Short term tenancy until property sold?

Short term tenancy until property sold?

8:46 AM, 21st April 2022, About 2 months ago 12

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I currently have a property that I’m looking to sell to raise funds for another business venture. However, I have an existing tenant who I’m looking to relocate into the property on a short-term basis until the property is sold.

I’m therefore reluctant to commit to a standard 6 month AST agreement in case the property sells quicker. I’m also hesitant to sell with him as a sitting tenant since this will alienate owner-occupiers and restrict the market to investor owners therefore potentially receiving a lower offer.

Are there any standard short term tenancy agreements that anyone is familiar with and that are legally recognised?

Also, is there room for discretion to set the maximum period or is this not legally possible? In reality, I’d rather be able to give the tenant 1 month’s notice maximum to leave if not less (Say a week).

Many thanks

Leah



Comments

Rod

10:02 AM, 23rd April 2022, About 2 months ago

Insurance - Alan Boswell Group will do you a competitive quote - they're an iHowz recommended supplier, so members get even better rates
Lender - Who's going to tell them? If they find out, they will ask for their money back - that's your plan anyway as you're selling the property.

In a perfect world, we would have lenders who had the ability to take a more balanced view to risk, a government capable of governing and the PRS would be taxed at the same rates as other unincorporated businesses.

Jessie Jones View Profile

10:21 AM, 23rd April 2022, About 2 months ago

Whilst an Air-bnb or holiday let type of scenario does appear to be a good idea, I would be vary wary of this approach.
The circumstances you describe shows that you are fully aware that the property would be the persons main residence, for however short a term as you propose. If the person became awkward and chose to argue that you have created a 'tenancy' then you will only be able to recover your property through the Courts.

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