Vacant possession? My landlord is selling to a new landlord

StillATenant

My landlord told me earlier this year that they have to sell the house due to a redundancy in the family. They subsequently told me that they were able to find a buyer who was happy to keep me on as a tenant (hooray!)

Now I have been asked to email the letting agent to tell them that I am vacating the property next week. They say this is due to "vacant possession" where the property can't be sold with a tenant in. Over the phone I've been assured that I don't *actually* need to leave the property.

A quick Google - "buying a tenanted property" (I'm not allowed to post the link to the page) - tells me that vacant possession is not only way a house can be sold, so I'm confused why this route would have been taken in the first place?

I have an existing tenancy agreement which has a few months left, am I risking anything by confirming that i will be vacating?

I should point out that I have no reason to suspect the letting agent of anything malicious, the relationship has been great for the existing tenancy, this just strikes me as a bit unusual.

RAS

The requirement for vacant possession suggests the property is being bought with a residential mortgage not a buy to let one. residential motgages require vacant possession.


Do NOT e-mail the letting agent as requested. You are probably being asked to commit fraud.

Are you in England, Wales or Scotland (law are diffferent).

StillATenant

RAS wrote: »

Are you in England, Wales or Scotland (law are diffferent).

I'm in England.

xylophone

http://www.homewardlegal.co.uk/blog/buying-tenanted-property-issues

The point is that you won't be vacating next week so that to say that you will could be aiding and abetting a fraudulent transaction?

BitterAndTwisted

You don't have to go anywhere until your fixed-term ends. If this new buyer is trying to purchase with a residential mortgage they should be encouraged to pay you to off to leave before the sale goes through.

As RAS has said: do not email anyone anything as it is not in your interest to do so. Why would you seek to collude with a stranger to enable them to commit mortgage-fraud?

magpiecottage

The mortgage lender will want vacant possession because if you move in after the loan is in place they can force you out if the new owner defaults on the mortgage (which in itself is understandable).

If you confirm you were not there at outset then they have the evidence they need to prove that and get you evicted.

That is in addition to the fraud issue.

Benji

Not really your problem is it?

Whoever buys the property will be your landlord on the current agreement you have. Your rights remain unchanged.

As others have said, this sounds like the buyer is buying on a residential mortgage - there is no 'vacant possession' requirement on the correct 'buy to let' type mortgage.

It is primarily the buyers problem - they have the wrong type of mortgage. Of course it may be that they can't get a BTL (Resi deposit 10% BTL deposit 30%), so it could become the current landlords problem if they pull out because they can't fund it. Still not your problem though.

Suggest you contact the agent and say you are willing to genuinely offer vacant possession providing your terms are met . . .
1) The agency find you an equivalent home at the same rent that you accept.
2) The agency/landlord pay all removal expenses together with any fees relating to the new rental.
3) The agency/landlord pay the 1st month rent in your new home to compensate you.

theartfullodger

(If it suits you..) you could ask the current owner what it would be worth to him for you to leave in the next week or so... some might suggest £10k+.

But otherwise no, don't email agent (indeed perhaps email agent & explain you are not leaving..) and sit tight. Your rights are protected...

G_M

I agree with all the above. Either

* ignore/do noting or

* offer to leave (I mean really leave) if you are given whatever incentive you think would make it worth your while bearing in mind hotel costs, food cos you can't cook in a hotel, tenancy application fees, holding deposit, credit check costs, blah blah

Do not do any of this in writing in case you inadvertently commit yourself. Only get writing once an agreement you are happy with is reached.

StillATenant

Thanks for the advice everyone. To reiterate, I don't think they're trying to get me out of the house, but I'm definitely going to have a chat with them now that I know the likely reason for them asking.

Just so I'm prepared for the conversation with them though, I want to play out the hypothetical situation they've asked me to go along with:

Assume I *had* given them confirmation of vacant possession, so that they can complete. The agent has said that a new tenancy agreement would be drawn up between me and the new owners. Clearly it seems wrong that they would be letting out the property without a BTL mortgage, but what would problems could that lead to for me?

45002

StillATenant wrote: »

My landlord told me earlier this year that they have to sell the house due to a redundancy in the family. They subsequently told me that they were able to find a buyer who was happy to keep me on as a tenant (hooray!)

Now I have been asked to email the letting agent to tell them that I am vacating the property next week. They say this is due to "vacant possession" where the property can't be sold with a tenant in. Over the phone I've been assured that I don't *actually* need to leave the property.

A quick Google - "buying a tenanted property" (I'm not allowed to post the link to the page) - tells me that vacant possession is not only way a house can be sold, so I'm confused why this route would have been taken in the first place?

I have an existing tenancy agreement which has a few months left, am I risking anything by confirming that i will be vacating?

I should point out that I have no reason to suspect the letting agent of anything malicious, the relationship has been great for the existing tenancy, this just strikes me as a bit unusual.

When did you 1st move in to your current Home,date ?

Have you paid a deposit and was it protected under one of the government schemes ?