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Landlord Discussion

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Re: Property value and sitting tenants

From: kim
Date: 07 Oct 2002
Time: 21:08:43
Remote Name: 213.123.58.93

Comments

As the tenants are pensioners it may be worth looking into the possible purchase but only if you view the long term prospects. Find out how much rent is paid first and whether the rent has been registered under the Rent Acts. If the tenants have been in situ for over 20 years or more you will never shift them unless they are in need of social housing or you need the property to use as your sole family home. As they are already in a bungalow they probably wouldn't qualify for social help, you would also have to prove your case or grounds for posession in court. Also you need to find out if they have any family that can inherit the tenancy. Not many people see the advantages of protected or sitting tenants but if they pay the rent regular, cause no problems and have no-one to pass the tenancy on to, they are worth considering if you want to make a long term gain. If you want to buy and sell it's a poor choice. The law is very protective of sitting tenants in general, unless they breach tenancy agreements. The property is probably worth about about 50% of its value now that the tenants are considered elderly. You would of course get it for an exceptionally low sum given that it needs a tidy up as well.


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