Buying property with long lease?

[RoqueOnRebel]

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?

You need to ask the estate agent to confirm with the seller what sort of lease these tenants have, I think though that it's likely not to work out for the tenants in the longer term as it's likely your solicitor will absolutely insist you need "full and vacant possession" if you decide to buy it. I think what usually happens is that they get "paid off" to leave - a lump sum to entice them to give up the lease or tenancy.

TBH I wouldn't feel too sorry for them traumatised or not as being able to pay that much rent money per month gives them plenty of affordable (to them) options

If the only information you have is what you've given here then I would just pull out on the basis that I can't see how you would proceed anyway without relevant paperwork being appraised.

I do think it's a fair point to suggest that if you have this level of financial freedom then you shouldn't really be in this position when you could seek the best of specialist legal conveyancing advice on the matter and shouldn't be in the dark like this.

It is also a challenge to draw much sympathy toward the situation of either someone with millions of pounds to buy a house or the tenants-in-situ (if that is even what they are) in a position to afford 7k a month. I hope you find something more suitable OP, and less problematic.

Yes, the outbuildings were going to be used for traumatised families - this is why we want the current tenants gone (totally outed myself now).

I think we are going to pull out as we discussed last night and we've just been messed around - and yes, the information here is literally the only information we have been given (granted I am an emotional wreck right now, but I have re-read every email and they are very scarce on actual information on all points we have raised).

I do think it's a fair point to suggest that if you have this level of financial freedom then you shouldn't really be in this position when you could seek the best of specialist legal conveyancing advice on the matter and shouldn't be in the dark like this.

Totally agree - our solicitor is currently on holiday but back tomorrow. I just wanted to see if there was a solid answer on mumsnet but clearly we just haven't got enough information to begin to formulate any ideas of what is happening.

What would people like people with millions of pounds to do with it? Surely setting up a charitable arm for a very specific purpose is one of the better options?

I mean people must hate most of West London if this is the case.

Thank you for clarifying these points and drawing more attention to your wealth and philanthropy.
We are all now in awe of you.