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Found a flat I want to buy, but need to become a landlord first

morpheus953
morpheus953 Posts: 4 Newbie
in House buying, renting & selling
Hi all,

I'm a first time buyer and have found a great value flat that I like and would like to buy, however there is an issue.

The flat comes with a tenant, whose tenancy runs to May next year - 10 months away. The flat comes with the tenant.

I really like the flat, but I'm uncomfortable having to wait 10 months to occupy it and I'm also concerned about being a landlord. I've never owned a property before let alone been a landlord, but am I making a fuss over nothing - is being a landlord really that difficult for a 1 bed flat? Or am I being naive.

I'm not sure whether to seize the moment and make an offer (as I love the flat) or wait for somewhere that I can occupy soon without having to be a landlord. Hmm. Any advice would be really appreciated as these forums are amazing. :)
«1

Comments

  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
    10,000 Posts Combo Breaker
    If you are trying to buy this property with a residential mortgage the lender will not agree to release the funds until you have vacant possession. If you really want to buy this flat wait until the current owners have regained possession first.
  • neverdespairgirl
    neverdespairgirl Posts: 16,501 Forumite
    You would need a buy-to-let mortgage, not a residential one. That means 25% to 40% deposit, rent being a certain % higher than the mortgage payment, and some banks only lend on BTL if the LL already owns his own house / flat.
    ...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    And yes, there are all sorts of legal obligations on landlords which you will have to observe.

    Plus of course, you do realise your tenant may not leave after 10 months? They only have to leave after you have followed a set procedure and obtained a court order, which then has to be enforced. Make a procedural error, and the court will throw out your application. Unless the tenant leaves voluntarily, it may take you 3, 5, 7? months after the 10 month point you expect.

    More here.
  • KiKi
    KiKi Posts: 5,381 Forumite
    Part of the Furniture 1,000 Posts
    If you don't know what you're doing in being a LL, and can't get a Buy-to-let mortgage, then run a mile. :)

    KiKi
    ' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".
  • First_Time_Buyer_Guru
    First_Time_Buyer_Guru Posts: 37 Forumite
    If you can get the tenancy to be terminated then you could get a regular residential mortgage and let the tenant stay there as a lodger under the government's rent a room scheme.
    Free Guides For First Time Buyers!

    FirstTimeBuyerGuru
  • First_Time_Buyer_Guru
    First_Time_Buyer_Guru Posts: 37 Forumite
    Of course there may be issues given it's a one bedroom flat!
    Free Guides For First Time Buyers!

    FirstTimeBuyerGuru
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    And if the 'tenant' has not left then in what sense is the tenancy 'terminated'?

    The OP would effectively be moving with the tenant, and would be the tenant's lodger!
  • Yorkie1
    Yorkie1 Posts: 12,789 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The tenant has a valid contract for the flat. You can't just move back in (posted in response to FTG's suggestion).
  • WelshNic
    WelshNic Posts: 303 Forumite
    But, but, but, he's a guru :mad:
  • Werdnal
    Werdnal Posts: 3,780 Forumite
    Part of the Furniture Combo Breaker
    3 little words - DON'T DO IT!
This discussion has been closed.
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