ChatterBank33 mins ago
Is it legal to auction property lets?
10 Answers
I think that if you were able to auction rented accommodation, as in auction off the tennancy agreement, landlords might realise better prices and the process would become simpler for tennants. Does anyone know the law surrounding this.
Greatly appreciated.
Greatly appreciated.
Answers
Best Answer
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For more on marking an answer as the "Best Answer", please visit our FAQ.If someone is a tenant they own the right to occupy the property in question, if the Landlord sells the freehold in the property the tenancy will still be binding on any purchaser of the property, properties are now sold with tenants the price reflecting the type of tenancy. Most tenancies are now Assured shorthold tenancies under the 1988 and 1996 housing acts with a fixed period of 6 months after which a section 21 notice to quit can be issued by the landlord making the value of the tenancy very limited.
I think he means auction the rental amount per month until the bidding stops and that is what the rental is then set at for the duration of the tenancy. Something similar already happens with some agents accepting sealed bid offers. Most landlords are more worried about who their tenants are to engage in something like this.
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