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Advice when selling a property with tenants in situ Thu, 17 Oct 2013 08:11

Advice when selling a property with tenants in situ


If you are considering a sale of your property, but you have sitting tenants, you may well be confused about where to start.

In the first instance, it might be wise to speak with your tenant, and make them aware of your future plans. This should improve the process, and the tenant and you can work together to make the notice period go smoothly.

The last thing any seller wants is a hostile relationship with their tenant, as this can cause many problems, but mainly that they might refuse to leave, forcing you to obtain a possession order from the court.

It is also a good idea to keep the tenant informed throughout the sale process, and offer them incentives e.g. reduced rent while the home is being sold, small cash reward when they leave to assist with moving costs, as you will need their cooperation to sell successfully.


You may also choose to grant tenants the right to stay in the property while it is being sold, giving them time to find another property. 


Another option would be to sell the property to a cash buyer, who would buy the property with sitting tenants. This might enable you to find another investor in the market for buy to let property, and allow the tenant to remain in situ. This could create a win-win situation for the landlord, as he will receive a cash house sale, and allowing the tenant to stay. 


When trying to sell a house occupied by a tenant there are many potential pitfalls so obtaining advice, especially from a solicitor, will be of benefit to the landlord. Do not cause yourself unnecessary trouble by breaching any clauses within the existing tenancy agreement, and try not to create an awkward environment for your tenant. 


Potential avenues of good advice include Residential Landlords Association, local Letting Agents, Solicitors and the Citizens Advice Bureau.


Problems you may encounter:


When selling a tenanted property, you must first evaluate what type of tenancy agreement is in place, as well as any agreements with any property management company.


If you have sitting tenants whom are long term tenants renting with no tenancy agreement; it may discourage potential investors from buying the property. Trying to evict sitting tenants can be a drawn out, time-consuming and expensive process. If the tenants were in situ prior to 15th January 1989, it might be that they have rights to live in the property for life under a rent act tenancy. 


Tenanted homes often do not sell for as much as vacant properties, house sellers can be limited to selling to buy to let homebuyers, and tenants may be uncooperative, refusing to allow potential buyers to view the home. Therefore it is important to try and keep a good relationship with your tenant.


Often when trying to sell a house on the open market buyers want the home available with full vacant possession, on completion of the sale. However, there are several cash property buyers that are more than willing to buy a tenanted property. Investors might even see it as a benefit if the tenant has a good track record, as they receive rent from the first day of ownership and do not have to find tenants, thus mitigating a void period. 


Sell Property with Sitting Tenant


This type of long term investment would not interest everyone. We are a cash funded family property company and we seek property with  sitting tenants. Our investment approach is generally very long term, and we actively invest in property with sitting tenant. Therefore if you have a property with a sitting tenant please contact us for an immediate cash offer.


Another alternative to sell a tenanted property is by auction, as many investors attend property auctions looking for buy to let opportunities, and may be willing to buy the property unseen. We are experts at buying property with sitting tenants, and offer a good alternative to auction. You do not have to wait for the build up to the auction, you will not have the uncertainty of not selling on the day, as we will make you an immediate cash offer for your property with tenants and there are no fees whatsoever. 


If you have a tenanted property and want a cash sale -  Richard Hill of Dreamhousebuyer can buy it for cash and guarantee to keep the tenants in place for a minimum period to be agreed during our conversation.  Find out more >>> here.
 
Dream House Buyer is a family owned company that considers all types of property, and we buy property with sitting tenants too. We will make an instant cash offer for any property in the UK, regardless of the size, location, condition or value.

We will buy any property that you might consider a problem - including property with sitting tenants, flats with short leases, problem tenants, unmortgageable and structurally damaged property.  We also buy ground rents and portfolios. If you think we can help, then please invite us to make you an immediate cash offer for your property.

http://www.dreamhousebuyer.co.uk/Aboutsittingtenants

Contact us on 0800 1577 497 or email us info@dreamhousebuyer.co.uk



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