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Sitting tenant

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter S

Sitting tenant

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A sitting tenant is someone who has legal right of occupation to a property, even if it changes ownership. This individual is able to apply to the local authority in order to to set a fair rent. Properties with sitting tenants are generally worth at least 30% 50% less than their open market value with vacant possession due to the restrictive situation presented by the sitting tenant.

FSA declaration and important text about mortgage advice