BTL - Tenant notice
Discussion
Afternoon all’s,
Apologies for yet another BTL thread however I’m hoping the PH Collective can shed some light for me...
I’m in the process of purchasing a BTL, however the agents have told me that I need to give the current tenants 4 months notice due to covid regulations.
Buying a house with sitting tenants is new to me and not what I want in an ideal world however the market is moving quickly and not much is staying up for long.
The rent is currently below what I want so I would be increasing anyway.
They’ve been in the property three years, I will be increasing the rent by £50 to match the street.
They have an AST with the previous landlord I Just don’t want the hassle nor expense of an eviction.
I can’t see anything specifically which covers purchasing a property and the tenant being handed their notice ...
How do I get them out prior to/on completion apart from a brown envelope ?
Apologies for yet another BTL thread however I’m hoping the PH Collective can shed some light for me...
I’m in the process of purchasing a BTL, however the agents have told me that I need to give the current tenants 4 months notice due to covid regulations.
Buying a house with sitting tenants is new to me and not what I want in an ideal world however the market is moving quickly and not much is staying up for long.
The rent is currently below what I want so I would be increasing anyway.
They’ve been in the property three years, I will be increasing the rent by £50 to match the street.
They have an AST with the previous landlord I Just don’t want the hassle nor expense of an eviction.
I can’t see anything specifically which covers purchasing a property and the tenant being handed their notice ...
How do I get them out prior to/on completion apart from a brown envelope ?
Oh the joys of a public forum...
I’m not bothered about it being empty for a month or two whilst I do the work, i have a few potential tenants ready. I would rather do the work now when I get it then not have to do it again for a few years after. Just makes sense to me, each to their own and all that...
The house is not to my standards as currently is, not something I want to willingly put my name to in the current condition.
Rent increase would be circa 20% to what they’re currently paying but I believe the rent is low due to the condition of the property.
I have asked my solicitor for advice, I just wondered if the PH collective had previous experience.
If I don’t get vacant possession i then run the risk of them not paying the rent for six months and then having to go through the whole eviction process - at my expense. To then have to undertake work to the property.
Vacant possession= property updates to my standards, better rent returns, uplift in property value.
Not vacant- new AST, can’t do anything with the property, rent possibly capped, have to go through eviction process.
I’m not bothered about it being empty for a month or two whilst I do the work, i have a few potential tenants ready. I would rather do the work now when I get it then not have to do it again for a few years after. Just makes sense to me, each to their own and all that...
The house is not to my standards as currently is, not something I want to willingly put my name to in the current condition.
Rent increase would be circa 20% to what they’re currently paying but I believe the rent is low due to the condition of the property.
I have asked my solicitor for advice, I just wondered if the PH collective had previous experience.
If I don’t get vacant possession i then run the risk of them not paying the rent for six months and then having to go through the whole eviction process - at my expense. To then have to undertake work to the property.
Vacant possession= property updates to my standards, better rent returns, uplift in property value.
Not vacant- new AST, can’t do anything with the property, rent possibly capped, have to go through eviction process.
It’s no London mansion or city centre apartment. Just a Standard 3 bed terrace property.
Obviously I’ve not gone into too much detail (if any at all) and in true PH fashion.
A property currently let at £120 week (due to the current condition) with the potential to be let at £150 week (refurbished) plus the uplift in value.
Advice is advice, “the joys of a public forum” gives everyone the opportunity to pass advice good or bad, relevant or not.
The hope is someone’s been in a similar position and I/others can learn from their experience...
Obviously I’ve not gone into too much detail (if any at all) and in true PH fashion.
A property currently let at £120 week (due to the current condition) with the potential to be let at £150 week (refurbished) plus the uplift in value.
Advice is advice, “the joys of a public forum” gives everyone the opportunity to pass advice good or bad, relevant or not.
The hope is someone’s been in a similar position and I/others can learn from their experience...
Thanks for the latter replies.
Obviously just talking to the tenant is going to be the best /easiest option, both in terms of tenancy, rent increase and work to the property.
I’ve tried to keep the figures somewhat vague and as an example not the exact, hence the discrepancies.
