house sale agreed but...

Yoshii

i have a rental properrty which is currently going thru motions of being sold.
my tenants have a contrct to stay there till middle of august 2005.what should i do regarding the contract ,renew and or inform the new owner about their asking price for the rent which i am sure they will want ot push up.time is getting close to the end of the contract.

i want to make sure my tenants are not priced out of a place to live.

help required

yoshii

Yoshii

come on you property investors etc, i need to know how i get round this problem. at the end of the day i want my tenants to be safe in the knowledge that their rent wont go up 30% etc


thanks yoshii

kamaran

You cant really do anything mate im afraid. Because if its no longer your property then you have no right over it.

Assuming the new owner also wants to rent it out, I would ask the tenants to contact their new landlord (maybe via the estate agent) and ask for a meeting to agree a new tenancy agreement.

I would also make sure yours is terminated the day you complete on the sale.

GreenB_2

Its up to the new owner - most would expect the property to be vacent on the day of completion. Therefore if you are selling yu should give your tenants notice to quit.

frugal_dougal_3

Yoshii wrote:

at the end of the day i want my tenants to be safe in the knowledge that their rent wont go up 30% etc

If a new landlord tried to increase rent by this amount the tenants could contact the Rents Officer who would probably take action on the grounds that it would be unfair.

Yoshii

okay what i should have added is that the people buying my rented house will also be looking to rent out the property as they are property investors.
thanks
yoshii

kinster_2

It is still your property until the day of completion. You will need to ask the potential buyers about the new contract. It's up to them to come up with the figures, but you can give them hints about the current rent. If the new tenants do not like the new figures then they can leave if they want.

Pal

There is nothing to stop the new landlord providing the existing tenants with a draft contract to consider and sign if they want to continue living there. The contract does not take effect until the sale date anyway.

In practice this is the only way that they are going to be able to stay in the house, otherwise they have to vacate on the day that the sale goes through.

Yoshii

i have seen in auction mags etc that some of the rental properties have tenants in already and they have give their notice to vacate on a particular date.

could this not apply here?
yoshii