Our Conveyancing Legal Hour is hosted by Davinia Willys, Senior Associate in our Residential Property and Real Estate Team.
If you require further help regarding buying and selling a property, please phone us on 01279 755777 or contact Davinia Willys directly.
Our Conveyancing Team will be hosting the Nockolds Legal Hour on the following dates:
|Wednesday 22nd August 2018 ||12pm - 1pm |
|Wednesday 3rd October 2018 ||12pm - 1pm |
|Wednesday 14th November 2018 ||12pm - 1pm |
Our Latest Legal Hour Questions (22/08/18) Read your previously answered questions here
I am considering buying a property that currently has tenants in. What are the issues I should consider in this situation?
The property might be sold subject to the tenancy. In this case, a buyer will purchase the property subject to the existing tenancy agreement. The tenant will continue to live at the property and pay rent to the buyer after the sale. Along with the usual conveyancing checks, the tenancy agreement must be reviewed and other information in relation to the tenant will be requested. Arrangements for the transfer of any tenant’s deposit will need to be factored in.
A buyer who wishes to live in the property will need to ensure the seller terminates the tenancy and that the tenant will vacate the property before the sale can be completed. Generally, it is advisable to only exchange contracts once it is known that the tenant has actually left the property.
It is for this reason we always ask you to check who is living at the property and if you are aware of any occupiers and on what basis they are in occupation. Crucially, if you are buying a property that has tenants in occupation you should find out at the outset whether it is being sold with vacant possession on completion, or subject to the existing tenancy.