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Help please complicated issue
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I think the reason the OP wants to buy is they do not currently own a property and wish to get on property ladder. Assume they will inherit part of house at some time so the £80k they are willing to pay is to pay share to other parties who may inherit.
I assume that once they take ownership they can issue a S21 to evict tenants and live in house themselves. It might take a bit of time but is clearly worth it.
~Laugh and the world laughs with you, weep and you weep alone.~:)
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You can't issue a S21 on a non-Housing Act tenancy. That is for AST/SPT only, AFAIK.
The tenant has security of tenure for a fixed period.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »You can't issue a S21 on a non-Housing Act tenancy. That is for AST/SPT only, AFAIK.
The tenant has security of tenure for a fixed period.
In original post, which has been deleted, said the had AST but with nothing in contract that allowed for rent increase. If I remember OP correctly tenant had been there for 14 years with another 11 remaining and paid £400 rental pm - which is substantially below market rate. ~Laugh and the world laughs with you, weep and you weep alone.~:)
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Can you have an AST over 25 years?
I thought an AST had a max term of 1 year?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
It sounded odd when first posted. I can't see why anyone would give such a long tenancy unless it's a family member and maybe part of some inheritance agreement.kingstreet wrote: »Can you have an AST over 25 years?
I thought an AST had a max term of 1 year? ~Laugh and the world laughs with you, weep and you weep alone.~:)
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I think someone my be regretting giving a long tenancy with no rent increase possible.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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