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Being in the property profession and also owning a handful of rented properties as well I like to think of myself as (most of the time) having the knowledge to make the right decisions and ask all the prudent questions when buying another rental property.

So having just completed on a flat (just before the stamp duty rise kicked in) which had a tenant in situ managed by a what appears to be a competent agent I thought great, no renovation, getting out the paints or getting my hands dirty for once on completion. 

The lesson I have learned today is to ask for copies of the previous tenancy visit reports if buying a managed property as I have just found out  there are a number of not major issues to be resolved. They are not hugely expensive but would have been nice to know before putting in a offer.

I guess some agents may refuse but if there is nothing to hide there is no reason not to.

I have also decided to not grant a new tenancy at this stage and just supply new landlord details to see how the tenancy pans out in my view. It appears these tenants are a bit vocal so I don't want a new AST that started after 1st Oct and all the new regs that go with it regarding the serving of a S21.

It will be interesting to be the landlord for a change with a independent agent managing my property.   

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I didnt buy it blind and it was it good/fair condition having been renovated 3-4 years ago but it appears there is a on going problem with the toilet and a couple of other things as well which wouldn't be spotted on a couple of viewings.  But if I had asked to see the last 2/3 inspection reports I would have been forewarned .

I am not overly concerned and the cost is a few hundred quid but having got a goodish deal on the property it is what it is. My point being I had never thought to ask for those reports which I would now say is a must and now on my list for future purchases.

If you are purchasing a managed property it could highlight a lot worst (and more expensive) problems and you can reflect it in any offer put forward..

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