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Auction property with Tenants in situ.

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ALL 1988 residential lettings are 'Assured Tenancies'.

Some are ASTs; s.21 applies to them.

Others aren't and these are generally called 'Standard Assured Tenancies'.

 

A let property can be sold subject to a continuing tenancy.

The concept is largely the same as a freehold reversion being sold subject to an existing long leasehold.

 

Thanks Jeffrey, that was the clarification I needed.

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Maybe, but unlike the Assured tenancy, it has limited security of tenure. This is why I was under the impression that an incoming landlord could claim the old tenancy agreement between old landlord and tenant doesn't have to be honoured, as it's nothing to do with new landlord as he didn't make the contract.

 

That would be great for landlords! They just need to flog the place to their mate who kicks the tenant out then sells it back to him :D

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That would be great for landlords! They just need to flog the place to their mate who kicks the tenant out then sells it back to him :D

 

Further misunderstanding... the Landlord would incur SDLT (+3%) and transaction costs each time that 'trick' was tried. Great for Landlords. Jeez. It was all going so well n'all...

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Further misunderstanding... the Landlord would incur SDLT (+3%) and transaction costs each time that 'trick' was tried. Great for Landlords. Jeez. It was all going so well n'all...

 

Costly for the L but that would be the scenario so its not a misunderstanding is it?:huh:

And if the tenant was standing in the way of a lucrative redevelopment opportunity it may be well worth transaction costs, and the SDLT could be avoided using various means..

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