Updating post from Reddit.
Hi I am just to about to complete the purchase of a tenanted flat and would like to take over the management of it too. Do I need to issue a new contract or is there a way of taking over the existing one?
Best to discuss this with your solicitor so all specifics can be sorted and nothing is missed.
Really when the property is sold you would take over and notify the tenants. From there you would make sure to transfer their deposit from current landlord to you, register it with a deposit scheme, and re-send the prescribed information form.
Depends on the terms of the current tenancy (which is why your solicitor would be best to sort for you)