Q. I have just agreed to buy my first property for investment purposes. Currently there is a corporate tenant in possession with an AST agreement who is paying above the market rate. I am thinking of purchasing the property along with the tenant in possession, do you think this is a good idea or do you think it’s safer to request vacant possession on completion?
A. Sounds to me like you already have a perfectly good tenant in possession and if you plan to rent anyway I would definitely consider keeping them. Check out the tenant as much as possible before making your decision.
Firstly, speak to the letting agent and find out if their rent payments are up to date and arrive on time. Next I suggest you take legal advice via your solicitor who will ask for a copy of the AST (assured shorthold tenancy agreement) to check that it is in order and up to date, if your solicitor is happy with the contract then I would see no reason not to continue with the tenancy after completion.