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Phil C

Buying Property with an existing tennant

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Hi all.  Some advice on our first BTL investment if possible please. We are buying a leasehold flat with an existing tennant (on AST). As its our first venture we wanted to play relatively safe, its a nice flat in a good area and whilst yield numbers could be better it looks like a decent start and so hopefully a good first step...... We have met the (sole) existing tennant and they seem straight, job checks out and are clearly keeping the property in a nice condition and they are keen to stay on - likewise we would like them to stay.  Our intention is to manage through an agent as we are not local.

Have done a reasonable bit of research but what are the key things we need to put in place in respect of taking on the tennancy etc?  Is there a good checklist somewhere?  The list (EPC, Deposit protection, Gas safe cert) seems endless and whilst the agent should take care of most of this I want to make sure we are fully clued up.  Any help gratefully received.

 

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Hi Phil,

https://landlords.org.uk/support-advice/landlord-checklist

Is a good place to look. Saves me time having to type it all out.

Also you/your letting agent needs to serve a section 48 notice to the tenant (change of landlord).

If you have any conveyancing questions while the purchase is going through, you can post these up on this site as well.

Good luck with it all, and maybe tell us how you get on being a landlord when you've purchased the flat?

Find and connect to me on linkedin

Conrad Paton

 


Conrad Paton

+44 7957 959851

conradpaton@yahoo.co.uk

https://www.linkedin.com/in/conrad-paton-424446110

 

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Great - thanks Conrad for the fast (and helpful) reply.  Will update once I actually become a landlord....!  I think I'll probably join the NLA - might be useful.....

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