Buying house from auction with tenant

Beau2013

Guys hope someone with experience can help

The legal pack has all the details of the tenancy but it shows that the tenancy was for 6 months that started in june 2012.
The seller is a limited company that has recently called in the creditors hence the reason for the auction, a presumed forced sale

Im buying this cash as an investment and want to keep the tenant in but wonder if anyone has any ideas on how the tenancy works?

theartfullodger

There may well be a shiny new-ish tenancy signed by tenant (An AST): However, if tenant moved in before 1989 he will actually have, regardless of any paperwork, a "Rent Act", regulated, tenancy, the place will be worth way, way, less & he will be nigh-on impossible to evict if he pays his low low rent.
http://england.shelter.org.uk/get_advice/private_renting/private_renting_agreements

Ask tenant when he 1st moved in: Do not believe solicitors or auction house (unless, say, they can prove place was built in 2011..)

bris

The tenancy will now be running periodic, which means month to month so no real problems there.


Make sure you solicitor gets the legal pack and confirms it's a bog standard AST and not a regulated tenancy, if it's a regulated tenancy do not buy it.

Beau2013

My sols have quoted 800 and there are buyers premium 750 and in the pack it shows id have to pay the sellers sols of 700+vat

Also it shows the house was bought in 2008 then a charge from barclays 5 months after.. Any thoughts on that?

G_M

You need to do some digging regarding the tenancy. Speaking to the tenancy is obviously a starting point. As artful says, there may be more to it legally than simply the 2012 document.

What's the situation regarding deposit? Gas? etc

Your apparant minimal understanding of tenancies is worrying

a) as a prospective landlord you need to get up to speed fast and
b) you'd do far as a newbie LL starting from scratch. Empty property, select your own tenant and know exactly what you're getting.

Now read

https://forums.moneysavingexpert.com/discussion/5180214