What happens to your tenancy if the property is sold to a new Landlord?
I’ve had emails from Landlords and Tenants on this subject and it can be a worry for a tenant thinking they are losing their home, so here are a few pointers:
LANDLORDS – the tenancy agreement in place remains legally binding, however, the Landlord and Tenant Act states the tenants need to be notified the name of the new landlord. There is no official notice and Landlords do not need a new agreement. The agreement in place is the agreement the tenant has signed up to and remains in force. However, when the fixed term ends, I believe its good practice to renew this. Some Landlords have some funny AST agreements and its good to ensure the let and tenancy is legally compliant. When issuing a new agreement I would also re-issue all the legally required statutory documents.
TENANTS – Selling a property does not end a tenancy. The agreement you originally signed up to, is the one that remains in force. Most Landlords will buy a property with a tenant in situ, as it is a bonus and is great for Landlords, it saves them costs and time trying to find new tenants and great for the Tenants living there. Communication is key and I would advise to keep in contact with the Estate Agent or the Landlord to keep you informed.
Its very common and in the most part, rarely there are problems. We will notify Tenants and communicate with all parties throughout the transaction.
For a FREE valuation for sales or lettings, contact CLIFFTONS Tel: 01202 789699.