I am looking to buy a place and have seen one which is keenly priced with a Tennant in place(been there for 5 years).
House is in Welsh Valleys. The rent is stupid low, but what are the laws in relation to new owner upping the rent ? It’s way below market value even for a rural town in the welsh valleys ( I am local).
Thanks in advance.
welsh rules are worse than english rules for landlords ,.Do research and be wary ( i lived in N Wales for 15 years ) Not local !
Yes it’s not ideal and it’s all changing again . AST etc etc.
Think I would give this a miss all you are doing is buying a shed load of problems.
The price will be keen due to the sitting tenant if you do proceed offer 50% of the asking price then it becomes a half decent purchase.
From shelter:- Rights of regulated tenants
Regulated tenancies were given a high level of security of tenure by the Rent Act 1977.
Tenants who qualify for the protection provided by the Rent Act 1977 have rights to remain in the property as tenants even after their original agreement with their landlord has expired or has been terminated. To evict the tenant, landlords have to prove to a court that they have a ‘ground’ for possession. Tenants also have the right to have a fair rent set by the Rent Officer.