Buying a House with Tenants in situ?

sammibo

Okay, so covid makes it trickier but I will try to speak to the current tenant in a safe way to try to understand their plans. 

I will not get my hopes up but will check it out and make enquiries. No money will be spent until the tenant is out. 

Thanks everyone, I really appreciate your advice and help.

45002

sammibo said:

Okay, so covid makes it trickier but I will try to speak to the current tenant in a safe way to try to understand their plans. 

I will not get my hopes up but will check it out and make enquiries. No money will be spent until the tenant is out. 

Thanks everyone, I really appreciate your advice and help.

sammibo

I would find out how long have the tenants been living there for/type of tenancy they have, date they 1st moved in ?

If the tenants don't play ball and decide not to move out, it could be a Very long time before vacant possession is achieved !

badger09

sammibo said:

Okay, so covid makes it trickier but I will try to speak to the current tenant in a safe way to try to understand their plans. 

I will not get my hopes up but will check it out and make enquiries. No money will be spent until the tenant is out. 

Thanks everyone, I really appreciate your advice and help.

If tenants don't want to move out, the legislation brought in because of COVID, makes it impossible to force them to leave. For a very long time. 
Hope you get to speak to tenants and that they are happy to leave. Please update.

sammibo

Hello all, just posting an update.
We viewed the property and despite going in not wanting to like it, we realised it was 'the one'....

We've spoken to the tenant who seems happy enough to move, we've had an offer accepted and we are now in the process of applying for a mortgage. We have backups planned and have gone with conveyancers with a no sale no fee clause...

The mortgage we're getting gives us cashback which covers a majority of the brokers fee, so if it doesn't work out, we'll survive. 

Broker seems confident it will be okay.

I'm feeling hopeful.

badger09

sammibo said:

Hello all, just posting an update.
We viewed the property and despite going in not wanting to like it, we realised it was 'the one'....

We've spoken to the tenant who seems happy enough to move, we've had an offer accepted and we are now in the process of applying for a mortgage. We have backups planned and have gone with conveyancers with a no sale no fee clause...

The mortgage we're getting gives us cashback which covers a majority of the brokers fee, so if it doesn't work out, we'll survive. 

Broker seems confident it will be okay.

I'm feeling hopeful.

Hope it all works out for you and tenants do move out. Please keep thread updated. 

lookstraightahead

sammibo said:

Hello all, just posting an update.
We viewed the property and despite going in not wanting to like it, we realised it was 'the one'....

We've spoken to the tenant who seems happy enough to move, we've had an offer accepted and we are now in the process of applying for a mortgage. We have backups planned and have gone with conveyancers with a no sale no fee clause...

The mortgage we're getting gives us cashback which covers a majority of the brokers fee, so if it doesn't work out, we'll survive. 

Broker seems confident it will be okay.

I'm feeling hopeful.

Where will the tenants move to and what notice term are they on? It's difficult to find new places to live - what date have you asked them to move out by?

sammibo

So in Wales at the moment its 6 months on the notice she's been given, which is roughly how long conveyancing etc will take according to estate agent and broker.

 Tenant has been aware that of the house sells she will probably have to move. 

Had it been a shorter time for the tenant to move out I would have had moral issues, but at this time of year where we live many houses come on the market to attract foreign students who don't want to live in student accomodation.

theartfullodger

sammibo said:

So in Wales at the moment its 6 months on the notice she's been given, which is roughly how long conveyancing etc will take according to estate agent and broker.

 Tenant has been aware that of the house sells she will probably have to move. 

Had it been a shorter time for the tenant to move out I would have had moral issues, but at this time of year where we live many houses come on the market to attract foreign students who don't want to live in student accomodation.

a) That notice (which is quite likely to be invalid) expires in 6 months is very interesting but if tenant decides not to go (as is their absolute legal right, Thatcher's 1988 HA) then eviction is likely 12-18 maybe more months.

Further, no, just because house is sold does not end a tenancy nor compel tenant to leave. Only a court then baliffs/HCEO can do that. Again, probably 12-18 maybe more months.

greatcrested

sammibo said:

The mortgage we're getting gives us cashback which covers a majority of the brokers fee, so if it doesn't work out, we'll survive.

'Cashback' suggests you need to pay, but get it knocked off the mortgage at the end. What if the purchase falls through? Read the terms of the cashback offer.......

The tenants may well be cooperative,and may well find themselves a new home, and may well move out when requested.

Or not.

In which case, as explained, the S21 Notice is 6 months at which point the landlord is able to apply to court for possession, which can take the same length of time again - subject to Covid etc etc.

Just so you understand.

lookstraightahead

Op, a tenant has a lot of rights. They do not have to move anywhere unless through legal proceedings.