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Is it possible to end a tenants lease early when buying a property?

  • 18-08-2019 5:25pm
    #1
    dancarter8
    Registered Users, Registered Users 2 Posts: 15 ✭


    Hi,

    I am looking at buying a 5 bed property that has 5 separate tenants.

    3 of the tenants have been in the property since 2016 and are on roll over leases.

    2 of the tenants have leases until April of 2020.

    We are looking at buying the property and want to do some major renovations to the property (probably 2-3 months worth of work)and then rent it back out.


    Question :

    Should the current owner provide end of tenancy notice to all tenants due to sale of property before we purchase it?

    Is it possible to end the tenancy of the 2 tenants that have a lease until April 2020 early - so we can renovate the property straight away when we purchase it?

    Or

    Should we purchase the property and then give end of tenancy notice to all tenants to be out by April 2020 for renovations?

    What would be the best course of action to renovate the property as soon as possible after purchase?


    Thanks


Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Though you can end a part 4 tenancy due to sale of property, if the tenant has a fixed term lease, they are entitled to stay there until their term ends.

    If you are financing your purchase, bank will insist on vacant possession, if you are buying with cash, you would be crazy to buy with sitting tenants, if they won’t leave, you are in for a huge amount of hassle. Get the current owner to try and move them on, he/she may have to pay them to leave early.


  • #3
    ted1
    Registered Users, Registered Users 2 Posts: 23,888 ✭✭✭✭ted1


    You should not buy a property with sitting tenants


  • #4
    dennyk
    Registered Users, Registered Users 2 Posts: 1,780 ✭✭✭dennyk


    If you need the property vacant, you should not buy the property unless it has been vacated beforehand, otherwise you're just asking for a massive amount of trouble and hassle. The only time you should even consider a property with tenants in situ is if you are buying to let, you don't need vacant possession to perform renovations or for any other reason, and you have fully and properly vetted all of the existing tenants and would gladly have accepted them as tenants yourself.

    If you do buy this property, the tenants will transfer with it, including their existing Part 4 periods and their existing fixed term lease agreements. Unless the existing leases allows the landlord to terminate for renovations (which is unlikely, as a tenant would have no reason to sign such an agreement if it doesn't bind the landlord to the fixed term as well), you cannot terminate those leases early. You'd have to terminate at least those two tenancies at the end of the fixed term leases. If any of the tenants decide to overhold, you could be looking at well over a year before you'd ever get them out.


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