UK Landlord Forum / Life

Hi All,

Quick question regarding buying a property with a good tenant in situ.

(Good meaning the current landlord has informed me all payments are made on time and in full, and a very house-proud individual)

The current landlord (who i know personally) wants to sell the property as he is looking to buy a place with his partner 40 miles away.

The property is not on the market, but he has give me first refusal if I would like to purchase it before he puts in online.

The property currently has a tenant in situ, who, I would like to keep at the property if I purchase.

To the best of my knowledge, the property has been rented out for cash, by the current landlord, who has not exactly followed the rules (dont think there is any documentation in place such as Gas Safety, Legionella Cert, Inventory etc)

If i purchase the property, could I start my AST on the day I purchase as I would be the new landlord and get all my documentation in place on the day, so everything will be in place from the word go when i take over?

Thanks

Was a deposit taken?

You can ask, but not require, an existing Tenant to sign a new AST.

You need to formally serve notice that you are now their Landlord.

https://www.landlordforumproject.co.uk/landlord-advice-help/buying-property-with-existing-tenant/msg19166/#msg19166

See my earlier post. Link above.

Quote from: Hippeogriff on January 21, 2016, 09:09:52 PMWas a deposit taken?

You can ask, but not require, an existing Tenant to sign a new AST.

You need to formally serve notice that you are now their Landlord.

Does the old landlord have to give you the tenants deposit money? I think they should right?

Of course. It should be in a scheme... deposits can be transferred from someone with a Landlord ID to someone else with a Landlord ID. I've done it with the DPS, it was pain-free and quick.

LLJoe

Whether the vendor should transfer it or not is actually not the issue here.  Of course 'morally' the vendor should transfer it but...
The point of my earlier post was not whether the vendor should transfer the deposit but the fact that you need to know it was protected, which scheme and the vendor is legally committed to transfer it as part of the sale of the property..
Its no good crying to your solicitor about it after the transaction if you never made the solicitor aware.
Furthermore you need to make sure whether the vendor served the PI or not or if they did not protect the deposit then an indemnification should be sought as part of the sale.

Lots to contemplate.

Best of luck.