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2 existing tenants, 1 wants to move out & 1 wants to stay

movinghelp
movinghelp Posts: 276 Forumite
First Anniversary First Post Combo Breaker
in House buying, renting & selling
So the dilemma is the tenant who wants to stay for another year has asked if she can find the new tenant and if they can have a cooling off period after a month.

I've said yes to the former providing they can pass a credit check / have a guarantor and I'm comfortable once I meet them.

On the second point I think the best I can do is agree to a 3 month break clause versus 6 in case it doesn't work out for either party.

Does any one have any other suggestions/thoughts?
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Comments

  • Chrysalis
    Chrysalis Posts: 4,154 Forumite
    Photogenic Name Dropper First Anniversary First Post
    A credit check is not an affordability test, so I am not sure why landlords carry out a credit check when they not providing credit (rent paid in advance not arrears).

    So personally I think the checks are excessive even tho I know its common in the renting sector.

    I would agree to the cooling off period, and do a affordability check (bank statements, proof of income). If you are awkward you risk looking for 2 tenants instead of 1.
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    * what is likely to be the alternative? Both tenants leave? A void plus marketing costs. How do you feel about that option?

    * From the remaining tenant'spoint of view, the 1 month trial is sensible. They are looking for a housemate and we all know someone may seem compatible, but sharing house/flat does not always work out.

    * from your point of view, what happens if the 1 month trial fails? Both leave and back to square 1?

    * to be honest, I don't really see that a 3 month break clause is much better. Same problem really.

    * I take it you'd not be prepared to let her remain on a sole tenancy basis? That way she could get whoever she wants as a lodger. But it means you just have the 1 person liable for rent, not two, which reduces your security.
  • FBaby
    FBaby Posts: 18,367 Forumite
    First Anniversary First Post Combo Breaker
    Do what you want to do. It's up to you the risk is with you. If it was me I would give notice and fond someone else as this opens to many problems. For a start with the deposit if you've taken one. You'll have to return it to both than take another deposit but want to wait until the new person comes and start again if it doesn't work out with the new tenant.

    That means doing a check out inventory and then a new one.

    Up to you but is rather start afresh knowing where I stand than dealing with the stress of the above.
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    FBaby wrote: »
    . For a start with the deposit if you've taken one. You'll have to return it to both than take another deposit but want to wait until the new person comes and start again if it doesn't work out with the new tenant.

    That means doing a check out inventory and then a new one.
    though that is always going to be the case, whatever happens. The current joint tenancy is ending. Check out required, and deposit must be returned.

    Whether
    * one tenant stays, alone, or
    * stays with a new joint tenant, or
    * leaves and 2 brand new joint tenants come in
    makes no difference - a new tenancy, and deposit, will be needed.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    movinghelp wrote: »
    So the dilemma is the tenant who wants to stay for another year has asked if she can find the new tenant and if they can have a cooling off period after a month.

    I've said yes to the former providing they can pass a credit check / have a guarantor and I'm comfortable once I meet them.

    On the second point I think the best I can do is agree to a 3 month break clause versus 6 in case it doesn't work out for either party.

    Does any one have any other suggestions/thoughts?



    I would keep it simple, give the existing tenant a new tenancy, let her get a lodger in. Then it's the tenants problem, not yours.
  • FBaby
    FBaby Posts: 18,367 Forumite
    First Anniversary First Post Combo Breaker
    though that is always going to be the case, whatever happens.
    Indeed, but at least you know the new tenants will be there for at least 6 months rather than going through it all once with the new tenant joining the old one and potentially once again after they decide it doesn't work.

    Other option is as Guest says, but that comes with the added problems that comes with subletting.
  • Guest101
    Guest101 Posts: 15,764 Forumite
    FBaby wrote: »
    Indeed, but at least you know the new tenants will be there for at least 6 months rather than going through it all once with the new tenant joining the old one and potentially once again after they decide it doesn't work.

    Other option is as Guest says, but that comes with the added problems that comes with subletting.



    Subletting is only if you sublease your full tenancy (IE the whole property), otherwise it's not quite the same (so the limitations from insurers or lenders wont apply)
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    what's the dilemma? It happens often I would have thought.
    The tenant who wants to stay has to get the lease on his/her name.

    If not. Off (both) they go following the usual dance.
    EU expat working in London
  • mrginge
    mrginge Posts: 4,843 Forumite
    Guest101 wrote: »
    I would keep it simple, give the existing tenant a new tenancy, let her get a lodger in. Then it's the tenants problem, not yours.

    Much as it pains me to admit it, this is the most sensible option. :)
  • Tracey011268
    Tracey011268 Posts: 3 Newbie
    First Anniversary
    Hi, my ex wife and I still jointly own my ex marital home. She is living in it on her own. We are tenants in common, what I need to know is, can I sell my half of the property, or can I insist that the house gets sold if she doesn't agree, as I want to go and live my twighlight years abroad.
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