No, we don’t mean STATS as in facts and figures, charts and graphs – but investment properties which are subject to an older style tenancy agreement often referred to as ‘Statutory or Regulated Tenancies’.
Most residential lettings by a non-resident landlord which began prior to 15 January 1989 will be Regulated Tenancies under the 1977 Rent Act. These tenancies need not be in writing while many may be registered with the Fair Rent Officer in which case they will have a Registered Rent. Since 15 January 1989, most new lettings have been Assured or Assured Shorthold Tenancies and today when buying a residential investment property, you are more likely to see this type of tenancy (Assured Shorthold), however when we do offer Statutory/Regulated tenancies they can be a great buy. The Regulated tenant has certain rights regarding the amount of rent they can be charged and have security of tenure. Like so many things in life there are always exceptions to the rules, so our advice before bidding for any property or parcel of land is always take independent advice before bidding.
So why buy them?
They are usually offered for sale at below their perceived open market price (assuming vacant possession) so are often seen as a great investment for the future and as and when the property becomes vacant they are once again great auctions lots, as they will often require improvement to some degree. In fact we have sold many vacant properties which were once let to statutory/regulated tenants.
So what ‘stat’ properties are on offer?
Lot 3 – 34 Southall Court, Southall, Middlesex
Guide Price £115,000 Plus
Currently Let at £4,536 per annum – a two bedroom flat in a purpose built block let to a Statutory Tenant at a Registered Rent of £378 per calendar month.
Lot 33 – 1 Freight Cottages, Cranbrook, Kent
Guide Price £240-250,000
Currently Let at £9,802 per annum – a three bedroom semi-detached house let to Statutory Tenants at a Registered Rent of £188.50 per week.
Lot 39 – Chapel Cottage, Frittenden, Kent
Guide Price £180-190,000
Currently Let at £6,318 per annum – a two bedroom house let to Statutory Tenants at a Registered Rent of £121.50 per week.
Lot 45 – 75/77 New House Lane, Gravesend, Kent
Guide Price £230-240,000
Currently Let at £7,800 per annum – formerly a pair of semi-detached cottages amalgamated to provide a larger detached dwelling comprising 4 bedrooms. Let to a Statutory Tenant at a current rental of £650 per calendar month.
Lot 91 – Snakesbury Cottage, Newington, Kent
Guide Price £350,000 Plus
Currently Let at £8,840 per annum – a charming detached cottage let to a Statutory Tenant at a Registered Rent of £170 per week. This lot also has a detached barn.
Lot 100 – 91 New House Lane, Gravesend, Kent
Guide Price 220-230,000
Currently Let at £7,560 per annum – a three bedroom semi detached house let to Statutory Tenants at a current rental of £630 per calendar month.
To see a full list of available Lots please click here. We wish you success with your bidding.
About the Author:
Sam Kinloch
Sam’s career in the dizzy world of property auctions began when he hung up his chainsaw and headed in from the forest. Joining the team in 2003 Sam now sits on the Board of Directors and has been instrumental in the adoption of online auction services. Out of the office you can find him flying around the velodrome or sipping coffee at a local café.