I am interested in buying a property that is currently let to a tenant. The tenant has no formal Tenancy Agreement and has lived in the property for over 10 years – I believe he has no arrears but seems to be paying well under the going rate for the area.
What are my rights please? –
- Do I still have the same rights and security, the same as if there was a formal AST in place?
- Can I sensibly increase the rent towards the current market rate for the area?
- Can the tenant be evicted without an AST in place?
- Am I in my rights to get the tenant to agree to signing an AST?