Do you know who your landlord is? For some, that’s an easy question – they rent from a private landlord who they can contact if needed. For others, it’s less so – many people in the UK rent either from or through estate agents and property management services, with no definite “landlord” to contact.
This can become an issue when a property changes hands. According to a study by Vesta Property, one in five young adult renters have had their tenancy cut short unexpectedly because of a change in property ownership they may not have been aware of. Without being able to contact their landlord directly, they haven’t been able to properly prepare for the change in circumstance and could be effectively forced out of their homes.
But how do you make sure that you have the time to inform tenants? Issues like this show how time-consuming communication is when you’re looking at buying a residential property. Making sure that everyone knows exactly what is happening, when it will happen and how it will be done is vital to making sure that a property purchase happens smoothly, with minimum unexpected upheaval for those who’ll be affected.
If you are a landlord, and looking at purchasing investment property – speak to ASC. We can talk to lenders and sort out the finance for you, so you can focus on making sure your new tenants aren’t going to have any unpleasant surprises!