ARLA advises tenants on their rights and options if their landlord decides to sell their home.
As the UK property market’s recovery continues, many landlords may choose to cash-in on their investments.
With the average tenant staying in a property for over 19 months, many renters may find themselves in the position of having to find a new home as their landlord sells.
If your landlord is selling, this shouldn’t be a cause for concern. It is important, though, to be aware of your rights in these circumstances.
Susan Fitz-Gibbon, president of ARLA, said: “If you receive notice that your landlord is selling the property you are currently living in, the most important thing to remember is that as the tenant, your tenancy agreement remains valid.
“Make sure you also bear in mind that you also have rights concerning issues like access to the property for viewings.”
ARLA has the following advice for tenants whose landlords are selling their property: l Your stay in the property – The number one thing to note is that your stay in the property is not impacted by the landlord’s decision to sell.
You have the right to stay living in the property until the date stipulated in your tenancy agreement.
Check to see if your agreement contains a break clause though, as this can enable the landlord to end the lease early (in addition to allowing you to end your tenancy earlier).
Reasonable access – It is not surprising that those interested in buying the house will want to view the property.
The amount of notice a landlord must give before entering your home with a prospective buyer for a viewing may be stipulated in your tenancy agreement.
If this is not the case, the landlord should still give you reasonable notice of viewings, usually 24 hours.
A new landlord – Once the property sells, the new owner must also respect the tenancy agreement, and will not be able to change your rent without following the proper procedures.
It can be a good idea to have a new tenancy agreement drawn up that shows the name of your new landlord; if you do, be sure to check that the new version does not make any other changes, unless you’ve agreed upon them.
If you are looking to buy – Although they are by no means obliged, some landlords may offer their current tenants the chance to buy the property they occupy before it goes on the open market.
If you have a good relationship with your landlord and are in a position to buy, this might be worth considering.
It can also be a bonus for your landlord, too, because they have a chain-free buyer that they know.
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