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lewissheridan

Landlord Btl Selling Up

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My EA neighbour kindly called me to tell me that the flat we currently rent is up for sale, and that viewings will take place this Saturday. I just renewed my tenancy in April. He told me the landlord is selling his assets and settling in the US, or words to that effect - I understood previously that he/she lived in Austrailia. So in short I don't know what to believe. My tenancy agreement states there is a 2 month break clause. My wife is expecting in 2 and a half weeks now so this couldn't come at a worst time. The EA says that house prices are continuing to rise - I wonder whether it will be bought as a btl investment since it's up for £130k and in that territory to raise the rents. I don't know. The EA is just concerned with taking the pics and selling this baby, that's his job, and his commission. But I could not understand how someone could be so upbeat about his news to me, when obviously he has seen my wife pregnant etc.

Well hey ho these things happen - i wonder whether he is selling up is a change in his sentiment to the market ? I'm just speculating.

Being priced out of the market for houses, and being forced to rent from scrupulous letting agencies, and then having the property pulled from underneath you. That's no stable for home for young professionals starting a family.

Anyway I just thought I'd share my news. :angry:

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Sorry to hear that. Hope you find a nice place for your family.

Just one question though - if the tenancy's just been renewed, how can he have you out in two months? How long is the "fixed term" of the tenancy for?

If there is a break clause it's won't be enforcable unless you have similar rights (from here):

3.65 Landlords sometimes choose to use a 'break' clause allowing them to bring the agreement to an end on service of two months' notice. We would object to such a term if it was not balanced by a similar provision allowing the tenant to give notice in the same way.

T&T

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Just one question though - if the tenancy's just been renewed, how can he have you out in two months? How long is the "fixed term" of the tenancy for?

It's an assured shorthold tenancy for 12 months. I know there is a break clause based on 2-months notice, I don't know how early it can be served within the term. The process of the sale will draw it out somewhat - but irrespective, the clock is ticking.

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Been in a similar situation numerous times (6 at least!!) and posted here before on the situation- i.e. Landlord decided to sell and house went on the market.

Each time persuaded landlord that I would find a property once they had exchanged contracts - and that it was in his/her best interst as money was still coming in and that I would genuinely move.

In each case I was there for at least 6 months after house went on the market, in one case, despite Bristol Clifton area, it still took over 1 year to exchange contracts.

Took only a few weeks to find new place to live (but also was looking at competitive one bed flats - houses seem to rent out slower.

You then have almost upto a month (unless cash buyer desperate to move-in), to find somewhere new. In my experience, the new buyers never moved in within a month.

One other time, after signing a year's contract - and having had assurances from the landlady she was NOT going to sell (I'd told her I was fed-up of moving and was only looking for long-lets that were renewable) - she decided to try and sell after I'd been in six weeks! No notice given told that in two days time the EA would be in to value.

Solicitors said she could sell with me in it and everything was transferable - lease rights, deposit and all.

However, EA told her to get me out as it would be easier to sell in a difficult market (this is one year ago). She tried to give me notice. Solicitors said - not a leg to stand on as she could only give me notice once the short-hold tenancy had expired - and even then had to give two months notice from the end of the period (although could give me the notice at any stage but date wld still have to be two months after lease expired)!

But, if she gave me a decent offer - she could effectively buy me out if I wanted to accept the offer. Her offer was a few weeks rent and wouldn't cover my moving costs - explained this to her - and she didn't make any further offer.

Her reason for selling - had got more BTL than she cld take on after a split from her partner. Went to the land registry and found out how much she'd paid - worked out she is one of the real few left who would be making a profit on me staying put. 1 year later - I'm still here - and no notice to leave served and a brief telecon from me established that she been glad she didn't sell - as she then realised she had so much equity she cld keep going. In one year it's gone up if she did want to sell.

Lots of sites around which give info for people in your situation - including freebie legal advice online. Plus loads of local lawyers will see you for 20 mins on a freebie - and often it goes over that - at no charge.

Citizens Advice are also really hot on this side of things - they've seen so often.

Don't feel you have to move - don't let them know you are prepared to move out! Do your research and get them to make you an offer to move!!!!!! Particularly with sproglet on the way - and having already been there some time - you have a bargaining chip against the BTL - use it!!!

Good luck.

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It's an assured shorthold tenancy for 12 months. I know there is a break clause based on 2-months notice, I don't know how early it can be served within the term. The process of the sale will draw it out somewhat - but irrespective, the clock is ticking.

If it's a standard 12 month AST with no other break clause then you cannot be evicted until the end of the term. The notice to evict at the end of the tenancy can be served at any time once the tenancy has begun, up to 2 months before the end of the tenancy. E.g. if you sign an AST beginning 5 April 2006 then the landlord can serve a notice to evict on 6 April 2007 any time up until 6 Feb 2007 (requirement for 2 months notice), but he can't ask you to leave earlier.

In other words, if you like the place, stay put!

Disclaimer - I'm not an expert in this area, but have looked into this. Suggest you post on the Rental forum if you need advice from those more experianced than me.

T&T

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Been in a similar situation numerous times (6 at least!!) and posted here before on the situation- i.e. Landlord decided to sell and house went on the market.

Each time persuaded landlord that I would find a property once they had exchanged contracts - and that it was in his/her best interst as money was still coming in and that I would genuinely move.

In each case I was there for at least 6 months after house went on the market, in one case, despite Bristol Clifto...

Hi Thanks for that sound advice - I will double check my AST agreement to know exactly where i stand.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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