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Langlord selling with Tenants in situ

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Friday 05 October 2018 10:28:53 pm

My landlord is being forced to sell due to massive debts.The property consists of two residential flats and a commercial shop.I am in the flat above the shop while the second is a garden flat at the rear.
The landlord has informed us the entire property is going to be auctioned with 'Tenants in situ' which I read could be attractive for anyone looking to BTL but not so for other buyers.
We all prefer to stay as we have been here for 7+ years but there are no assurances the new buyer(if it sells)would offer us new contracts or if they did they may increase the rents significantly.

I am on a rolling AST so would need to be given two months notice to quit.The auction is one month away but should I begin looking for a new place to live right now or wait to see what happens after the auction? Obviously if I wait and am given notice thats a month less to find somewhere.