Help – I’m buying a property with an existing tenantMake Text Bigger
I actually spend my time refurbishing property and reselling it. I have zero experience in the rental market and no knowledge on how to be a landlord.
The property I’m about to buy is comprised of three flats, one has a tenant and I am told is on a fixed contract until next February. This is not an issue to me as I will be kept busy refurbishing the other flats and I am quite happy to be receiving some rent in the interim period.
I would appreciate any advice on what I should be looking out for. The areas that concern me are:
1. Do I have to give some form of notice to the tenant upon purchase?
2. Presumably he had paid a deposit, how does my purchase affect this?
3. Any other advice you experienced Landlords are able to give.
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