The property is below market value and in need of modernisation/ refurbishment hence my interest for a vacant property and also in the correct location.
As i previously said it’s not to my standard my liking : if I wouldn’t live in it then how can I expect others too...
We’re all well aware of being tarred with the brush “ landlord won’t do anything, house is a mess” etc etc... it’s this that I want to avoid.
Obviously just talking to the tenant is going to be the best /easiest option, both in terms of tenancy, rent increase and work to the property.
I’ve tried to keep the figures somewhat vague and as an example not the exact, hence the discrepancies.
The property is below market value and in need of modernisation/ refurbishment hence my interest for a vacant property and also in the correct location.
As i previously said it’s not to my standard my liking : if I wouldn’t live in it then how can I expect others too...
We’re all well aware of being tarred with the brush “ landlord won’t do anything, house is a mess” etc etc... it’s this that I want to avoid.
Everyone’s assuming they’re decent tenants…
I am waiting for this information from the solicitor.
The comment of not having to work is unjust, the finances for purchasing the BTL don’t just magic themselves up or come from the bank to mum and dad. Landlords still have risks and responsibilities with letting a property/properties.
They still have mortgages to pay, gas/electrical certs, insurance and then the repair bills when they are needed.
Everyone’s quick to defend the tenant in every situation and state the landlords a greedy banker.
I’ve not said I am evicting them, I’ve said buying a tenanted property is new to me and in an ideal world I would like it vacant.
I am waiting for this information from the solicitor.
The comment of not having to work is unjust, the finances for purchasing the BTL don’t just magic themselves up or come from the bank to mum and dad. Landlords still have risks and responsibilities with letting a property/properties.
They still have mortgages to pay, gas/electrical certs, insurance and then the repair bills when they are needed.
Everyone’s quick to defend the tenant in every situation and state the landlords a greedy banker.
I’ve not said I am evicting them, I’ve said buying a tenanted property is new to me and in an ideal world I would like it vacant.
Thanks for the input all.
Appreciate the comments.
I’ll be sitting down with the tenants tonight hopefully and will do the most logical thing first - have a chat with them.
The reason for the post was to determine what to do as purchasing a tenanted property is new to me, as I said ideally I’d like it vacant but with the market as it is and lack of properties and money in the bank not doing much this may not be an option.
Hopefully if others find themselves in a similar situation this thread will be of some use.
Irregardless of how I proceed (if I’m fact I do) the current tenants will be treated with the dignity and respect that any other person would be. Not just turfed out and left to fend for themselves.
Appreciate the comments.
I’ll be sitting down with the tenants tonight hopefully and will do the most logical thing first - have a chat with them.
The reason for the post was to determine what to do as purchasing a tenanted property is new to me, as I said ideally I’d like it vacant but with the market as it is and lack of properties and money in the bank not doing much this may not be an option.
Hopefully if others find themselves in a similar situation this thread will be of some use.
Irregardless of how I proceed (if I’m fact I do) the current tenants will be treated with the dignity and respect that any other person would be. Not just turfed out and left to fend for themselves.
And the update ….
The house is dire, poor woman and her child have lived in it for four years. She’s willing to decorate her bedroom but the landlord said he was selling it so the house has stayed as it.
No wallpaper.
No carpets except the hall and stairs.
I wasn’t surprised when she said it was a large landlord in the area who owned it.
She is paying more rent than is advertised (which I pulled the agent up on).
Had a chat with her.
She can pay £30 more to bring her in line with the street.
I’m carpeting and decorating it to my standards - she’s offers to pay and do it herself.
She’s staying.
The house is dire, poor woman and her child have lived in it for four years. She’s willing to decorate her bedroom but the landlord said he was selling it so the house has stayed as it.
No wallpaper.
No carpets except the hall and stairs.
I wasn’t surprised when she said it was a large landlord in the area who owned it.
She is paying more rent than is advertised (which I pulled the agent up on).
Had a chat with her.
She can pay £30 more to bring her in line with the street.
I’m carpeting and decorating it to my standards - she’s offers to pay and do it herself.
She’s staying.
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