Landlord selling the house with us in?

diystarter7

Alderbank said:

elsien said:

Thank you 

It would seem odd though a landlord buying a tenanted property then promptly trying to evict the tenant. 

Quite often a property is worth more with vacant possession.

Valid points along with my previous post
You said "often" and that is true. Often, i london a property is worth more that has a proven rental income with a T or T's that have been there for at least a year, a good example of this is a HMO. or even a single let as it saves the new investor the hassel and the worry of finding someone that may not be a great T.

Thanks

Alderbank

I agree, good tenants (or good T's as you call them) are a valuable asset to an investor.
However we are not in a strong  investors market at present, for various reasons. Where I live there seem to be more investors selling than buying.
Vacant possession greatly increases the pool of potential buyers.

BlueJ94

Thanks all, it’s a little stressful so I’m just trying to be open minded about it all! The LA are giving the current landlord my email and phone number to contact me to keep me updated about what’s happening, I’m going to dig out my tenancy agreement and read through it later this evening 

housebuyer143

When I sold with tenants in situ and rent under market value was the day it completed the new landlord put the rent up to full market value, which was a £200 increase. 

Heads up, that the new landlord might not be as generous as your old one.

BlueJ94

housebuyer143 said:

When I sold work tenants in situ and rent under market value was the day it completed the new landlord put the rent up to full market value, which was a £200 increase. 

Heads up, that the new landlord might not be as generous as your old one.

The rent being put up isn’t an issue, I can pay the increase in rent as currently we’ve got a 3 bed house for £300 and everywhere else is around £450/500. I expect the increase. I just don’t want the whole hassle of having to find somewhere to live etc. just trying to keep positive but also do some research into knowing what’s what going forward 

housebuyer143

BlueJ94 said:

housebuyer143 said:

When I sold work tenants in situ and rent under market value was the day it completed the new landlord put the rent up to full market value, which was a £200 increase. 

Heads up, that the new landlord might not be as generous as your old one.

The rent being put up isn’t an issue, I can pay the increase in rent as currently we’ve got a 3 bed house for £300 and everywhere else is around £450/500. I expect the increase. I just don’t want the whole hassle of having to find somewhere to live etc. just trying to keep positive but also do some research into knowing what’s what going forward 

Fingers crossed. Generally I don't think people buy tenanted houses to evict the tenants, esp good ones, but you can never know what's in someone's mind. 
Might be they do the repairs and then do nothing to the house until you leave. 

diystarter7

BlueJ94 said:

Thanks all, it’s a little stressful so I’m just trying to be open minded about it all! The LA are giving the current landlord my email and phone number to contact me to keep me updated about what’s happening, I’m going to dig out my tenancy agreement and read through it later this evening 

Morning
Most, if local and not owning a lot of properties will come and meet you.
Did you see them on the viewing and have an idea who they are
Like I and a few others said, see how it goes.
The AST will remain the same as the rules are the rules.
You have agreed the rent will go up
It's a wait and see game now.
Good luck.

diystarter7

housebuyer143 said:

BlueJ94 said:

housebuyer143 said:

When I sold work tenants in situ and rent under market value was the day it completed the new landlord put the rent up to full market value, which was a £200 increase. 

Heads up, that the new landlord might not be as generous as your old one.

The rent being put up isn’t an issue, I can pay the increase in rent as currently we’ve got a 3 bed house for £300 and everywhere else is around £450/500. I expect the increase. I just don’t want the whole hassle of having to find somewhere to live etc. just trying to keep positive but also do some research into knowing what’s what going forward 

Fingers crossed. Generally I don't think people buy tenanted houses to evict the tenants, esp good ones, but you can never know what's in someone's mind. 
Might be they do the repairs and then do nothing to the house until you leave. 

On the whole true and there is the exisiting aST to honour. Once a new 12 month AST is agreed, that would be good.

BlueJ94

diystarter7 said:

BlueJ94 said:

Thanks all, it’s a little stressful so I’m just trying to be open minded about it all! The LA are giving the current landlord my email and phone number to contact me to keep me updated about what’s happening, I’m going to dig out my tenancy agreement and read through it later this evening 

Morning
Most, if local and not owning a lot of properties will come and meet you.
Did you see them on the viewing and have an idea who they are
Like I and a few others said, see how it goes.
The AST will remain the same as the rules are the rules.
You have agreed the rent will go up
It's a wait and see game now.
Good luck.

It’s not sold yet, but he is selling to another landlord so the estate agents have pre told us about the new landlord wanting to come visit and the old landlord wanting to take photo etc. which is fine. I’ve never met or spoken to my current landlord so I’m hoping my new landlord will be great! 

diystarter7

BlueJ94 said:

diystarter7 said:

BlueJ94 said:

Thanks all, it’s a little stressful so I’m just trying to be open minded about it all! The LA are giving the current landlord my email and phone number to contact me to keep me updated about what’s happening, I’m going to dig out my tenancy agreement and read through it later this evening 

Morning
Most, if local and not owning a lot of properties will come and meet you.
Did you see them on the viewing and have an idea who they are
Like I and a few others said, see how it goes.
The AST will remain the same as the rules are the rules.
You have agreed the rent will go up
It's a wait and see game now.
Good luck.

It’s not sold yet, but he is selling to another landlord so the estate agents have pre told us about the new landlord wanting to come visit and the old landlord wanting to take photo etc. which is fine. I’ve never met or spoken to my current landlord so I’m hoping my new landlord will be great! 

Thanks - often one you don't see can be better. Either way, you will soon find out.

when does your current AST end?
If its a few months away - if you are interested, ask for a new 12 month one and see what they say - there will be costs, you may want to negotiate.
Good luck