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Purchasing a property with tenants and serving notice on completion


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We are purchasing a converted semi detached property that is split into 3 flats. The flats need a complete refurb and we are going for planning permission for a 4th flat. 

Originally we were going to buy the property as a vacant possession. However, the current owner won't give notice until we exchange. There will be a 2 month (potentially longer) gap between exchange and complete. 

Are we better buying the property with the tenants and serving notice ourself on the day of completion?

They are all on periodic contracts and it's managed by a big letting firm.  

We are buying the property cash.

Any major pitfalls we should be wary of?

Many thanks in advance 






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