Regulated tenancy and I would like to sell?

Regulated tenancy and I would like to sell?

11:07 AM, 23rd May 2017, About 4 years ago 24

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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



Comments

by Nick Pope

9:36 AM, 27th May 2017, About 4 years ago

I used to deal with many of these years ago and persuading a tenant to leave can be very difficult.

As I recall the tanant cannot bequeath the lease. The successor must be a close relative and must have lived at the property permanently as their only abode for a minimum period before the death of the existing tenant - I think it's 6 months and I don't believe it applies to someone who simply stays there as a carer if they have an existing tenancy or own a house.

Obtaining possession is more difficult.

One way is to offer suitable alternative accommodation. I have done this in the past and offered a smaller house to a tenant after his family left home and the court accepted that the alternative was suitable. However the alternative will then be occupied on the same terms.

You can also obtain possession if you need the proiperty for yourself but this is extremely difficut to prove. The only time I succeeded was in the case of a house divided into flats and the owner lived on the first floor. She became wheelchair bound and unable to cope with stairs and the court reluctantly granted possession.

There are many potential purchasers for this type of investmetnt and the percentages you have been quoted are about right.

I must also say that your original solicitor should have checked for a tenancy agreement and if it was not available he/she should have requested a declaration from the tenant as to the terms oif the lease and an agreement to enter into a new AST lease before you completed. You are probably too late now to make a claim.

by Jayne Potts

11:56 AM, 27th May 2017, About 4 years ago

Reply to the comment left by "Nick Pope" at "27/05/2017 - 09:36":

Hi Nick,
Thanks for your advice. Once Ihad purchased the flat I soon came to realise that the tenant was a sitting tenant. I got in touch with my solicitor (not the conveyancing solicitor) and managed to make a claim for approximately £17,000. This award was based on some precedent from the 1950's and represented approximately 1/3 of the purchase price. In other words the purchase price was £58,000 at the time and the £17,000 represented the 30% loss incurred due to the sitting tenant.
I would like to sell the flat now but would like to try and find a way of dissolving the lease before I try to sell the flat. Hope this makes sense.
Thanks again
Jayne

by Nick Pope

17:23 PM, 27th May 2017, About 4 years ago

Reply to the comment left by "Jayne Potts" at "27/05/2017 - 11:56":

Makes sense and I/m please you got some compensation. You could argue that you have had the use of the £17,000 in the interim so even if you sell at a discount you are no worse off.
One other thing has just struck me. You can get possession if you intend to re-develop but this is not just upgrading but a significant scheme amd you would have to pay compensation anyway.
I think you are stuck with a situation you can't resolve until the tenant pops off or leaves.

by Jayne Potts

10:10 AM, 28th May 2017, About 4 years ago

Hi
Yes I agree with your comments. Think I am going to have to brass this one out.
Thanks again
Jayne


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