If your landlord decides to sell the property you are renting, it can initially seem daunting, but rest assured, there are processes and procedures that your landlord will implement in order to protect both your interests. In this helpful article we aim to help you navigate this period smoothly, allaying any worries you may have about the transaction and aid you to understand your rights and describe the professional approach your landlord and their agents will take should a property sale occur.
Identify Your Tenancy Type
The first step is understanding your type of tenancy agreement. Most tenants in the UK hold Assured Shorthold Tenancies (ASTs), which provide substantial protections during transitions such as property sales.
Your Rights and the Law
Security of Tenure: UK law ensures that tenants enjoy ‘security of tenure.’ Even if the property is sold, you can remain under the same lease terms until it expires, maintaining continuity in your living conditions.
Notice Period: Landlords are required to give proper notice, currently through a Section 21 notice for ASTs, which allows at least two months for you to make alternative living arrangements if needed.
Access for Viewings: Landlords will of course, need to show the property to potential buyers but will do so respectfully, arranging visits at reasonable times and with at least 24 hours’ notice, ensuring your privacy and comfort are minimally disrupted.
What to Expect During the Sale
Communication: Your landlord will keep you informed about the sales process, including when viewings are scheduled and any updates on the sale’s progress.
Viewings: While the landlord or their agent may need access to the property for viewings, they understand the importance of making these visits convenient for you.
Sale with Tenants in Situ: Many landlords opt to sell the property with tenants in place. This is often beneficial as it ensures continuity for you and offers an attractive proposition to investment-oriented buyers. If this happens then all the hard work is done behind the scenes and your deposit will be transferred and your tenancy will continue.
Options for Tenants
Negotiating a New Lease: Should you decide to stay, there might be an opportunity to negotiate a new lease with the incoming owner, which can provide stability and potentially new terms that benefit both parties.
Moving Out: If the new owner plans to occupy the property themselves or if you prefer to relocate, your move should be planned well. You will of course, receive the return of your full deposit, provided the property is in the same good condition as when you moved in.
Seeking Legal Advice: If you’re unsure about your rights or how to proceed, it’s wise to seek advice from a legal professional.
A Smooth Transition
Maintaining open communication with both your current landlord and the prospective buyer is crucial. Being informed and proactive will reduce stress and help you manage this change effectively.
The sale of a property does not have to be a disruption for tenants. By knowing your rights and preparing accordingly, you can handle this transition with ease and assurance, whether you choose to continue under new ownership or seek new accommodation, being informed is key.
