Basically I’ve been a tenant of a letting agency for just over 10 years, the flat is situated above a shop. A new business has taken over and they want to buy the property, after speaking with the business owner it appears that the owner of the property has agreed.
I’ve not been notified from my letting agent, in fact they’ve not fixed anything for years. Currently they haven’t issued a new tenancy agreement for the last few years but I’m in top of the rent.
As I’m still a tenant do I have any rights or is it as simple as the new owner takes possession then gives me notice, he has already asked me how I feel about moving out. If so has anybody any idea of timescales and if there’s any thing I can do? I had no intention of leaving but if I have too would like atleast 6 months to sort things out.
Any help greatly appreciated!
Your tenancy persists even if the business is sold. The new owner will become your landlord and inherit your tenancy. You can refuse to sign a new tenancy agreement if you wish.
However, if the new owner has plans for the space then they can, of course serve you notice giving you a minimum of 6 months to find a new home. The new owner will probably have their hands full transferring or starting up whatever business they plan to run in the shop and may value the fact that they have a steady income for the other part of the property. There is no point in worrying at this stage as your security doesn’t really change. At least with the current notice period, you will have plenty of time to relocate if it comes to it.
David thank you so much for your speedy response, the owner seems really nice but just needed a bit of confirmation and you’ve certainly done that.