A fifth (21%) of millennials have been evicted from their rental homes before they were ready to leave, due to a change in ownership of the property.
Many tenants face the uncertainty of potentially having to
find a new home when their landlords want to sell their properties empty.
The research from online property marketplace Vesta Property
claims that 39% of millennials fail to understand exactly what their rights are
as tenants when their landlords sell, while 32% did not know that tenants could
be legally served notice to vacate the property, even if they have done nothing
The study indicates that most private tenants would prefer
to stay in the property, regardless of a change in ownership, with 77% of
respondents saying that they want the option to stay in their homes, even if
their landlord sells to another buy-to-let investor.
Russell Gould, the CEO of Vesta
Property, comments on the findings: “The current
buying and selling system, where good tenants are evicted for no reason other
than to sell a property, makes life harder for everyone.
have to find new tenants, sellers can lose valuable income and renters are
forced to disrupt their lives by finding new accommodation.”
insists: “The sector needs to move with the times, and mould the system into
something that works for both landlords and tenants alike. Specifically, the
practice of advising a landlord to evict tenants in order to sell a property is
have you evicted a tenant due to a change in ownership of your property?
a separate study claims that landlords
are wrongly using Section 21 notices, instead
of Section 8 notices, to evict tenants in certain situations. We advise all
landlords to understand the correct processes for evicting a tenant – this
useful guide should help: https://www.landlordnews.co.uk/guides/a-landlords-guide-to-the-eviction-process/