Seen another flat..BUT it has tenants in it what to do?

Yasmin02

Hi

Was wondreing if i could have peoples advice. i have seen a really nice 1 bed flat see link below

http://www.rightmove.co.uk/viewdetails-14867228.rsp?pa_n=4&tr_t=buy

My only problem is that it has tenants in it until January 2008. My questions were could the current landlord servce them two months notice (as i do ont really want ot buy on buy to let) as i intend to live in the property and if so how easy is this to do?

Thanks for your responses in advance

YASMIN

dmg24

It is a fixed term tenancy, so no, they would not be able to serve notice on them.

Melissa177

It is a nice flat though!

Can you delay moving in? If they are paying the rent, which goes towards the mortgage, can you continue renting?

Being flexible might enable you to barter some money off the asking price.

lynzpower

god YAs, not too sure how I missed that one- does it have no board up?

I think janisnt that far off and for the price, Id be very tempted to consider it.

Additionally, if you offered your tenants some cash to leave they might leave early.

I dont know the legality of that tho

Yasmin02

Hello Lynpower and everyone else

Lynpower there is no board up outside its just on the internet so i find that a bit odd but not to sure why there was no board put up! The EA was vrey honest with me and said they have had one offer on it but they pulled out (i thought that was quite nice rather than lieing and saying they had millons of offers!)

Yes the rent would help towards the morgage no problem at all BUT what type of mortgage would i get buy to let? as i would need to them change it over thats the only cocnern i have....and what happens if they do not leave beforehand etc? I defintly am interested in it but not sure how the mortgage would work etc Does anyone have any ideas? I can delay moving in and can rent in stratford until January 2008 no problem at all...so does anyone have any ideas?

Yasmin

lynzpower

the only other thing that I can think of would be if you put it to the vendor that you could exchange as per normal - with a view to delayed completion after the tenants are meant to have left- which means you can await thier departure & not pay till theyve gone- however, Im not sure the vendor would be too happy with that, i wouldnt, but its not a bad place to start negotiating from

Yasmin02

lynzpower wrote: »

the only other thing that I can think of would be if you put it to the vendor that you could exchange as per normal - with a view to delayed completion after the tenants are meant to have left- which means you can await thier departure & not pay till theyve gone- however, Im not sure the vendor would be too happy with that, i wouldnt, but its not a bad place to start negotiating from

Hello

Yes that sounds like an idea but not to sure how i would get hte mortgage though whether to get it on buy to let or normal mortgage. Its a bit strange really....for an landlord to be advertising with tenants in siutation the flat is really nice though so i am not to sure how to negotiate this one....

Yas

BobProperty

I bet it's on the market now to avoid paying for a HIP. The owner should know they can't get the tenants out until Jan 08, surely?

pinkshoes

If people are pulling out due the tenant situation, you could put in a good offer!!

I'd speak to a financial advisor, and check if there's any fees involved in a BTL mortage (and changing it in 8 months), or whether you could take interest only mortgage. Maybe even negotiate the estate agent fees if you want them to manage the house?

CB1979_2

BobProperty wrote: »

I bet it's on the market now to avoid paying for a HIP. The owner should know they can't get the tenants out until Jan 08, surely?

why the big deal I see loads of flats for sale with tenants in situ???

i suppose the big question is does the owner want to sell now, ie get his cash or would he agree to exchanging now and then completing in 8 months time (as mentioned above).

the biggest fear I would have would be what if you did buy this place hoping to move in at end of January and then the tenants turn out bad, and then takes you a further 3 months to evict them or if there's loads of repairs need doing between now & then.

remember you weren't looking to buy a place to become a landlord!

also the £750 rent would just about cover the mortgage or maybe not, add on suitable insurance and any repairs, etc and you may be paying a couple of ££ to "possibly" move in at end of jan.

when you looked round the place were the tenants there? if not could that be the reason why there's no board up, he doesn't want them knowing, etc?

with regards mortgage, if it were me I would just get a normal mortgage as it's a temporary situation and not tell the mortgage company as wrong as it may seem.

BobProperty

CB1979 wrote: »

why the big deal I see loads of flats for sale with tenants in situ???......

So have I in the past, but expecting it to take 9 months to complete is a bit pessimistic If I saw that deal I'd be wanting to know why it is on the market now.