Buying house with Tenants in ?

kirkbyinfurnesslad_2

i really would step away now and not waste your time, dont forget your mortgage offer would only last for a certain amount of time

Why waste your money on searches ? The tennant has no reason to move before the 6 months is up at the very least

I would be looking some where else and be thankful you havent wasted any money

PasturesNew

As a buyer I am refusing to view tenanted properties at all.... even though, so far, every house I've called about has been s0ddin' tenanted and apparently that's the market round here; hardly anybody lives in houses, they were all snapped up to be let out.... so now all tenanted.

kirkbyinfurnesslad_2

I dont blame you pasturesnew, its not worth opening a can of worms and you are wise to bide your time

dimbo61

As a tenant I would refuse anyone walking into MY HOME and measuring up full stop.
Monthly inspections !!!! I think not that is harassment.
The tenant and the landlord have a contract for six months END OF
Now if the Landlord wants to offer a couple of grand for the tenant to leave early WELL that might be OK.
It could take months and months to evict

tbs624

kwmlondon wrote: »

Your solicitors will advise you on this. I went through the process of buying a place with tenants in place and while it wasn't as bad as people warned me (they left on time and didn't cause me any grief) the people posting above are absolutely right when they say you could be looking at at least 6 months waiting to move in and then a couple more months if the tenants decide not to vacate (which isn't likely as they'll lose their deposit and be unable to obtain references.

My bolding. Not sure why you think an occupying T would "lose their deposit" in such circumstances. Note too that not all exiting Ts would be dependent on a reference.

Look at it from the other side - the place is *currently the T's home*. Too many vendors want to have their cake and eat it: they want the rental income for the max time but then both vendor & buyer expect that same T to neatly dovetail in around their plans. As G_M says, the best best as a vendor is to have the property vacant whilst trying to sell and as a buyer don't allow yourself to be led on by either the LA/EA or the vendor.

Once you've told your solicitors they'll advise you on the process but as they are the people who take legal responsibility for the contractual process on behalf of the lenders they will not let you move into the property until it's empty. They would be unlikely to move on your instruction to exchange contracts without knowing it's vacant and certainly not let you complete, unless you have this agreed with your lenders and - trust me - you don't want to become landlords.

If buying on a resi mortgage for owner occupation then the purchase would not go ahead.

OP- you need to understand that you/the vendor cannot dictate to the T when they should leave, in the manner you seem to think is applicable. If the Ts want to sit out their Fixed Term (and some) then they are at liberty to do just that.

You may decide that you want to look at other properties.

tbs624

miggiwoo wrote: »

Thanks , as the vendor lives on the same street and we only live 5 minutes away he said we would be welcome to accompany him when he does his monthly inspection ( anytime now) and we could also measure up etc.

*Monthly* inspections? What an intrusion. T may of course decide he does not want either of you to "visit"

miggiwoo wrote: »

I wonder if it is worth speaking to the tenant also and ask what plans they have in place to move as we would be looking to move in early March.

Erm.....they have a tenancy agreement in place, apparently with that min 6 month Fixed Term . That takes you to at least early/mid May. The fact that your solicitor has, according to you, said that early March is good to aim for suggests that s/he too hasn't a clue about how tenancy agreements operate.