Auction Property AST Below Market Value
I just completed on an auction property. I know thereís a AST in place for a term of 3 years well below market value. Hereís what I know about the property..
- A landlord owned several properties in a block which have gone into receivership.
- Prior to receivership it appears the landlord drew up an AST paying rent at just 15% of market value for a period of 3 years possibly to engineer this situation.
- The landlords address on the AST appears to be one of the other properties also now in receivership
- The AST has elapsed 1 year within this term
- The copy I have of the AST via auction pack (signatures/names redacted) shows
o A deposit held in a TDS Scheme
o A determination clause which can be executed 2 monthís notice either way 6 months after the tenancy start term
o Rent review every year canít be increased no more than RPI within the term
o Property canít be vacant for more than 21 days
o I had to pay the seller (RECEIVERS) 3 months rent arrears
The management agency was going to force entry since the flat had a leak, but this wasnít necessary in the end. According to the neighbours no tenants have been seen for a while.
Iím awaiting an underacted AST. I have no idea if this will materialise together with the EPC
I need advice on how and if I can proceed with following
- Serve section 48
- Send retrospective EPC and Guide to renting guide
- Serve section 21
- Or if possible serve eviction notice for rent arrears
Iím more than happy to pay for a solicitor to review and assist with my situation. Any recommendations..
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