House purchase with RAS tennant.

cyberblade 918c

Hi folks,

Looking for a bit of advice please. sorry for the very long winded post

I am currently thinking about placing an offer on a property - if thats not accepted there are another two that I am interested in and hoping someone on here might point me in the right direction.

my second option at the moment is either of two properties (same estate & next door to each other). I have viewed one which is unoccupied and it needs a small bit of redecorating - nothing too major though.

I am due to view the attached property soon and as far as I am aware there is a tenant who is renting on a RAS scheme.

What I'm wondering is - if I was to decide on the occupied property- I know I can possibly incorporate a clause in the contract stating that it must be unoccupied at time of closing sale, but is this likely to be more of a hold up time scale wise or are there any problems I could run in too?

Apparently this are stressed properties which are going in to liquidation, the EA has told me that a possible much lower price on same would be likely to be accepted as they are due to be handed over to receivers for auction soon

thanks in advance....

Victor

It is normal to ask for a residential property to be vacant when buying it. However, it isn't a requirement. Commercial properties often have sitting tenants when sold - the advertising will say "Tenant unaffected" or similar.

RAS tenancies are on a 5-year framework, so the tenant may have several years to go.

You need to find out what the tenant's intentions, rights and obligations are. It may be a modified regime to to the normal Residential Tenancies Act situation as the council is also involved.

murphaph

If you're financing the purchase with a mortgage the bank will likely insist that you have vacant possession on closing, unless you were buying to let, which you are not.