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Original poster

Buying property with long lease?

29 replies

RoqueOnRebel · 15/10/2022 10:43

This may sound a bit silly but we are looking at a freehold property, but part of it is rented on a long lease - this would be part that we would for ourselves.

We are getting conflicted advice on whether or not we can serve the tenants notice and for how long we would have to wait before we were able to do that.

Has anyone got first-hand experience on this please?

OP posts:
FistFullOfRegrets · 15/10/2022 10:47

What does their lease actually say?

I personally wouldn't buy a property with sitting tenants, then give them notice.
I think it's unethical no matter the legal situation.

But if you're ok with making people homeless who think they're safe as it's being sold with sitting tenants, then 'you do you' I guess, .but check out their lease & your purchase agreement very carefully.

Original poster
RoqueOnRebel · 15/10/2022 10:58

Why do you think it's unethical? Surely it's more unethical to sell the property with the tenants still in?

And they will easy find somewhere else.

We haven't seen the lease yet, this is part of the problem - it keeps getting delayed.

OP posts:
Original poster
RoqueOnRebel · 15/10/2022 11:02

It's an outbuilding on the long lease, which faces onto what will be our family garden. We don't know the tenants at all - and they have refused every request to meet us to date.

OP posts:
Shitfather · 15/10/2022 11:04

Check if they have a protected tenancy. Yes it is unethical to want kick out tenants who thought they had a secure lease. Why won’t the vendor do it.

Original poster
RoqueOnRebel · 15/10/2022 11:14

Why won’t the vendor do it.

They are friends with them - and I suspect they are enjoying the 7000 pound rent a month too.

OP posts:
minticecreamisjustok · 15/10/2022 11:20

This maybe the reason for sale, if the contract is lost or isn't one, they can't evict easily. Make sure you see it first.
The tenants seem a nightmare too by refusing to meet you.

Original poster
RoqueOnRebel · 15/10/2022 11:25

@minticecreamisjustok Thank you - this hasn't even been raised with us, we just keep getting stalled.

Exactly - if the tenants had met with us we may feel more at ease, but we don't at all with everything else that has gone on too.

OP posts:
LickThis · 15/10/2022 11:41

I'd walk away

hotteaandcrumpets · 15/10/2022 12:21

£7k a month?! That's over £80k a year. Is that a typo? Is it a residential let?

The seller should be providing a copy of the tenancy agreement but unless you're a landlord already, or keen to be one, I would walk away. You might find your lender won't provide a mortgage for this situation anyway. Seems much more hassle than it's worth. The current landlord clearly hasn't evicted them and there will be a reason behind that. The tenant doesn't have to allow anyone, including the current owner, into their home, unless it's an emergency or for the legal gas checks etc. There could be 50 people interested in one property. No one wants 50 people traipsing through their home.

Original poster
RoqueOnRebel · 15/10/2022 12:32

£7k a month?! That's over £80k a year. Is that a typo? Is it a residential let? No it's the area unfortunately - not a typo.

We are not landlords and we aren't particularly keen to be them. We would keep it on if it was housing someone vulnerable / at risk of actual homelessness (as I was accused of upthread), but there's plenty of rentals in the price range they are paying nearby.

OP posts:
OhhhhhhhhBiscuits · 15/10/2022 12:37

I'm confused over the situation. So it's a freehold property with a tenancy in part of thr property is that correct?

Is this an assured tenancy or a leasehold tenancy as you use the term "long lease" which is normally used for a leasehold property not an AST.

You need to see the lease, how long is it for, any break clauses etc... if it is an AST if its a leasehold then you haven't got a hope in hell of getting them out until the lease expires and even then they have a right to extend the lease at a price.

Original poster
RoqueOnRebel · 15/10/2022 12:39

I'm confused over the situation. So it's a freehold property with a tenancy in part of thr property is that correct?

Yes - it's an outbuilding which is covered by a long lease.

It just is starting to feel like there's lots of things being dodged, non transparency etc.

I think we may just pull out to be honest.

OP posts:
OhhhhhhhhBiscuits · 15/10/2022 13:13

RoqueOnRebel · 15/10/2022 12:39

I'm confused over the situation. So it's a freehold property with a tenancy in part of thr property is that correct?

