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Buying Property with Sitting Tenant - No Lease

  • 21-02-2023 4:34pm
    #1
    Registered Users Posts: 3,909 ✭✭✭


    Buying a property with a below market rate rent, keeping the tenants in situ.

    The only signed lease is from pre-RPZ days for a much lower rent, my understanding is that the tenant and landlord agreed increases before RPZ cutoff and after cutoff according to RPZ rules, to current level.

    To protect myself against future claims over overcharging, I have asked the tenant (via the estate agent) for confirmation in writing that the current rent level was legally arrived at in accordance with RPZ rules / RTB rules if applicable, and the start date of current rent.

    This protects the tenant and protects me, as far as I can see.

    i.e. I become bound by the current rent and date set, protecting the tenant.

    and

    The tenant confirms the current rent is legal, protecting me.

    The question is: is this sufficient?



Comments

  • Registered Users Posts: 6,083 ✭✭✭Claw Hammer


    has the tenancy been registered? At what rent level? You should be seeking a copy of the registration of the tenancy and the rent indicated on it. Forget about asking the tenant. Tell your solicvitor you want the RTB registration details. the tenant could be take the mick.



  • Registered Users Posts: 3,909 ✭✭✭3DataModem


    I have bank statements proving the rent level, attested as valid by the vendor's solicitor.

    The tenancy doesn't seem to have been registered, but the lack of registration doesn't prevent the tenant seeking enforcement of RPZ down the road.



  • Registered Users Posts: 3,909 ✭✭✭3DataModem


    The situation is a receivership that the tenant is caught in the middle of (seemingly).

    They are currently (per bank statements) paying below market but have offered to pay market, but I'm not really interested in that. I want to continue rent at current level, and do what's needed to "reaffirm" that as the actual current rent, irrespective of (a) no lease and (b) no RTB registration.



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