Buying student let with students in situMake Text Bigger
I am a brand new investor and first time landlord so please excuse my ignorance but I am learning from your site!!
I am about to purchase a student let house in a university city with 3 students already in tenancy until July 2014. The current landlord operates the let with a letting agent who find tenants, set up agreements, referencing etc and check them in for a fee of £500. The management of the property is then taken by the landlord.
My question is will I have a problem with renewals if I elect to go down this route and become liable for a renewal at the end of their tenancy should they wish to stay another term. Also, I assume the landlord has already paid this finders fee – would I then have to pay it again for the current tenants or pay proportionately. Any advice would be greatly appreciated before I have to negotiate with the letting agent.
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