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Buying a tenanted property

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  • 24-01-2015 3:53pm
    #1
    sparkthatbled
    Registered Users Posts: 629 ✭✭✭


    Does anyone know how this works? I went to see a property for sale today and there were sitting tenants. The ad did not mention them and the pictures were in a vacant state. The agent didn't know about notice periods or anything and said he would find out and let me know but it feels like one headache too many, tbh. Any information would be helpful!


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    sparkthatbled wrote: »
    Does anyone know how this works? I went to see a property for sale today and there were sitting tenants. The ad did not mention them and the pictures were in a vacant state. The agent didn't know about notice periods or anything and said he would find out and let me know but it feels like one headache too many, tbh. Any information would be helpful!
    You won't get a mortgage unless you can get vacant possession


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    #3
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Run a mile...


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    #4
    Grandpa Hassan
    Registered Users Posts: 1,945 ✭✭✭Grandpa Hassan


    sparkthatbled wrote: »
    Does anyone know how this works? I went to see a property for sale today and there were sitting tenants. The ad did not mention them and the pictures were in a vacant state. The agent didn't know about notice periods or anything and said he would find out and let me know but it feels like one headache too many, tbh. Any information would be helpful!

    Don't let the agent persuade you that it'll all be okay and that there is nothing to worry about. Because he will. And there is


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    #5
    cerastes
    Closed Accounts Posts: 3,601 ✭✭✭cerastes


    athtrasna wrote: »
    You won't get a mortgage unless you can get vacant possession

    Not that I am, but is it possible to buy a property with tenants in place here?
    as an investment property?


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    #6
    Mrs OBumble
    Registered Users Posts: 25,966 ✭✭✭✭Mrs OBumble


    handlemaster wrote: »
    Run a mile...

    Unless you are an investor and don't need a mortgage.

    In that case, make sure that the sale documents include an inventory of the contents, and take advice from your solicitor about handling the tenancy-change-over.


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    #7
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    cerastes wrote: »
    Not that I am, but is it possible to buy a property with tenants in place here?
    as an investment property?

    Not if you need a mortgage


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    #8
    sparkthatbled
    Registered Users Posts: 629 ✭✭✭sparkthatbled


    athtrasna wrote: »
    You won't get a mortgage unless you can get vacant possession

    I thought as much, to be honest. I've only been looking a few weeks and already feel like banging my head off a wall. Feels like everything is set up to keep first time buyers off the ladder. 60-70% of places I've enquired about are already sale agreed but nobody bothers to update the ads, then this massive waste of a Saturday morning comes along and it was obvious that nobody there for the viewing were investors or had been told about the tenants.


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    #9
    K.Flyer
    Registered Users Posts: 8,565 ✭✭✭K.Flyer


    If you are going to consider buying with sitting tenants, ask to be shown proof that they have been paying their rent in full and on time and by what means. Check their lease and cross reference with the PRTB for issues.
    You don't need to be paying out money for tenants who should have been gone long ago.


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    #10
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    The house I bought had tenants in it. We were lucky that it only took a couple of months to get them out. They weren't interested in leaving, and the owner had no clue about notice periods etc. They hadn't been given the correct notice in writing. Luckily they were as clueless as him. Only for the estate agent selling the house getting them a house to rent they'd never have gone. They were also on rent allowance which didn't make things any easier.


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