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tenant in occupation
lydriver
Posts: 264 Forumite
saw this in an advert for a flat for sale - what does it mean?
Great property with added benefit of tenant in occupation
0
Comments
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A tenant already lives there so when you buy the property you become a landlord.0
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ah, that explains it, I was wondering how the hell someone living there could be of any benefit!0
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Just bear in mind that, if you want the property for yourself, you could have a while to wait before you can move in.
Evicting a sitting tenant can be a long process. You have to serve a section 21 notice and, if tenant ignores it, you have to prepare for legal action. Definitely look into the tenant's current contract - how much longer does it have to run.
If you're looking for a flat, for yourself to move into on completion, then this property is not for you.0 -
yeah it's a decent price in a nice area but highly unlikely I'll be interested in it now
I'm in no rush to move but no point causing myself extra hassle0 -
Some landlords would like to buy a property with a tenant already in there as they get rent from day one. Indeed, some people's business is just to buy property, do it up, get a tenant in and sell it as tenanted to a landlord.
I even saw an entire block of flats bought, from new build, tenanted, then put on the marked as a whole tenanted block.0 -
If you do want it as your home, and you have a mortgage, you won't be able to complete to until the property is vacant.
Estate agents use the words "benefit of" instead of "has"."Real knowledge is to know the extent of one's ignorance" - Confucius0
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