Buying from a buy to let investor

MaryNB

tbo127 said:

davidmcn said:

tbo127 said:

Actually this is a good point which I didn’t even think about. The advert didn’t say vacant possession. 

How do you know it's a buy to let investor, if all you're working from is an advert?

Though if it's being sold with tenants in situ, I'd generally expect that to be made clear.

The estate agent told me when I phoned them that it’s currently a buy to let and tenanted at the moment. Although I also told the estate agent I plan to live in it so presumably they are selling it as vacant possession. 

Has the landlord issued an S21 yet? Currently a 6 month notice period to end the tenancy. Some landlords want full market value for their property (i.e. sold with vacant possession) but don't want to lose out on rental income so don't issue a notice until they have a buyer on board. 

tbo127

This investor has put “offers in excess of” on the asking price though so I don’t know if that means they won’t accept anything lower. It’s been on the market for around 3 months. 

tbo127

MaryNB said:

tbo127 said:

davidmcn said:

tbo127 said:

Actually this is a good point which I didn’t even think about. The advert didn’t say vacant possession. 

How do you know it's a buy to let investor, if all you're working from is an advert?

Though if it's being sold with tenants in situ, I'd generally expect that to be made clear.

The estate agent told me when I phoned them that it’s currently a buy to let and tenanted at the moment. Although I also told the estate agent I plan to live in it so presumably they are selling it as vacant possession. 

Has the landlord issued an S21 yet? Currently a 6 month notice period to end the tenancy. Some landlords want full market value for their property (i.e. sold with vacant possession) but don't want to lose out on rental income so don't issue a notice until they have a buyer on board. 

This I don’t know. 

eddddy

tbo127 said:

MaryNB said:

Has the landlord issued an S21 yet? Currently a 6 month notice period to end the tenancy. Some landlords want full market value for their property (i.e. sold with vacant possession) but don't want to lose out on rental income so don't issue a notice until they have a buyer on board. 

This I don’t know. 

Just for balance - people are (very sensibly) highlighting the worse case scenarios. 


For example, it could equally be that the tenants have given notice and will be moving out in a short while - so the LL/BTL investor is taking the opportunity to sell.

Or maybe the tenants have already voluntarily agreed to leave (maybe in return for a "deal" with the LL).


So it's important to do some investigations.

Obviously the seller might try to lie to you (or the tenants might change their minds) - but then any type of seller of any type of property might lie about their circumstances and/or change their minds about moving etc.

deannagone

But 'presume' nothing you haven't investigated and establish as fact.  Before spending money on legal fees.  If a S21 has been issued, ask to see a copy of it, don't go by word of mouth reassurances it was issued months ago.  Speak to the tenants, see what their plans are.  Assess if they can find another place or will depend on council to house them (who will advise them to wait until officially evicted which could easily take 12 months to happen with court backlog).