Regulated tenancy and I would like to sell?

by Readers Question

11:07 AM, 23rd May 2017, 9 years ago 24

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Landlord News Landlords Questions

I am a landlord and have a flat with a tenant with a regulated tenancy. I have had the flat since 2000. I would like to sell the property at full value.

Does anyone have any ideas how to dissolve the lease please?

Many thanks Jayne

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Comments

Jayne Potts

Member Since October 2015 - Comments: 11

9:39 AM, 24th May 2017, About 9 years ago

Reply to the comment left by “Ian Cognito” at “23/05/2017 – 18:16“:

Hi Ian,
I appreciate your comments however I have had the flat for 15 years and I will still only achieve 60-70% of the value if I sell now or wait until my tenant dies. My tenant is amazing for her age and will probably live until she is 100 years old. So stalemate for me I am afraid.
Thanks
Jayne

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Jayne Potts

Member Since October 2015 - Comments: 11

9:41 AM, 24th May 2017, About 9 years ago

Reply to the comment left by “Simon ” at “23/05/2017 – 15:12“:

Hi Simon,
Thanks for the tip
Regards
Jayne

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Puzzler

Member Since July 2013 - Comments: 1266 - Articles: 1

10:54 AM, 24th May 2017, About 9 years ago

How old is the tenant and is their a successor to the tenancy when she dies?

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Mandy Thomson

Member Since November 2013 - Comments: 1130 - Articles: 2

12:11 PM, 24th May 2017, About 9 years ago

Hi Jayne

It’s my understanding that anyone selling a property with a Rent Act tenancy must first offer to sell the property to the tenant under s.1 of the Landlord and Tenant Act 1987.

Where succession is concerned, this can only be done once so if your tenant was bequeathed the tenancy, she cannot in turn pass it on after her death.

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Jayne Potts

Member Since October 2015 - Comments: 11

1:52 PM, 24th May 2017, About 9 years ago

Reply to the comment left by “Puzzler ” at “24/05/2017 – 10:54“:

Hi Puzzler
My tenant is 70 in September but if very fit and well
Thanks
Regarss
Jayne

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Jayne Potts

Member Since October 2015 - Comments: 11

1:57 PM, 24th May 2017, About 9 years ago

Reply to the comment left by “Mandy Thomson” at “24/05/2017 – 12:11“:

Hi Mandy,
The lease belongs to my tenant and was issued this when the flat was built circa 1980. She did have a grandson living with her but he left about five years ago sonI don’t think she can pass the lease to him after her death.
I also just found out that I need to follow the correct procedure with regards to my tenat before offering the flat for sale with the protected lease. If I go ahead with trying to sell the property I will speak to a solicitor who knows about this kind of problem before I sell.
Thanks for your help
Regards
Jaynd

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Puzzler

Member Since July 2013 - Comments: 1266 - Articles: 1

3:20 PM, 24th May 2017, About 9 years ago

If no successor to the tenancy I would hang on. Obviously I don’t know your circumstances but you said you bought three flats, is it possible to sell one of the others instead? Perhaps you already have, of course

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Mark Alexander - Founder of Property118 Read Full Bio

Member Since January 2011 - Comments: 12209 - Articles: 1409

8:17 AM, 27th May 2017, About 9 years ago

Hi Jayne

Rather than accepting a sale price 60-70% of value have you considered offering the property for sale at a discount of say 15% to 20% off market value?

As an alternative, perhaps you could offer a similar payment to the tenant for a surrender of tenancy?
.

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Jayne Potts

Member Since October 2015 - Comments: 11

8:31 AM, 27th May 2017, About 9 years ago

Reply to the comment left by “Mark Alexander” at “27/05/2017 – 08:17“:

Hi Mark,
I may consider asking her but she knows her rights. Also she know I want to sell the property so if she dissolves the lease she risks the new landlord giving her notice to quit or asking for a much higher rent. So I will think about my next move.
Thanks for the advice
Regards
Jayne

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Mark Alexander - Founder of Property118 Read Full Bio

Member Since January 2011 - Comments: 12209 - Articles: 1409

8:56 AM, 27th May 2017, About 9 years ago

Reply to the comment left by “Jayne Potts” at “27/05/2017 – 08:31“:

Hi Jayne

My thoughts were to offer her a lump of money to move on. Even if you gave her 20% of market value you’d still be quids in.
.

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