Buying a property with an existing tenant
Other

Gilson Property Rentals
Gilson Property Rentals
0 Thanks
6 Posts
2 years ago
0
I%E2%80%99m in the process of buying a property that has an existing tenant.
The property requires a reasonable amount of work to make it of a decent standard. It has been neglected by the landlord and the tenant.
The current tenant pays a lower rent but is prepared to pay more when the work is done.
She is on a short hold tenancy not regulated.
She is also prepared to move to her mothers while the work is done.
Has anybody any advice on what to do with a new tenancy. Do I give her notice, do the works and offer her first option at the new rent?
There are also different standards the property can be prepared to. Ie new bathroom extractor fans and repair work and she decorates or a full refurb.
Current rent %C2£400 a month
Max potential rent %C2£650 with a full refurb which I don%E2%80%99t think she could afford but the market will stand.
Has anybody got any experience of this?
Any help would be appreciated
Thanks

Please Login

You must be logged in to participate in our forums, to continue please login below.

Not a member? From only £99 you can join in the discussion and get access to member's only resources and services.

As the home for landlords, the NRLA are here to help you save time, save money, and stay compliant. NRLA membership gives you access to a vast range of expertise, resources, and exclusive member benefits and savings, designed to help and empower members. We also play a pivotal role in campaigning and championing the interests of landlords.