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Tenancy Agreement

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Call all investors for Victoria Gardens, Droylsden - impact on the change of Tenancy

Discussion in 'General Property Investment Discussion' started by Bebee72, Jan 15, 2019.

  1. Bebee72

    Bebee72 New Member

    Hi, I am one of the buy-to-let investors in this new property. Recently, I got an email from the developer notifying us that their target completion date for the project will be extended to Feb/2021 (original was June 2019), Yesterday the developer's solicitor emailed me and telling me that they have to switch the Assured Shorthold Tenancy (AST) (fixed 2 years net 7% guarantee rental of the purchase price) to Common Law Tenancy agreement with us They also pointed out the followings:

    " Please note that all rent guarantees not cast iron guarantees as the "rental guarantee" is only as good as the person who gives it."

    In this regard, does it mean under the Common Law Tenancy agreement, we will have the possibility of not receiving the 7% net guarantee rental? Is the Common Law Tenancy agreement, as compared to AST, on a large extent, not favourable to us investors? If this is the case, do you think I could cancel the contract without any liability? I am a novice on the property market and hope I could get some useful advises from you all. Many thanks.
     
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