Yes - it's an outbuilding which is covered by a long lease.

It just is starting to feel like there's lots of things being dodged, non transparency etc.

I think we may just pull out to be honest.

But what do they mean by a long lease in this situation? That's the confusing part to me.

WyldeSwan · 15/10/2022 14:02

When is the expiry of the lease? Realistically you are unlikely to get them out until it has expired, other than by mutual agreement - presumably by paying them ££££'s to make it worth their while. But it sounds like money isn't an issue for them anyway, so if it has a long term left on it they might value their security over any amount you might want to bribe them with.

Sago1 · 15/10/2022 14:17

This is all a little odd 7k a month!
This is what 7k a month will get you in one of the UK’s most expensive areas.
If all this is true you must be paying many millions for the property and would have access to the best legal advice

Buying property with long lease?
Original poster
RoqueOnRebel · 15/10/2022 15:11

@Sago1 it's larger than that, and yes it's an expensive property.

The thing is we assumed the long lease was a rental lease - we are now getting conflicting information on the wording from the estate agents plus everything else.

Anyway we are going to pull out.

OP posts:
Tukmgru · 15/10/2022 15:19

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Original poster
RoqueOnRebel · 15/10/2022 16:41

You know nothing about us - and yes the money was earned.

OP posts:
Tukmgru · 16/10/2022 01:16

Fundamentally, you believe your time is hundreds of times more valuable than most other people’s. No, you didn’t earn it, because no one should have so much money they can whinge about a potential additional income of 7k a month whilst simultaneously aiming to break a contract with someone who thought they had secured somewhere to live.

Original poster
RoqueOnRebel · 16/10/2022 09:17

We have earned it - if you don't like this thread please move along.

We don't want the extra 7000 a month.

We want to ensure that the traumatised children and women in the garden have the privacy they need to actually have childhoods without further traumatisation.

You have absolutely no idea about our family make up. Nor do you have any idea why we are looking for a specific type of property. So please keep your overtly jealous views to yourself.

As I said - we would have been happy for them to stay had we had a chance to meet them and get to know them - they have refused this on every occasion offered.

OP posts:
Fxxoffuliars · 16/10/2022 09:36

if you have so much money to spend, surely you can find similar properties….if not speak to a good solicitor they will give you better advise then on a forum…..oh stop bragging cause no one cares. Good luck ! :-)

Tomanycarrots · 16/10/2022 09:43

Why are people so rude!?

op isn’t making people homeless what a ridiculous thing to say.

from what you’ve said op I would also pull out. To much room for issues and sitting tenants can be a nightmare

RichardMarxisinnocent · 16/10/2022 09:47

We want to ensure that the traumatised children and women in the garden have the privacy they need to actually have childhoods without further traumatisation.

Have i missed something? What does this bit mean? I don't see any previous mention of traumatised women and children. Who exactly are the tenants?

As others have said and you seem to have realises you need to know what is meant by long lease. If AST - eviction is possible. If it's an actual leasehold property, then pretty much impossible.

Original poster
RoqueOnRebel · 16/10/2022 09:54

@RichardMarxisinnocent You haven't missed anything - it's something I did not want to share.

We have no idea who the tenants are other than friends of the previous owners.

@Fxxoffuliars and no, it's incredibly hard to find a property with outbuildings and residential outbuildings in London...

Seriously if people have an issue with people having money perhaps you should stay within your own little bubbles. There are many millions of people who work hard for their money and who deserve to spend it how they wish.

OP posts:
RichardMarxisinnocent · 16/10/2022 10:09

*@RichardMarxisinnocent You haven't missed anything - it's something I did not want to share.

We have no idea who the tenants are other than friends of the previous owners.*

I think I misunderstood and thought the tenants were traumatised women and children and you thought they'd be better off moving somewhere else. Having re-read I realise that's probably what you plan to use the buildings for, and yes I can imagine it's not easy to find residential property with outbuildings.

If the tenants are refusing to engage with you it does feel like perhaps you might need to walk away. Even if you can legally evict them, it seems like it could end up a difficult, long and potentially expensive process.

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