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May I confirm what you refer to as a sitting tenant please? How did the come to occupy the property and when have they occupied from roughly?
Thank you. So on this basis you should hold a regulated tenancy (also known as rent act tenancy) providing you have not signed any replacement tenancy since you took up occupation. Do you concur?
there is a relatively detailed formula which surveyor is used to value properties in such circumstances which involves looking at your age and comparing this with average life expectancies, looking at whether there are any individuals who can succeed to the tenancy, looking at the amount of rent that is payable under the tenancy and applying this to the market value of the property alongside a discount to reflect your secure tenancy based upon regional comparable is.
If one is not a surveyor however, the working rule of thumb is that a rent act tenancy property will be worth approximately 70% of its open market value without the tenancy.
assuming there is been no prior succession - i.e. you did not succeed to the tenancy from another, any spouse, cohabitees or other member of your family has the potential right to succeed. the rules are slightly different depending upon the relationship of the person seeking to succeed in the case of your daughter, she would need to show that she has lived with you for two years or more prior to your death. She then does succeed to the tenancy, her tenancy would be an assured tenancy not a regulated tenancy.
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