Buying A Property With Tenants Already Inside
Sometimes, when landlords try to purchase a property (which might be for Primary Residence, or even an opportunity for investment) the property is already occupied by a tenant. It is important, if this happens that you read up and research about what you need to do, and how to limit the risks when buying a property while tenants are still living there.
As the new owner of the property, you now have a thing called ‘Landlord Obligations’ This means that you have to follow a certain amount of rules so that you can create a safe, habitual environment for your tenants that are looking to move in. These rules, I will specify below:
Making sure that all common areas are in a safe and clean condition.
Making sure that the structure of the building is safe. (Floors, Walls, Ceilings etc)
Making sure that all ventilation systems are correctly working.
Making sure that there are no rodents or infestations in the property.
Making sure that there is rubbish bins and arrangements for the removal of the bins is made.
And Finally, to make sure that tenants have access to running water, hot water and heat.
Going back to what happens when a tenant is still living in a property that you have just bought, it can depend wholly on what contract they are on. For example, if they are on a ‘month to month’ contract, the new landlord can terminate the tenancy before the start of the new month. However, if a fixed lease of 6 months – 12 months was the agreed contract, then the tenant has the right to stay in their property until the agreement is up. This gives them time to find a new place to live etc..
If you would like any more advice about property, then make sure to contact us on the details provided below, we will be sure to assist you with all of your property needs.
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Phone: 01293 278312