Where your current landlord sells their property, it will be sold subject to and with the benefit of the current tenancy agreement. There is no requirement for the tenancy agreement to be assigned to the new landlord. The purchaser will become the new landlord. The tenancy will continue as it was prior to the sale but with the new landlord.
This means that both you and the new landlord are bound by the terms of the original contract. You do not have to agree to any new terms with the new Landlord. If you do however agree to new terms then these should be recorded either through a Deed of variation or by entering into a new contract.
We would advise entering into a new contract on OpenRent in any case even if the terms are to remain the same so that everyone is clear that the requirements for the tenancy have been met.
What if the new landlord wishes to raise the rent?
You do not have to agree to a new rent just because there is a new landlord. The new Landlord can only follow one of the usual routes for proposing an increase in rent. If the tenancy is within the fixed term then the rent can be increased either by agreement or inline with a rent review clause if there is one.
If the tenancy is periodic then the Landlord can serve a section 13 notice to propose a rent increase. Please see this article for more information.
The landlord may be able to serve a S21 notice to end the tenancy on or after the fixed term. If they do this then it may be necessary to enter into a new tenancy agreement after the current one has ended. Please see this article for more information.
- Landlord guide: What do I need to do if I buy a property with tenants in situ?
- Landlord guide: How to propose a rent increase
- Landlord guide: Section 21 eviction
Information on this site is by way of general guidance only and may not apply in your particular circumstances. You should not act or refrain from acting upon information on this site without seeking independent legal advice.