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Buying a property with tenant in-situ

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  • 13-01-2015 9:22pm
    #1
    therightangle
    Registered Users Posts: 85 ✭✭


    Hello

    I would appreciate any thoughts/advice on a property that I am buying, with long term tenant in situ (10 years). The place is well kept but the rent will be increasing on change of ownership, which the tenant is aware of.

    Does the change of ownership make any difference to the length of tenancy? In other words, is it now a new tenancy from scratch or is the long term tenancy continued as was? Should I write a new lease or does it have any effect if tenant in situ for 10 years?

    Another aspect is that the tenant sublets the 2 other rooms himself to other people, without input from existing landlord, so that the landlord only deals with the one tenant. If it was recommended that a new lease be drawn up, any thoughts on whether this arrangement should be changed, ie. deal with other tenants individually? Sounds messy I think and perhaps not possible anyway?

    Thanks


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