks for the info.

The T did pay a deposit and yes is covered. This was paid via Fox and sons as thats the agent im using. I never thought about paying him a few months rent to end the contract early but seems like a good idea. I am going to draft a letter this afternoon and see what the outcome to that is. Just not sure on amount to offer. I dont want the buyer to pull out and as he is a cash buyer things can move pretty quick once all is sorted then we can get into the house before the little one arrives

midlandslandlord
13-10-2011, 22:11 PM
If you want to really incentivise your T to leave quickly, consider rather than "I will pay you 2 months rent", something like "I will pay you the rent for the remaining term", so that every day they stay reduces the compensation.

ML

mariner
14-10-2011, 02:33 AM
I follow your logic ML, but it leaves OP with uncertainty over repo date hence date needs to be fixed and allow suff time for T to find alt accom This will prob require 1 month deposit + 1 month advance rent + admin & search fees. These should be covered by offering cash equiv to 2 months rent and return of full deposit (subject to reasonable state of property) on day T vacates (by end Nov).
In effect OP will keep rent to end Sep and buyer not too bothered about minor decorative damage. Both buyer & ex T can move in before Xmas.
OP may wish to vary dates and cash amounts to suit.

Signed Deed of Surrender essential IMO but at no time should OP suggest pressure - simple offer, take it (T gets free transfer) or not. Maybe start at 1 month rent + deposit and consider 2 month rent+ to close the deal? OPs decision,

Brb
14-10-2011, 05:00 AM
Look into the costs for pickfords (other removal companies available) to move them.

Moving often is stressful, it would sway me if LL wanted to end AST early.