UK Landlord Forum / Life

I currently own and rent out a flat under an assured shorthold tenancy, I'm looking to sell to another landlord, will the current contract I have with the tenants remain in place once sold, or will they be obliged to sign a new contract with the new landlord? Also what happens to the deposit? Thank you

I do not believe there is a requirement for a new AST, but there is admin. to do, of course. You must ensure the Tenant is formally informed of where the future rent should be going - the new Landlord - so follow the requirements laid out in Section 3 of the Landlord and Tenant Act 1985 - "Duty to inform tenant of assignment of landlord's interest" and you shouldn't go far wrong. Deposit should be easy, depending on how / where it is being held... custodial, insured? What doesn't happen to the deposit is that either the old Landlord or the new Landlord considers it a gift from the Tenant.