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I have been doing the rounds today talking to staff in Estate Agents who are now selling
houses in the new Additional Licence areas
I asked now that all the Properties in there area will be subject to a Licence will they advise a Landlord Purchaser that a Licence will be required
I did not get a clear answer from the Agents
I think it will be up to the Landlord to used DD on this
But I think Agents should be truthful if they know its a licence is required
It would be interesting to know from a Solicitor if on searches it is highlighted a licence area
Landlords now need to factor this in when they do DD
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.
Hamilton Square Estates Ltd
Wirral Property Group Ltd
Sourcing and renovating investment property since 1994
Can I ask would a Solicitor know is it mentioned on searches
a Local Solicitor may know but the Bigger Solicitors may not have as much local knowledge
I find Conveyancing Solicitors ( in the main ) haven't got a clue about Housing law. Seen it so many times with Deposits, Licenses, copies of the original AST's etc
This is a really interesting point. I've just overseen the sale of a leasehold flat, for which the buy to let investor would require a license. The agent, who held the license for our client, (the vendor) took no action re the licence, upon completion of the sale, nor in respect of the buyer. So, after completion, I informed the landlord licensing department at the local authority of the change of ownership, and I asked the agent to notify the local authority of the change of ownership. Unless I had specifically addressed this, the license would still be in place on our client's property, with reference to our client. The licensing requirement didn't come up on the solicitor's searches, and isn't mentioned in the TA forms - if the local authorities are going to continue with this licensing lark, this process needs reviewing! Yes, it's the buyer's responsibility to carry out thorough checks/due diligence, but vendors also need to be aware that they may need to action the licence, on completion of a sale.
The Property Investor's PA
Freelance Administrator for Property Investors / Entrepreneurs
Find me on LinkedIn: http://www.linkedin.com/in/heleneade/
Why not take it back one stage and ask the question "should estate agents tell the truth"?!
Its called being economical with the truth.