Hi, im selling my rental property and have served notice in accordance with the contract so i can sell unoccupied. I also offered them the chance to buy before it went to market. A week before the notice is up they have made an offer which I’ve accepted.
Can anyone advise the best way to extend the tenants rental agreement without revoking the notice entirely? If the sale falls through, I need them out of the property asap so i can get it on the market. I dont want to have to wait another 2 months for a fresh notice period.
I’ve had my solicitor check their finances, so i’m hoping the risk of the sale falling through is low. With an SVR mortgage rate looming though, i’m looking to minimise my risk. Ideally without having to resort to selling with tenants in situ.
Is this a standard periodic tenancy and did you serve an S21? If so, the S21 will simply expire and the tenancy will continue periodically. When time comes for you to exchange, you can also sign and get witnessed a deed of surrender to formally end the tenancy.
Hi, thanks for the responses. I have served S21. My issue is not about the tenancy extending, its about how i minimise the notice period when it does.
I’ve served S21 and was expecting tenants out to photograph & market the property next week. Having agreed to sell to them and to continue to let it to them while the sale proceeds. If the sale falls through, i need them out asap so i can put it on the market i.e. not give 2 months notice. If I default back to the rolling contract terms then they could withdraw from purchasing the property forcing me to serve a further 2 months notice. Is there anyway i can reduce the notice if the sale falls through?
Generally property sales takes about 12 weeks to complete (this is what most agents and websites advise), so the normal 2 month notice period should still be sufficient. It’s fairly common to have tenants still in the property during the marketing and sale process, as long as they are out by the completion date. Plus it means you’re still receiving rental income during that period. Depending on your relationship with the tenant, you could mutually agree a shorter notice period once you have found another buyer, but legally I don’t think you can force a shorter notice period.
Your s21 notice would stay valid for 6 mlnths from the date of service, so you have another 4 months to see if the make progress. After that, youd have to serve a fresh notice. If they dont buy, your next step would be to apply for a court possession order.