Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
I am in process of buying my first Buy to Let investment property. The current tenants have been living in the property since June 2013. Current rent is £695 per month which is arrears.
The tenants are on housing benefits and we can see from rent statements that the estate agent receives £569 each 4 weeks, 13 payments in a 12 month period with shortfall paid by the tenants.
However, the tenants have history of paying the shortfall rent on adhoc basis and current rent outstanding c £182 at present. We are in final stage of completion and have just found out that the tenants were served a Section 21 notice in March 2015 however the landlord decided not to enforce this and decided to sell the property with BENEFIT of tenants.
I am going to set up a new tenancy agreement effective from completion date and asked the estate agent to transfer existing TDS deposit to us.
So could anyone suggest whether should be aware of anything else before going ahead with purchase.
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