What Happens To Sitting Tenants When The Landlord Changes?
Nothing happens to sitting tenants when the landlord changes. If a landlord changes (normally due to a sale), a sitting tenant continues to live in the property under the same tenancy agreement as before. All that happens is that the new landlord takes over all the roles and responsibilities related to it. In short, when […]
What Do I Need To Know About Selling An Inherited Property?
To sell an inherited property, you need to know the legal status and market value of the property and any financial implications you might face. Selling an inherited property can seem like an intimidating process. Not only because there is often an emotional element to the sale, but also because there are various financial and […]
How To Sell A Property At Auction
To sell a property at auction you need to source an auction house, have the property valued and pay any associated fees. In short, to sell a property at auction, there are multiple steps to complete before the hammer falls. If you’re selling a property that’s hard to market and you don’t want to sell […]
Can You Buy A Property Before It Goes To Auction?
Yes, in most cases, you can buy a property before it goes to auction, but it depends on the seller, the type of auction, and what price you offer. Buying property at auction can be exciting. It’s a great way to find properties that are priced lower than market rates and have a lot of […]
How Do I Sell A Flat With A Short Lease?
Selling a flat with a short lease is a difficult process due to the legal complexity and financial implications on you as a seller. Having a short lease (any lease under 80 years) makes your flat harder to sell and can reduce the market value of your flat. And while applying to extend your lease […]
Do Sitting Tenants Require A New Tenancy Agreement?
No, sitting tenants do not need a new tenancy agreement when a property they are living in is sold. The agreement they signed stays in place and the new owner simply becomes the new landlord. When a property with tenants in situ (also known as sitting tenants) is sold, it can be confusing to know […]
How To Value A Property With A Sitting Tenant In The UK
A sitting tenant can lower a property’s value by 20% – 40%, depending on the type of tenancy, tenant rights, and current market demand. However, the term ‘sitting tenant’ can be used for a number of situations, with some resulting in larger drops in value than others. Here, we look at all the elements that […]
What To Know When Buying A Property With A Sitting Tenant
When you buy a property with a sitting tenant in the UK, you’ll inherit their tenancy agreement, so it’s important to read all documents and understand what you’re getting yourself in for. Buying a property is never a small decision, but buying one with a tenant already living in it can make it even more […]
Can You Get A Mortgage On A Property With A Sitting Tenant?
Yes, you can get a mortgage on a property with a sitting tenant, but it’s normally only possible through a buy-to-let mortgage and can be more difficult to secure. Buying a property is rarely simple, but add a sitting tenant into the mix and things can get a little more complicated. Whether you’re a first-time […]
What Is A Sitting Tenant?
A sitting tenant (also called a tenant in situ) is someone who lives in a rental property when their landlord sells it. If there’s a tenancy agreement in place that hasn’t yet expired, the tenant has the legal right to stay, and the new owner becomes their landlord under the same terms as before. In […]