Our landlord is selling - move into our IP in Pooraka?

Discussion in 'Property Management' started by ADLInvestor, 27th Apr, 2017.

Join Australia's most dynamic and respected property investment community
  1. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    Well we've been given 60 days to find another house to live in because our landlord is selling haha.

    Pondering whether we move into our investment in Pooraka and spend $20k on some renos, sell in 2-3 years..
     
  2. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Bummer :( What area do you live in currently?
     
  3. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    Currently in Northgate, so wouldn't be that far of a move. But we'd have to notify the tenant, provide 60 days etc and there's going to be a 3-4 day gap between moving out of 1 if we were to move into the other.

    Currently looking around Valley View through to St Morris trying to find something for the same price, but with a Pet there isn't a ton but still some stuff.
     
  4. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    It'd only be 60 days if they're on a periodic lease, are they?
    I have properties in Clearview and Klemzig currently available :p
     
  5. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    Our tenant just re-signed for another 12 months, so would that be 60 days? We're on a 12 month lease at Northgate that finishes in July - Have we been told the right or the wrong thing? We've been told that the owner is looking to sell, so we have 60 days to vacate from yesterday.

    I'd be interested in Klemzig, can you DM me a link to it?
     
  6. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    No, you'd have to see out the lease unless there's a mutual agreement.
    You've been told the wrong thing. If a buyer and seller have entered a sales contract, and that sales contract is subject to vacant possession, they can give you 60 days at that point and only if its a periodic lease. It's 90 days otherwise, again if periodic lease. There's no exit plan for a For Sale property for a tenant on a fixed lease - have to see it out unless there's a mutual agreement. See sa.gov.au - Rental property for more details
    You might not need it now based on the above :p
     
  7. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    Alright so if i've got this correct:

    - I've looked and the home is not currently for sale
    - The managing agent has told us the wrong thing, and we haven't emailed back to say "OK, we'll be out by xx date (25th June in this case) meaning we have until the end of our lease.
    - We've been advised by email that the lease will not be renewed - Is this correct, or does a form need to be sent out?
    - Also, they have asked to get someone in to look at the place for modelling it for selling - Do we tell them politely to **** off until our lease is up?
    - Our lease is actually up in less than 90 days, meaning we don't have to move until the lease is up. Correct?

    They've also mentioned in the email that if we find somewhere, we can move before our lease is up and have no penalty - I take it this is just to try and get us out ASAP?

    Thanks for the info!
     
  8. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    Also, i'll still take the link to Klemzig :p
     
  9. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    For a fixed lease, has to be on a Form2A at least 28 days prior to the end of the lease term. Can be emailed or posted.
    No, they're still allowed to sell it during a lease, it just means that the new owner will inherit both the tenant and the lease document as is. It also means they're allowed to have valuers, modellers, potential purchasers, etc through the property as long as appropiate notice is given. See previous tip on this for more info on this topic Tenancy Tip Thursday - Entering the property

    Correct
    They're allowed to say that... essentially offering to let you go without break lease fee. You don't have to accept the offer. In saying that, I'd probably start looking though just in case it takes you longer than you thought (it may given you've got a pet and seems most dont take pets these days).
    26 Abbott St Klemzig SA 5087 - Duplex/Semi-Detached for Rent #420670902 - realestate.com.au Not sure if that suits the type of home you're looking for, but definitely takes pets.
     
  10. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    @D.T. I can't thank you enough for your assistance, definitely on the ball with all of this. Knowledgeable as ever. I think i'll hold onto the whole 90 day thing for now, just in case we can't find somewhere. I think we'll be able to find something in 60 days, looking at 7 properties between now and monday night haha.

    Thanks for those 2 links as well, i'll have a read through.

    Also to confirm - With our IP, we would need to get the tenant to agree to move? Or would it be 90 days?
     
  11. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,932
    Location:
    Brisbane
    If they've said you can move earlier without penalty, I'd be getting that in writing.
     
  12. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    If they're on periodic lease, you can give 60 days notice (only because its an owner moving in situation, would be 90 for other reasons to end). If they're on fixed lease, need to wait til the end (give 28 days prior to end).
     
  13. ADLInvestor

    ADLInvestor Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    126
    Location:
    Adelaide
    Awesome, but not awesome. Thanks for your help on all of this D.T!