Hi,
Wanted to get a bit of advice from the "other side of the fence" as it were...
I currently rent a property, however have just been informed that the property is going up for auction in the very near future (about a month), so basically, no notice at all.
This is not a situation I have ever had to deal with before, so I'm not sure on how this is going to affect me etc.
There is no lease involved, never has been, it's a private rental.
I'd say I pay a bit (maybe a fiar bit) below market rate, the current owner believes that having a quality long term tenant is better then higher rent on shorter term leases / bad tenants, I've been here say 3 years, previous tenant was here for about 5 years or so. I'm an awesome tenant btw.
The current owner I believe is angling for a sale with the property currently tenanted. How does this work?
My expectation is that the new owner will look at either:
a) Renovating (Most likely, say 70% chance)
b) PPoR (less likely, say 10% chance)
c) Rent Increase (Quite likely, say 20% chance)
At the moment, I'm hedging my bets and have already started the process of looking at finding another rental or purchasing a place, as I probably don't want to be left at the whims of the prospective new owner.
(Note: I now looking at purchasing sounds a bit rash, but I've been doing research for a while, and well, would have preferred under my own terms, however this may be an impetus I need, and I have a place to stay for the next few months if required if buying.)
What kind of obligation am I expected to be under, given that the property is being sold out underneath me?
Am I expected to give notice independently to the owner? Or does the fact that the property is being sold negate that responsibility?
If you were the purchaser of a property currently leased, what would you expect? / what would be normal?
Part of the ToC to be vacant upon settlement date if required?
Any advice or opinions are welcome.
My apologies for the vagueness, as above, not something I've ever had to deal with, and never looked into before. It's also all come as a bit of a shock / rush, as my notice of selling was basically from the status quo to set auction date in one phone call...
C'est la vie.
Wanted to get a bit of advice from the "other side of the fence" as it were...
I currently rent a property, however have just been informed that the property is going up for auction in the very near future (about a month), so basically, no notice at all.
This is not a situation I have ever had to deal with before, so I'm not sure on how this is going to affect me etc.
There is no lease involved, never has been, it's a private rental.
I'd say I pay a bit (maybe a fiar bit) below market rate, the current owner believes that having a quality long term tenant is better then higher rent on shorter term leases / bad tenants, I've been here say 3 years, previous tenant was here for about 5 years or so. I'm an awesome tenant btw.
The current owner I believe is angling for a sale with the property currently tenanted. How does this work?
My expectation is that the new owner will look at either:
a) Renovating (Most likely, say 70% chance)
b) PPoR (less likely, say 10% chance)
c) Rent Increase (Quite likely, say 20% chance)
At the moment, I'm hedging my bets and have already started the process of looking at finding another rental or purchasing a place, as I probably don't want to be left at the whims of the prospective new owner.
(Note: I now looking at purchasing sounds a bit rash, but I've been doing research for a while, and well, would have preferred under my own terms, however this may be an impetus I need, and I have a place to stay for the next few months if required if buying.)
What kind of obligation am I expected to be under, given that the property is being sold out underneath me?
Am I expected to give notice independently to the owner? Or does the fact that the property is being sold negate that responsibility?
If you were the purchaser of a property currently leased, what would you expect? / what would be normal?
Part of the ToC to be vacant upon settlement date if required?
Any advice or opinions are welcome.
My apologies for the vagueness, as above, not something I've ever had to deal with, and never looked into before. It's also all come as a bit of a shock / rush, as my notice of selling was basically from the status quo to set auction date in one phone call...
C'est la vie.