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About Sitting Tenants

Immediate cash offer for property with sitting tenants

 

Selling a property with a tenant can relieve a huge burden to landlords who have good, or problem tenants.  We own a substantial portfolio of property with sitting tenants, and are keen to increase the size of our buy to let portfolio. If you are selling a house with tenants, then please speak with us before you serve notice, and risk a substantial void period and loss of rent in the meanwhile.

 

Selling house with tenants

What is an Assured Shorthold Tenancy Agreement?

All tenants in occupation must have a written Assured Shorthold Tenancy Agreement ("AST") in order for you to use the accelerated possession procedure. Most tenancies that began after 28 February 1997 are ASTs. By way of guidance, if the following apply, then the tenancy in question is NOT an AST. - landlord is living in the same building as the tenant. - the rent is greater than £25,000 per annum. - none of the tenants occupying the property do so as a principal home. - the tenant is not an individual (for example, it is a limited company) - the landlord is a local council.

 

House sale with sitting tenants

The Tenancy Agreement must have started after 15 January 1989 because tenancies on or before this date are protected under the Rent Act 1977. Although properties of this nature are very uneconomical for landlords to operate, our cash fund is targeting this type of investment which provides low income and a huge responsibly to landlords. We take a long view, thus we are able to sit and wait, and possibly the property will eventually be passed down to the next generation if the tenant outlives our Managing Director. Most residential lettings by non-resident private landlords which began before 15 January 1989 will be regulated tenancies under the Rent Act 1977. 

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Since 15 January 1989 most new lettings have been assured or assured shorthold tenancies and it will only be possible to have regulated tenancies in very limited circumstances. 

A regulated tenant has certain important rights concerning the amount of rent he or she can be charged and security of tenure. With a regulated tenancy:
The landlord cannot evict the tenant unless he or she gets a possession order from the courts, and the courts can grant an order only in certain circumstances 
if the tenant dies his or her spouse will normally take over the regulated tenancy (a family member who has been living in the home can take over an assured tenancy)


Sell your property with sitting tenants to our house buying company. 


Landlords sell your property with sitting tenants. What are protected and statutory tenancies?

A regulated tenancy is a protected tenancy so long as the tenancy agreement (which need not be in writing) is still in force. Even if the agreement ends on or after 15 January 1989, the regulated tenancy becomes a statutory tenancy and stays one as long as the tenant lives in the property.

 

Selling an investment property with tenants: What are assured tenancies?
Most tenancies granted on or after 15 January 1989 are likely to be assured tenancies (or assured shorthold tenancies).
Full assured tenants have a right to security of tenure. Shorthold tenants have security throughout the fixed term. Assured tenants are not able to apply to the rent officer for a fair rent but pay rents agreed with their landlord

 

What is a House in Multiple Occupation and can I still use the accelerated possession procedure?
HMO relates to properties, which comprise 3 or more storeys (including habitable attics or basements) and are rented to 5 or more individuals who include 2 or more families (including single persons and co-habiting couples (whether or not of the opposite sex).
There are strict requirements for landlords of HMOs, including the need for licensing. If you think your property may need licensing or for advice, you should contact your local authority. Without a licence for an HMO, you cannot use the accelerated possession procedure.

  

Sell your Property with Tenants Fast and Easy – info@dreamhousebuyer.co.uk or 08001577497
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