Tag Archives: transfer of ownership

Transfer of Ownership of tenanted property – the practicalities? Buy to Let News, Landlord News, Latest Articles, Lettings & Management

Hello, I have recently sold a tenanted property and the completion date is a week away.

Does anyone have any experience of handover of details/rent accounts to the new owner, especially in regard to UC recipients?

All tenants have UC paid directly to me, but if they list a change of circumstance as a result of a change of Landlord on completion day (and as a result a change to where the direct payment is made), that will trigger the BAP rule to kick in – meaning that the incoming LL will receive the rent for the month period before he actually took ownership.

I could ask the tenants to not tell the DWP of this change of LL until the day after they last rent payment to me is due, and then I could pro rata this according to the completion date and then send the rent after this date to the new LL? (But that would mean trusting the tenant to do this – is that really going to happen??).

Or do I work out what rent I would be due now up to the day of completion for each tenant and request this in payment before completion happens?

Has anyone else been through this and what was the solution? I can’t afford to miss the last month’s rent for all of the tenants this involves.

Dee


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