View Full Version : New purchase and tenant would like to stay
21-01-2008, 10:44 AM
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.
21-01-2008, 14:07 PM
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to get a letter from him stating that they have returned the notice issued by previous landlord and accept that it is no longer valid (there have been threads discussing how to rescind a S21 notice, others may be able to point you to them.
21-01-2008, 15:29 PM
See several previous threads re purchase of already-tenanted property and the forms/notices needed to be served on T.
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