owner selling the property i just started renting

simonmt1981

I could use some advice, my girlfriend and I moved into a flat at the beginning of December.


We have an Assured Shorthold Tenancy which according to the tenancy agreement is for 12 months running until December 2017 and then becomes a monthly periodic contract after that.


I received a call from the letting agent telling me the owner wants to sell the property. Now he did say that he has told the owner that he can only sell the flat to somebody who is willing to come in as a landlord and keep us as existing tenants.


He also said that even IF we did have to leave the earliest that could happen would be at the end of the 12 month period on the tenancy and if the new owner was happy to keep renting it shouldn't really make much difference to us at all.


my question is, Can I trust what I am being told by the letting agent (my last letting agency did a few things that came very close to being illegal so my trust in them has been somewhat shaken) and is there a possibility we can be evicted before the 12 month period ends?


To be clear we look after the property and pay rent on time and are what would be classed as good tenants, so there would be no clause to evict us for any of those kinds of reasons.


Having only just moved and got settled in we were hoping to be living here for a while as we really like the flat. Also this is the third flat I have lived in the past 13 months as I have had 2 other landlords who either wanted to move in themselves or rent to a family member. the cost of moving multiple times has hit me quite hard financially not to mention the stress of it all and I really don't want to have to go through it all again to be honest.

Bluebirdman_of_Alcathays

As long as you don't break the terms of your letting agreement, you cannot be evicted before Dec 2017.

ThePants999

That's correct. And although I'm now into the realms of speculation, trying to sell now with your fixed period ending in December means your landlord will almost certainly wind up selling to someone who WANTS you to stay. Anyone who wanted existing tenants gone wouldn't be keen on a house where they couldn't get rid of them for 11+ months.

Guest101

simonmt1981 wrote: »

I could use some advice, my girlfriend and I moved into a flat at the beginning of December. - excellent, Christmas and new year in new place.


We have an Assured Shorthold Tenancy which according to the tenancy agreement is for 12 months running until December 2017 and then becomes a monthly periodic contract after that. - brilliant.


I received a call from the letting agent telling me the owner wants to sell the property. Now he did say that he has told the owner that he can only sell the flat to somebody who is willing to come in as a landlord and keep us as existing tenants. - indeed, or to buy you out of the lease.


He also said that even IF we did have to leave the earliest that could happen would be at the end of the 12 month period - that's not strictly accurate, it would be shortly there after. on the tenancy and if the new owner was happy to keep renting it shouldn't really make much difference to us at all. - indeed


my question is, Can I trust what I am being told by the letting agent (my last letting agency did a few things that came very close to being illegal so my trust in them has been somewhat shaken) and is there a possibility we can be evicted before the 12 month period ends? - not unless you fail to pay rent or break the lease substantially.


To be clear we look after the property and pay rent on time and are what would be classed as good tenants, so there would be no clause to evict us for any of those kinds of reasons. - then no need to worry (unless theres a break clause)


Having only just moved and got settled in we were hoping to be living here for a while as we really like the flat. Also this is the third flat I have lived in the past 13 months as I have had 2 other landlords who either wanted to move in themselves or rent to a family member. the cost of moving multiple times has hit me quite hard financially not to mention the stress of it all and I really don't want to have to go through it all again to be honest.

well that's renting. Sometimes you get lucky sometimes you don't.

Pixie5740

That does seem a bit dishonest of the landlord to sign a new AST and then within a matter of weeks decide to put the property up for sale.

I wouldn't put too much stock in what the letting agent tells you. After all they work for the landlord not you. The landlord can sell the flat to whomever he likes. That could be another BTL investor or it could be someone looking for a new home. Even if it is sold to another BTL investor that doesn't mean they will want to keep you as tenants.

Check your tenancy agreement to see if there is a break clause. You might also find G_M's guide to Ending/Renewing an AST for further information.

Out,_Vile_Jelly

Does your contract contain any clauses about allowing viewings? Often they just stipulate in the last month of the tenancy. If so, you can ignore any such requests until November. If it's being marketed to other LLs with sitting tenants they are likely to keep good tenants so might not be a bad thing to get short of your current LL, who's clearly quite inconsiderate.

HouseBuyer77

Even if it is sold to another BTL investor that doesn't mean they will want to keep you as tenants.

Well said investor would be stuck with them as tenants til the fixed term elapsed. At which point they could evict. However if they weren't happy with them as tenants why would they buy it in the first place? Knowing they'd have to keep them as tenants for some months.

Someone buying it as a home wouldn't be able to get a residential mortgage on it and then would have wait several months after purchase before they could even consider moving in (whilst paying higher BTL mortgage rates and having the hassle of being a landlord). A cash purchaser would avoid the BTL mortgage but would still have to be a landlord for a while and still have to wait to move in.

Unless this is a particularly unique property (so someone would be willing to wait several months being a landlord, potentially paying BTL mortgage rates to get their hands on it) I'd say most likely outcome is you'll get another BTL investor buying who will be happy to keep you as tenants.

Not much you can do about it now anyway. Wait to see who buys and then find out what their plans are.

You are at least definitely able to stay there until December 2017 (assuming you don't get into rent arrears or cause serious damage or anything else that would cause you to be evicted before the end of the fixed term).

Pixie5740

Yes I am aware that someone requiring a residential mortgage would need vacant possession on completion as part of the sale. As I am aware that any BTL investor wishing to start afresh with new tenants would need to wait until the OP was evicted. The point I was making that even if the OP makes it to the end of his fixed term he might not make it much further than that.

The OP hasn't said whether or not there is a break clause so he could be out sooner than December 2017.

maisie_cat

Work out what the difference in price is likely to be between vacant possession and sitting tenants and if it's worth it to you negotiate a lease surrender payment to reflect 50% of the difference. Win win

glentoran99

Pixie5740 wrote: »

That does seem a bit dishonest of the landlord to sign a new AST and then within a matter of weeks decide to put the property up for sale.

I wouldn't put too much stock in what the letting agent tells you. After all they work for the landlord not you. The landlord can sell the flat to whomever he likes. That could be another BTL investor or it could be someone looking for a new home. Even if it is sold to another BTL investor that doesn't mean they will want to keep you as tenants.

Check your tenancy agreement to see if there is a break clause. You might also find G_M's guide to Ending/Renewing an AST for further information.

why is it dishonest?

scriv

Yes, you should not worry as you are protected until Dec 17 as per your AST agreement.

I am actually selling my property with an AST tenant in situ and the buyer is a fellow investor who actually gets a good deal by having a ready made income until the end of the tenancy.

Towards the end of your tenancy the new LL may give you notice to leave at the end of it, or may offer you a renewal or a new AST at the end of this one, for which he may wish to increase the rent. If the let goes into periodic, he may then give you 2 months notice - but he cannot make you leave until the end of your AST in normal circumstances unless there is a break clause.