Landlord looking to sell

carefulnow100

My landlord has just called and told me there is a chance the apartment I have been living in for 5.5 years will be sold. Unfortunately, I don't have much experience in this area and any information I find online seems to apply to different people in different circumstances.

Could anyone help clarify a few things for me;
For the length of time I have spent living here is the notice period 4 months?
If a new landlord buys the property as an investment can the rent be increased?

To be honest I just want to have an idea of what the process is in these situations. Me and the current landlord have a good relationship and he has told me he will keep me informed but is it a case of if the apartment is sold I will then have x amount of time to leave regardless of what the new landlord wants?


Any help appreciated.

Graham

Almost any potential purchaser is likely to want vacant possession of the apartment so you may want to start planning.

As you have been there between 5 and 6 years you are entitled to 140 days notice:
https://onestopshop.rtb.ie/ending-a-tenancy/notice-periods-that-a-landlord-should-give/

carefulnow100

Graham wrote: »

Almost any potential purchaser is likely to want vacant possession of the apartment so you may want to start planning.

As you have been there between 5 and 6 years you are entitled to 140 days notice:
https://onestopshop.rtb.ie/ending-a-tenancy/notice-periods-that-a-landlord-should-give/

Thanks for the response Graham.

The landlord has said its early stages but I'd rather know and start planning accordingly.
Could a new landlord buy the apartment and tell us we could stay but for increased rent? And if so could he name his price.
Or would we simply have to vacate by the end of the notice period?

Graham

A new landlord will be bound by any existing limits around rent increases.

To be honest, the chances of a cash investor buying and keeping your tenancy going are pretty slim. I certainly wouldn't hold onto that hope as Plan A.

Ms Doubtfire1

would agree. But until the LL actually gives you notice it's all speculation. just wait and see

Mitzy

Graham wrote: »

A new landlord will be bound by any existing limits around rent increases.

To be honest, the chances of a cash investor buying and keeping your tenancy going are pretty slim. I certainly wouldn't hold onto that hope as Plan A.

I agree with Graham. It would be highly unlikely that your current landlord would restrict the purchase of the apartment to investors only. It would be sold on the open market so either a owner occupier or investor is likely to buy.
I would suggest that you put plans in order to have to leave the property (within the required notice periods). Any mortgage lender may require vacant possession of the apartment also before funds to purchase would be released.

carefulnow100

Thanks for all the info folks.
It appears I shouldn't hold much hope for staying in our home.
One last question, If I am served my notice, and after say 1 month I find a new place to live, do I loose my deposit as I am technically leaving early?

I understand I need to ring my landlord and RTB but I appreciate the help in getting some basic knowledge.

Graham

carefulnow100 wrote: »

If I am served my notice, and after say 1 month I find a new place to live, do I loose my deposit as I am technically leaving early?

Talk to your landlord, he may be happy to get vacant possession of the property sooner rather than later.

TT rainbows

Seems to me your llord is jumping on the rising market and getting ready to sell.
Once you get formal notice you will find you dont have much time to get a new place.

I would start looking now and have back-up plans if you dont find anything suitable.
Don't underestimate whats involved. While you may of had a good relationship with your landlord you will be entering the market at a time of high demand and little supply.

The comfort of the cosy place you have called home for many years will have to be shed and you will have to enter the market like a jumping viper
to secure a new place
best of luck

pilly

carefulnow100 wrote: »

Thanks for all the info folks.
It appears I shouldn't hold much hope for staying in our home.
One last question, If I am served my notice, and after say 1 month I find a new place to live, do I loose my deposit as I am technically leaving early?

I understand I need to ring my landlord and RTB but I appreciate the help in getting some basic knowledge.

It will depend on your LL. I recently gave tenants notice for the 1st December and they got a new place beforehand and I still returned their deposit because I was asking them to leave. It seems fair.

Browney7

pilly wrote: »

It will depend on your LL. I recently gave tenants notice for the 1st December and they got a new place beforehand and I still returned their deposit because I was asking them to leave. It seems fair.

The recommended notice for sale grounds on the RTB site states the tenant should vacate "on or before the termination date" which would imply the deposit should be returned if tenant leaves before vacation date without penalty.

No point being adversarial here and it's likely the LL will be flexible.

In the current market tenants have to move quickly and I'm sure the LL doesn't want a risk of an overholding tenant (that we hear about so often on this forum) complicating a legitimate sale. LL should be delighted when tenant says they can leave

TT rainbows

I agree with comments about its usually agreed with the llord. However worth checking out what is your statutory notice requirements. For eg you could give notice that you are leaving and it might be before the llord planned that you would leave based on his notice to you. Just check you are still fully compliant with the notice periods you as a tennant have to give..
I wouldn't try to get an exact match for dates you move out and date into your new place. You can stress yourself out. If there happens to be an overlap for a few days or a week try not to worry about it if you can afford it. Also if you have lived there for several years don't under-estimate the work involved in moving all your stuff.