What have I done?

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Just a few days ago I bought a house from auction. I was below market value and is allegedly producing good returns on capital investment.

The previous landlord had an estate agent collecting the rent for a 10% share. I am not shure of his role exactly but was going to take hold of the whole project my self.

The auction included very little about the property or tennants. There are 12 tennants of whom I have not seen the AST's yet. I have found out that the longest standing tennant arrived at the property in 1990 and at least 3 or 4 were there before 1997 (tennants themselves told me this).

I have an appointment to see the previous estate agent on Tuesday and hope to see the AST's at the minimum and hopefully a lot more.

I believe we take possesion/completion on 16th August and was hoping to find out if there are any points that need my immediate attention apart from what my solicitor should naturally be dealing with?

HMO certificate applied for and generally appears to meet most criteria. All rooms are bedsits, have individual electricity coin meters(electrical safety is already planned), no gas whatsoever in property, Some tennants are a few weeks behind with rent( I wonder if I have bought the right to that debt in auction too?)

Any help greatly appreciated

29/07/2007 00:00

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