Buying a house with a tenant in situ may seem complex, but it is actually simpler than it seems. In fact, every year, thousands of people buy and sell properties with tenants living in them!
Here are a few tips to help you buy a property with a tenant in situ.
Find a Conveyancer
The first thing that you should do is find a trustworthy, professional conveyancer who has experience selling houses with tenants in situ. This is because additional work is normally required when you are buying a home with a tenant in it. For example, you will need proof that rent payments are up to date, and you will also need information about the deposit. The conveyancer will take care of all of this for you, so you don’t need to worry about missing essential information!
If you want to find someone to help you with the conveyancing process, consider
Tell The Tenant
Selling a house can take a few months to complete, but once you know you are going ahead with the purchase, the tenant should be informed. Let them know that you will be the new landlord, and tell them about any changes that you will be made to rent payments.
Hand Over The Home On The Right Day
Normally the home changes hands on the day that the tenant pays rent as this means that you don’t have to adjust the rental amount for one month. This makes everything a little easier for everyone who is involved.
Transfer The Deposit
The tenant will also need to transfer their deposit to you or the company you are working with. Speak to the tenant directly about this to avoid any confusion.
Alter Rent Payments
Finally, you might want to consider looking at current rent payments to see if you are happy with them. If you are, nothing needs to be done. However, if you are unhappy with them, you should inform the tenant as soon as possible. This gives them time to decide if they are happy paying the new price of rent.
Buying a property with a tenant living there does not have to be difficult; you just have to make sure that you follow these steps and you shouldn’t have too much trouble.