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  • Buy-to-Let

    Change of ownership

    Hi

    I am selling my BTL property to my sister and we are due to complete next Friday. Does she need to ask the tenant to sign a new tenancy agreement, deposit transfer into her scheme, give the tenant rent to guide booklet etc. Does a new tenancy mean the tenant is no longer in the periodic period which she currently is in?
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    Hi Steve

    The tenant's position is unchanged by the new ownership; whatever existed before with you stays with your sister.  She will, however, need to move the deposit to her scheme and inform the tenant that she has done so.  She will also need to serve formal notice on the tenant of the new owner; hopefully her solicitor will do this for her as part of the pruchase.

    Notwithstanding the legal position, it may be appropriate for your sister to agree a new tenancy with the tenant and do the full raft of compliance documents afresh (checking for example that the deposit does not exceed 5 weeks rent).  That way she will have peace of mind that all is in order and the tenant may have some extra security by way of a new agreement.  She cannot force the tenant to sign anything.


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