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Property Mentor Investment Questions
The following question was recently submitted to our property experts by an individual looking for advice on how to deal with their property let. If you have got a question regarding your tenancy/property, contact us now via the link to the right.
Submit your own questionsI have just bought a property that has got an existing tenant with an assured shorthold tenancy agreement. Is there anything that I need to do?
A:
I am guessing that your own intentions with this property is to continue offering it as a property let. If that is the case, then essentially there is nothing you need to do.
The existing assured shorthold tenancy agreement - which should have been checked over by your solicitor - will remain valid until the end of its fixed period. Once it ends you can either allow them to continue as a statutory periodic tenancy or you can ask the tenant to sign a new AST.
Now I recommend asking your tenant to sign a new AST at this time, especially if you want to change the rent.
Another important thing that the vendor's solicitor must do before the deal is completed is write to the tenant informing them of this property sale, and that from the date of completion they must pay rent to you.
Similarly, your solicitor will need to agree with the vendor the completion statement which allows for any remaining rent paid in advance and the landlord's interest in the tenant's deposit (this will need to be transferred to you at the scheme where it is held).
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