When acting for a landlord or a buyer of a property one must remember to consider the concept of succession.
Where a tenant is Rent Act 1977 protected, the landlord may well be burdened with a tenant for a number of years. It is not uncommon for a buyer to acquire a freehold in anticipation of a lease being terminated upon the death of the tenant. However, where there is such a Rent Act tenant there is a risk that the rules of succession take play and a family member is entitled to succeed the tenancy on the death of the tenant.
This will have a substantial effect on the value of the reversion and must be considered.
If you have any questions about this or any property matter, please speak to Caroline Vernon.