BTL with Tenants remaining

matthead

Hi,

I am in the process of purchasing a BTL with tenants in the property with two months remaining on the existing AST. Should I need to sign a new AST from the day I complete??, I want to honour the remaining AST rent but would have to increase the rent once it finishes.

dazco

I do not wish to sound pedantic, but it is usually called a BLT.

Bacon Lettuce and Tomato.

Good luck with your purchase, I am going for bacon and egg.:D

lynzpower

when will you complete.

If you want to put the rent up and they dont want to pay it , dont you have to start the official legal eviction process

subjecttocontract

The tenants need to have a section 48 notice served on them to advise them of who the new landlord and the new address where they ca serve notices.

dazco

subjecttocontract wrote: »

The tenants need to have a section 48 notice served on them to advise them of who the new landlord and the new address where they ca serve notices.

Please would you read my eviction thread, very close to this thread, and tell me if I should have had one of these notices. Thanks

matthead

subjecttocontract wrote: »

The tenants need to have a section 48 notice served on them to advise them of who the new landlord and the new address where they ca serve notices.

Thank you very much subjecttocontract, I will look into it, Is there anymore CONSTRUCTIVE advice someone is willing to offer.

macaque_2

matthead

Alternatively the tentants might tell you to shove your rent rise where the sun never shines. That would solve one problem (although the lack of a tenant may not align with your preferred business model).

Remember; if you have paid too much, you can't dump your problems on the tenant.

Debt_Free_Chick

matthead wrote: »

Hi,

I am in the process of purchasing a BTL with tenants in the property with two months remaining on the existing AST. Should I need to sign a new AST from the day I complete??, I want to honour the remaining AST rent but would have to increase the rent once it finishes.

Just curious - why would you have to increase the rent? Is it out of line with similar properties in that area?

matthead

Yes precisely that, the previous owner was renting at least 20% less real market rental value as she was in a position to, I made enquiries and I would easly obtain people wanting to rent at approximatley 10% less real market value which is what I want to put it up by.

Debt_Free_Chick

I think this will all depend on how the relevant dates work out.

It would seem far simpler for the current LL to issue a s21 (notice to quit) now, to end at the end of the current fixed term.

You would then complete .... and offer a new AST to start on the day after the old one ends, with the new rent.

Would that work? I'm not sure .... I think it depends on when you complete .... Any dates you can give us, even if completion date is just provisional?

dazco

macaque wrote: »

matthead

Alternatively the tentants might tell you to shove your rent rise where the sun never shines. That would solve one problem (although the lack of a tenant may not align with your preferred business model).

Remember; if you have paid too much, you can't dump your problems on the tenant.

I have never come across you on any other threads but I have looked at some of your other posts. I have to tell you, I like what you say:T