You need to be asking yourself why this property, which sounds commercially sound as a vehicle for investment, is going to auction. You need to take a look at the tenancy agreements in place and see what they say. If there are errors and the current landlord has accidentally created protected tenancies, then you could end up paying a lot of compensation to the current tenants if you try to get them out.
I have long term tenants in both of my investment properties, and I have already entered into legally binding agreement with them, that when the time comes for me to retire from the business and sell the houses, I will give them one monthâs rent for every year they have lived in my house (without arrears), if they agree to move out and let me sell with vacant possession. They are happy, I am happy. I am not happy to make people homeless.
Agreed, all LLs here who have given advice think it is a bad idea so it is not justified to put things the way Victoria has put it.
An overwhelming majority of LLs are good, in the same way a majority of tenants are good tenants.
I find it very interesting when the majority of the landlords on here jump on someone with an opinion they do not favour, yet Iâve read in many threads the social slurring of people on benefits by landlords. Also I was not the only one on this thread that feels the way I stated, perhaps you should direct your comment to others too.
Ok, so Victoria. This individual LL started this thread to get specific advice. We gave advice Youâre spinning this discussion put of control to something it shouldnât be.
I wonât engage further.