UK Landlord Forum / Life

Hi. I found a flat that I like to add to my existing portfolio(making a total of 2) The flat is very nice but comes with
a tenant 2months into a 6 month contract. It all looks good and the yield is good
Has anyone had any experience of buying like this?
Is it quite straight forward and will the mortgage company have issues?
Thanks

I would be really surprised if your mortgage company allowed you to exchange contracts (even on a BTL mortgage) with a tenant in occupation.

Just an Update. The building society didnt have any issue with a a tenant being already in. They said it helped as
it proved the property income ratio. There only concern was the type of tenant and the tenancy length. Both were acceptable.
Cheers

Result 

It would have been. But unfortunatly the selling agent doesnt seem to want me to buy it. Put 2 offers in. the first one after waiting 24hrs I called the agent to see if it was accepted, It wasnt so Upped the offer to just below asking price  2 day later no confirmation or phone call back. Flat is still up for sale. I don't understand it. Couldn't be because I didnt want any mortgage arrangements or letting services could it... Still its all a learning curve

Why has the agent ignored you? I have a friend who bought a house with tenants in situ and still there. What is the legal angle on an agent ignoring offer? Are you near price? On price? Just a thought. If all seems good, no idea what the hold up is.

By law agents have to put all offers, even totally insulting ones to the vendor.

well its over a week and I have not heard a thing since the 2nd offer(2.5% below want the vendor wanted) I even tried to contact the agent as a new inquiry using a new phone number and name. There internet /head  office called me and said they would get the office to call me on Monday. And Nothing. So I have moved on and continue to look, Its the vendor I feel sorry for. Its a big chain too.

If you don't get success at the bottom go to the top. Speak to his boss.
I have bought several HMOs and a few dozen tenanted properties without issue through various mortgage lenders.  A tenanted property adds to your income which the bank looks at.