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New property... Advice


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What should I do? I am in the final stages of purchasing a BTL I have just found out that the tenant have not been paying their rent and have been issued with a section 8.

Do I... Get the property anyway and continue the legal process.

Pull out and find another one

Negotiate cost because it's potentially going to cost me money to get them out

 

Any suggestions?

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Inform the vendor you'll only complete on a vacant property.

I've bought with tenants in situ previously and we had to have a new tenancy agreement in place for the completion day, otherwise there's no agreement between you and the tenant. In this instance, it's unlikely they'd sign and, even if they did, why would you want them. I suspect if you took this on, you'd end up in a world of trouble, as you'll be trying to evict them with no agreement, so what have they done wrong?

As a final point, there's a chance the tenant will cause damage when they leave, so you're going to need to work that out with the vendor, as you may want to renegotiate the price

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