Bank is probably pressuring him to sell; he’s either trying to sell or else trying to show the bank that he can’t sell.
Your friends should not really be concerned about the details as the details don’t have anything to do with them. They should make it clear that they will not be leaving until their 1 year lease is up, nor will they be facilitating viewings until their last month. However they should assume that the lease will not be renewed after the 1 year.
If they have a fixed term lease which does not have a break clause, I don’t think he can take that line. So the first thing they need to check is whether there is any break clause in their lease. IME, Irish landlords tend not to like them so there probably is not. If there is not, then they can remind him that he has signed a fixed term lease and as such, cannot just ask them to leave.
FWIW, the last two places I lived in were sold while I was living in them. We were advised in advance as they were going to want viewings. We got rental reductions to compensate for the disruption.
Even if you’re renting, you’re entitled to quiet enjoyment of your home. If your home is in some schrodinger’s cat state of unknown status of being on sale or not, I’m not sure that anyone would feel that much quiet enjoyment.
As a general note, I would consider finding somewhere else to move to at the end of the fixed term lease on the grounds of not necessarily trusting the landlord’s financial situation.
Fascinatingly, tenants tend to be asked to provide evidence of ability to pay rent; landlords never seem to have to provide evidence of financial wellbeing. I do think that’s a pity sometimes. But my view is coloured by the experience that in the last 10 years, I’ve had three landlords come a cropper with their banks.
If the bank appoint a receiver, the tenants’ rights as per the lease go out the window and they can be evicted at any time.
If he can’t pay his mortgage, what are the chances that their deposit is being kept safe & sound? These are not people who can afford to lose over a grand.
Calina, I suggested that landlords should also have to demonstrate solvency on boards and it provoked some serious “who do you think you are” rage amongst the landlord cohort there.
Can’t help but notice that the apartment is priced significantly higher than other apartments in the complex and looks lower spec.
I’ve suggested it here too. I’ve also suggested that deposits be kept in escrow which has had lead balloonesque impacts with landlords.
This is wrong. Leases are legally binding contracts over the premises in question for the time period specified in the lease. They cannot be evicted at any time unless they themselves have breached the lease or there is a break clause specified.
This is right. Escrow is very much needed in this country.
You could ask landlord to demonstrate such, just as the landlord asks the tenant to provide bank statements. Neither of these are legally required for the transaction and either party can walk away if they don’t wish to provide the other party with these details.
In these cases when the property is unusually highly priced, it is done on a basis to show the bank firstly, that there’s movement on the issue, and/or secondly, set at a price to cover the entirety of the debt.
They should make an offer!
This is ridiculous. The tenants have a lease which gives them rights. They don’t have to worry about the apartment being sold. If the Landlord has any rights he will have to serve notice and they can deal with that then. The most likely thing is the apartment will be sold subject to the tenacy and they will not be affected at all save when notified their landlord has changed.
Whether the bank is involved is also none of their business. The bank will write to them if there is a question over rent payments.
These tenants sound like serious pains in the ass. If they want to buy the apartment they should buy it. Otherwise they should mind their own business.
How does the bank write to a tenant if the landlord hasn’t shared that information with the bank? Do they mail “The Occupier” and hope it isn’t intercepted by the landlord or hope that the tenant doesn’t put it in the bin thinking it is junk mail.