Thinking of buying a house with a long term tenant on board? Some things you need to consider 1) The Bank may refuse to lend on a principal private residence basis with a sitting tenant of any description 2) If the bank is aware they may not allow you drawdown without vacant possession of the property 3) You cannot separate new ownership from the current tenancy. You cannot read a just the part 4 tenancy rights because you take over ownership of the property. 4) If the tenant has been there for 3 years already then their part 4 tenancy rights will effectively reset at the start of next year, as the part 4 tenancy runs in four year cycles, and for the first six months of each cycle you can terminate the tenancy for any reason with 112 days written notice.
Posted on: Wed, 11 Sep 2013 11:36:33 +0000
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