you want us to tell you to go ahead??? Forget it !!
@jaswinder_dosanjh no all @David79 has said is to do full due diligence just like everyone else here has advised.
As you say it’ll vary for every case - if someone 's income sources are straightforward you’ll need to do less.
Id say full diligence in your case should include as a minimum
-checking all docs served correctly as part of setting up of original tenancy and that deposit was correctly protected in a govt scheme
-checking affordability if you plan to change terms such as rent - get their bankstatements etc
-check right to rent and ID of tenants (they may no longer have right to rent eg if visa has expired)
-check valid gas certificate, EICR, pat tests and epc in place
-check history of rent payments, any rent arrear issues
-check condition of property vs original inventory
-check you trust the tenants and consider they have been taking good care of the place including meeting them face to face and raising issue of future rent increases and whether theyll be able to afford or if they will need to leave
-check history of repairs for last 3 years
-check for any history of asb or noise issues inc via neighbours
Others may have other thoughts on min you should do, a lot of the above are standard things you ought to be doing whenever you are thinking of buying a place with tenants in situ, for their benefit as much as yours so you and they have clear expectations from the start.
Best
These are some of the things I would want to know about, but ask them through your solicitor:
• When the tenant first moved in, which can determine the type of tenancy they have and restrictions
• All rent paid on time and in full
• Credit checks and affordability
• Any complaints about the tenant from the landlord or neighbours
• Whether the property has been well looked after
• The status of all people living at the property
• The current state of the property and any disrepair or breaches s11/HHSRS/Fitness for Habitation
• Whether its licensable and licensed and all T&Cs are complied with
• Any property upgrades required and likely cost
• Any gas in the property and the age/condition of the boiler
• Whether all required gas safety checks had been complied with
• The EICR report
• Whether its let furnished and whether the furniture is included in the purchase price and is fit for purpose
• Whether there is any tenant damage
• Whether there is a detailed inventory signed by the tenant with photographs of move-in condition
• A copy of the tenancy agreement and if not an AST, is it legally valid
• That there is no mesne tenant, eg rent-to-rent
• If leasehold, whether there is consent to let and the freeholder insures the building
• Whether there have been any complaints from tenants about neighbours
• Crime rates and demographics for the area
• Whether the tenant was served with all required GSCs, How to Rent booklet, EPC and EICR from the start of the tenancy
• Whether require smoke and CO alarms have been fitted and if other fire related requirements complied with
• If a deposit was taken, whether it was properly protected, PI properly served and any other requirements complied with
• Right to Rent check carried out
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Stop thinking of it like a business,
It is but you are dealing with people and treat them like you would want to be treated yourself.
Of course she will not be able to pay the increase, would you.
Before going in this direction discuss it directly face to face with the tenant.
If you can’t agree. then only purchase as a vacant property.
Let the seller cut her loose.
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