Tenants want to stay but I want to renovate

[Ryan80]

Thanks for all advice. I've decided to ride it out until October.

We've been trying to get the seller to produce the tenancy agreement before settlement which is this coming Friday. So far we have been unsuccessful, they keep giving excuses as to why they can't produce it. The agent said the lease expires in October but if we can't find any evidence of this how do I stand with regards to giving them notice?

 

[wylie]

I wouldn't settle without the lease and other necessary paperwork (entry condition report)... You could find there is no lease or it goes for another year .

 

[tgan]

Cant produce a lease? These people may not even have anything in place, probably a hand shake agreement with vendor.
I would flag this with your solicitor and threaten to delay settlement without proof
of the lease. You could be inheriting all sorts of issues.

 

[scha9799]

easy.

negotiate some win-win situation for you and the tenant.




ask them to renovate for you at their cost and don't increase rent.

For you
Don't need to pay any reno cost not tenancy gap.
after reno, you can revalue and pull out equity !

For them (tenant)
they pay lower rent and say on,
they will put the effort to reno, because it's their home !

put down everything in writing to achieve best outcome for everyone