11:40 AM, 23rd June 2022, About 2 days ago 2
Along with my own portfolio, I look after a single property owned by my elderly mother. It is the last one of my late father’s portfolio, the others having been sold some years ago as they became vacant.
This one, the tenant has been in for 25+ years on an AST. Occasional rent increases have occurred, but due to the tenant being little trouble, it is around 50% of the current market rent.
Costs of maintaining it, and the administration, have obviously risen but mother has absorbed a certain amount, but the threat of the Renters Reform White Paper really is the “last straw”.
EPC is currently E, and although some minor improvements could be made, the tenant tends to be resistive to work being carried out. Achieving “C” is a pipe dream, its a 1890’s terrace.
No Gas to worry about.
Electrical inspection, it just about scraped through, and the work that really needs to be done will be very invasive.
sell at auction with sitting tenant on low rent.
sell at auction, vacant and un-modernised
do enough for a private buyer and market it through an agent
I’d appreciate people’s opinions on a way forward. Personally, I’d prefer to serve a Section 21 and sell it vacant, but I’m concerned that if they don’t leave and we attempt to evict, whether tenancy agreements from 25 years ago and no doubt a “missing smoke detector receipt from 10 years ago” type technicality is likely to trip us up even though the tenancy agreement predates pretty much everything required when issuing a new tenancy today.
The other issue for me, is that in approaching 30 years of being a landlord, I’ve never had to serve a S21. I’ve been blessed with either good tenants or ones that just cleared off before being evicted.
All thoughts are appreciated and respected.