Buying a no chain property BUT it has tenants in it.

Soot2006

Listen to all of the above

BUT -- when DH and I were renting in a For Sale house LL kept us updated all the way and let us know as soon as offer was made. We found a new place a few weeks later and LL returned our deposit immediately + paid our moving costs to say thanks. This put us in a place with more security + suited him. We signed deed of surrender, returned keys, shook hands.
We could have made it difficult for him, but why would we? Some people are decent!

DVardysShadow

Soot2006 wrote: »

Listen to all of the above

BUT -- when DH and I were renting in a For Sale house LL kept us updated all the way and let us know as soon as offer was made. We found a new place a few weeks later and LL returned our deposit immediately + paid our moving costs to say thanks. This put us in a place with more security + suited him. We signed deed of surrender, returned keys, shook hands.
We could have made it difficult for him, but why would we? Some people are decent!

Quote aside from the issue of a decent tenant being in his fixed term and unwilling to uproot, the following ....

maybe_tomorrow wrote: »

.... I have requested details on what notice the existing tenants require from the vendor to move out as I am concerned this could delay completion. Their agent said they do not have to tell us and therefore wont.

.... does not bode well for the vendor/LL being decent or allowed to be decent by the agent.

marliepanda

Soot2006 wrote: »

Listen to all of the above

BUT -- when DH and I were renting in a For Sale house LL kept us updated all the way and let us know as soon as offer was made. We found a new place a few weeks later and LL returned our deposit immediately + paid our moving costs to say thanks. This put us in a place with more security + suited him. We signed deed of surrender, returned keys, shook hands.
We could have made it difficult for him, but why would we? Some people are decent!

I am in a similar situation, but I am not being treated decently. How do you know the current tenants are being treated decently?

It shouldnt be on the tenants to make things easy for the LL. if he wants to sell he has to make it easy for the buyers and the tenants.

bitsandpieces

maybe_tomorrow wrote: »

Their agent said they do not have to tell us and therefore wont.

They don't have to tell you (though I presume the sellers' solicitor will have to confirm for your mortgage company that the place is vacant before you get your mortgage funds). You don't have to buy the property. I don't see how you can sensibly proceed without knowing - what happens if the tenant has just started a 6 month contract, for example?

The fact a tenant is in there increases the risk of delays. The fact the agent is being, at best, unhelpful isn't a good sign. Depends how much you want the property, I guess, whether you're willing to put up with this.

Catblue

This could work to your advantage, you know.

Nip round to the house this weekend and talk to the tenants about their plans. They'll probably tell you exactly what their intentions are.

Oh, and while you are there then you can ask about the maintenance issues that have not been addressed lately. They'll know about the true state of the place better than anyone.

If you do decide to go ahead then you can always ask for a price reduction further down the line since you know for a fact that the roof has been leaking for the last 18 months, for example. Or you can point the surveyor in the direction of aspects of house maintenance that the tenants feel have been neglected recently. The surveyor will take these issues into account when giving his valuation.

Knowledge is power.

suited-aces

Though at least bring a bottle of wine or something to make it worth their while, some tenants might feel put out enough by a landlord trying to sell from under their feet, without having to give the inside scoop to potential buyers while they miss Eastenders.