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Buying flat with tenants still in it?

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  • Buying flat with tenants still in it?

    Hi there

    I think I found a property: ex-LA, 2 bed, very good location.
    It is privately owned and currently rented to some students on a 2 months notice.

    The owner wants to sell, but does not want to give notice to tenants before we sign the contracts.

    Does that not effectively mean I'd buy the place with tennants in it?
    Also: we'd get the survey done while the place is still quite a mess, full of people and their stuff.

    Is that normal?
    (his agent says it is...)


    (sorry if this is a stupid question)

    Thanks
    Martin

  • #2
    Hi,

    definitely not a stupid question and something I would feel at unease at if I were in your position.

    I would recommend you take legal advice on the matter to ensure what problems, if any, you may encounter.
    Worldwide Financial Planning is a specialist independent provider of Large mortgages.

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    • #3
      If you are going to buy a property with somebody in it, you want to look at the lease, and the books. If the lease says they can stay forever, or if it is out of date, be carefull. Also if the books show they are not paying the rent, then forget it. But if they are students that are about to move on, you have nothing to worry about.

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      • #4
        If you purchase a property with tenants in they have the right to stay put you have no right to remove them. You need to look into their tenancy agreement. If the seller sold the property as vacant then the property should have been sold as that.

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