Buying a property with tenant in situ and agent wants renewal fees

Landlord Discussion Property Investment
#1

I’ve had an offer accepted on a property with a tenant in situ. I would like to consider keeping the tenant as the property is well looked after, and the tenant wants to stay. The agent selling the property is also the letting agent and he has advised that the tenant is on a rolling contract (I assume he means a periodic tenancy - I am trying to find out). The agent has added a special condition to the Memorandum of Sale stating that if I decide to keep the tenant that I will need to continue to pay tenancy renewal fees. I would like to manage the property myself and not use an agency. Does the letting agent have a leg to stand on regarding charging me tenancy renewal fees?

Thanks, Ana

#2

You need to ask your solicitor to insist that this condition can be removed from the memorandum of sale. You have no contract with the letting agent and should not have to agree to them managing the property.

Now your work really begins. You have a lot of checking to do as you should never buy a tenanted property without proper due diligence. Have a look at these two links:

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