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We have a property currently let to tenants who are due to vacate in three days after 14 months tenancy. The landlord is selling to another investment buyer who wants us to carry on as his agent. The current tenants would like to extend for another month, but the landlord and purchaser want to exchange this week. The new landlord is quite happy for them to stay for another month, but I know the property cannot legally be exchanged without vacant possession. Can we produce a contract which allows the tenant to stay for another month, but with the new landlord on exchange - then we can suit all parties? |
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Basically there is no legal reason why the property cannot be sold with the tenants still in it. Many properties are sold with a tenancy in occupation. The new landlord has almost identical rights to the previous one. There may, however, be problems with the mortgage lender for the new landlord in that if the tenancy pre-dates the mortgage, ground 2 of Schedule 2 of the Housing Act 1988 does not apply. Alternatively, could exchange go through with completion in some way dependant on the vacation of the tenant in one month? |