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Buying a Tenanted Property?

Tuesday, 5th May, 2015

Buying a tenanted property can have many advantages, immediate cash flow being an obvious one. However, you need to be sure that you are not taking on another persons problems so below are some of the questions we recommend you to ask the seller:

1.) How many tenant changeovers have there been in the last five years? If the answer is three or more, try to establish why people don't stay very long.

2.) How long has the existing tenant been in the property?

3.) Has the tenant always paid rent on time? Can that be evidenced with statements/receipts?

4.) Which scheme is the tenants deposit protected in?

5.) What are the current management arrangements? You may wish to obtain a copy of the existing management contract but you are under no obligation whatsoever to stay with the same agent.

6.) What, if any, insurance claims have you had on the property?

7.) Is the property subject to HMO licencing, Selective Licencing or Additional Licensing? If so, what are the fees and is it licensed now?

8.) Are all the legal certificates in place? Gas Safety Certificate, Energy Performance Certificate etc.

9.) Does the property meet current fire safety regulations? Interlinked hard-wired smoke detectors, Carbon Monoxide alarm etc.


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