I have a property up for let. I have a tenant who wants to move in within the next 2 weeks but I am currently selling this property to my son and do not expect to complete for at least the next 4 weeks. He is obtaining a buy to let mortgage. If I took this tenant on in my ownership how do I transfer the ast to his name on completion?
1. Because the sale contract will show that you're transferring subject to T's tenancy. 2. Once your son ('P') has completed his purchase, he'll send to T: a. your Letter of Authority, telling T to recognise P as new landlord; b. Notice under s.3 of the Landlord and Tenant Act 1985, telling T the full name and home/business address of P; and c. Notice under s.48 of the Landlord and Tenant Act 1987, telling T the service address of P. 3. This way, the AST can continue unaltered, but: a. on completion, you must remember to apportion rent between you and P; and b. after completion, P must remember to re-protect T's deposit.
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