Am I as a tenant affected if my landlord sells?

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hanswurscht
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Am I as a tenant affected if my landlord sells?

Post by hanswurscht » Fri, 23 Jul 2010 1:38 pm

Hi,

I got a notice that the landlord of the apt I am staying in wants to sell the apt I am living in.

Does that affect me / my lease contract in any way?

The agent said that as long as the tenancy agreement is signed, the lease continues as originally signed (which is still 1 year from now).

Is she right, or does the agreement get canceled if the landlord sells, as he isn't the contract partner anymore?

Thx

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Saint
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Post by Saint » Fri, 23 Jul 2010 1:41 pm

Yes the agent is correct, the TA automatically gets transferred to new owner under the same terms

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Post by hanswurscht » Fri, 23 Jul 2010 1:58 pm

Saint wrote:Yes the agent is correct, the TA automatically gets transferred to new owner under the same terms
Is there any clause that confirms that?

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Post by Saint » Fri, 23 Jul 2010 2:07 pm

hanswurscht wrote:
Saint wrote:Yes the agent is correct, the TA automatically gets transferred to new owner under the same terms
Is there any clause that confirms that?
Have a look for this clause within your TA

"During the currency of this tenancy, to allow the Landlord or its representative at all reasonable times and by prior appointment to bring any interested parties to view the said premises in the event of a prospective sale thereof. The said premises shall be sold subject to this tenancy."

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Post by hanswurscht » Fri, 23 Jul 2010 2:13 pm

I got
To ensure that all person, to whom he shall sell, assign or otherwise dispose of his interest in the Premises, have been made aware of the existence and terms of this Tenancy Agreement and have agreed to be bound by the same prior to such sale, assignment or other disposal.
[...]
That subject to clause (as above), the Landlord is and shall remain the registered owner of the Premises throughout the Term.
That's the same meaning as you quoted, isn't it?

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Post by Saint » Fri, 23 Jul 2010 2:52 pm

hanswurscht wrote:I got
To ensure that all person, to whom he shall sell, assign or otherwise dispose of his interest in the Premises, have been made aware of the existence and terms of this Tenancy Agreement and have agreed to be bound by the same prior to such sale, assignment or other disposal.
[...]
That subject to clause (as above), the Landlord is and shall remain the registered owner of the Premises throughout the Term.
That's the same meaning as you quoted, isn't it?
Yep, says the same.

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Post by hanswurscht » Fri, 23 Jul 2010 3:04 pm

got it. thanks dude! :)

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Post by NBB2 » Sat, 24 Jul 2010 9:25 am

One thing I suggest you watch out for is that your security deposit doesn't go "missing" during the transfer of ownership. Last thing you want is a pillar/post scenario when the lease has expired and it's time to refund the deposit. I'm not assuming this is a given, but it's good to be aware that it's not unheard of.

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