Buying tenanted property – What are our rights?

Buying tenanted property – What are our rights?

15:17 PM, 12th May 2021, About 7 months ago 2

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I could do with some input, please. I’m buying a tenanted property and I don’t want to use the existing agent, but the tenants are still in the tenancy agreement with them, as set up under the previous owner.

The tenants have already paid rent for the next two months to the agent who are deducting their charges, though we don’t have any contact with the agent.

What are our rights?

The tenants want to stay for another year.

Many thanks

Nick

 



Comments

by Ian Narbeth

15:56 PM, 12th May 2021, About 7 months ago

Hi Nick
Your solicitor should advise you. You will take over as landlord when you buy. If the tenants have paid two months in advance you should receive credit from the seller by way of apportionment of the rent when you complete the purchase. You should get the seller to tell the agents that they are not being kept on. If they charge any fee that is the seller's responsibility.
If the rent is say £1000 per month and the tenants have paid £2000 on 1st May to cover May and June then if you complete on 1st June you should receive credit of one month's rent, namely £1000. It is the seller's issue that the agents have taken their commission.

by David

16:52 PM, 12th May 2021, About 7 months ago


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