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Buy Property with tenant in situ in Scotland

Started by Angus, March 02, 2021, 09:11:07 AM

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Angus

I have an opportunity to buy property with a tenant in situ the tenant would like to stay on and I'm happy to be a landlord for a few years. How much does this complicate this system of buying flat. What pitfalls should I lookout for. I have checked the survey and it seems good and it seems like a decent place to rent out. I'm just worried as the house has been on the market for quite awhile why it has not sold already. Although I can find nothing wrong with it. Could it be that most people require mortgages to buy and the mortgage lenders are reluctant to give  with a tenant in situ?

heavykarma

You are probably right.Such properties are usually only of interest to other landlords.Someone else would be put off by the complications of having to evict the tenant.I think you should approach this as a new tenancy,doing the necessary checks on the tenant,decide if you are taking a deposit,and if so,protecting it.You also need to serve all the necessary documents for Scotland,which may include updating gas safety checks etc.Don't assume that the previous landlord had everything done correctly.