If your landlord is looking to sell the property you’re living in, it can be a stressful time with lots of questions. But there are some important considerations about this situation with certain rights that you have as a tenant and will still have during and after the sale.
Your landlord (and any potential buyer) must honour the existing contract
Your right to the property will carry with the title and the new owner will be buying the property with your tenancy in place. This means that for the duration of the agreed fixed term, you will still have the right to reside within the property. It also means that the new landlord (and the agent selling the property) will have to abide by the terms of the contract.
The new owner will still have to maintain the property in the same way as your current landlord and adhere to any terms set within the tenancy agreement. They will have to give at least 24 hours’ notice before coming round, as will the agent selling the property for any viewings unless they agree otherwise with you.
Consider the type of property and the potential buyer
The majority of sales we see, when tenants are still in a property are in larger HMO properties (shared houses). These properties will only really attract purchases by another investor landlord, looking to continue using the property for that same purpose. In this case, it seems unlikely that anything major will change going forward. Tenancies for this sort of property tend to be for a fixed term anyway, so the chances are, as a tenant, you will have certainty in the term of your stay in the property anyway.
On the other hand, if you’re living in a family home or a flat, it could be that the person buying is looking to move into the property. If this is the case you will need to find somewhere new to live at the end of your tenancy when they take occupation of the property. In this situation, knowing as early as possible can give you a head start on finding the perfect new home to move to.
As you can see, keeping in touch with the agent selling the property and understanding who is buying it can be crucial in avoiding any unnecessary pressure whilst the property is being sold.
You will still have to be given the correct notice
If the buyer has different plans for the property that don’t include renewing or extending your tenancy, they will still need to give you formal notice to leave the property in the correct way. This will add to the time you have available to find a new property. However, we notice from experience that most people are reasonable and can be flexible on tenancy end dates in either direction. If you need an extra few weeks before you can move to your new home, or you find the perfect property right away, then speak with the necessary people to see if arrangements can be made.
If your home is being sold whilst you’re a tenant, we would give the same advice that we always think to be the most important when any difficult situation arises in a property. Keep in touch with everyone and understand what is going on. Ask the questions that are necessary and if everyone works together then any stress and complication can be kept to a minimum.
If you’re having any problems that relate to this article, or have any other property related questions, please get in touch with us at email@example.com,uk, or on the phone on 01273 672 999.