Q. I have just completed on a house I bought for investment and have kept the existing tenants. Under the new TDS (Tenancy Deposit Scheme) regulations I am aware that I have 14 days to register the deposit, however the original AST (Assured Shorthold Tenancy Agreement) of course is not in my name which will cause me problems when trying to register, are you able to advise me of the best solution to this problem?
A. Firstly, for the record – with your name now on the deeds as the legal owner of the property the terms of the original existing tenancy agreement automatically transfers to you as the new Landlord. The best solution to this issue of your name not being present on the original AST is to draw up a brand new tenancy agreement, but it must be an exact replica of the original contract signed by the tenants initially.
Therefore, you must adhere to the same terms and conditions as laid out in the original agreement. Of course by issuing a new agreement it will automatically provide the tenants with a minimum of 6 months occupation, which I assume you would be happy with anyway having bought for investment?