Tenants in situ??
Buying a property with tenants in situ might sound daunting, but it doesn't have to be scary. It has both pros and cons. On the positive side, you start earning rental income immediately and you might be able to negotiate a better purchase price. However, challenges may arise, such as inheriting problematic tenants or dealing with existing lease agreements.
How we managed our risk when purchasing with a property with tenants in situ.:
Speak to a lettings expert - Sophie does this day in and day out in the day job so we had confidence with the process.
Meet and Communicate: Connect with tenants, set expectations, and foster a positive relationship through clear communication.
Build a Positive Relationship: Our secret weapon – maintaining a strong landlord-tenant bond for a smoother transition.
Tenant Screening: Dig into rental history and references, ensuring a clean record with payments and property care.
Lease Review: Scrutinise existing agreements for terms, challenges, notice periods, rents, and special clauses.
Legal Compliance: Ensure the lease aligns with local rental laws, understanding tenant rights and obligations.
Insurance Coverage: Update your landlord insurance for comprehensive coverage against potential tenant-related risks.
Security Deposit Handling: Take control of the security deposit, documenting property conditions to avoid disputes