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Sell a rental property even if you have tenants Fri, 14 Mar 2014 12:21

It hasn’t been easy for landlords over the past few years. Property prices have been in the doldrums in most regions, which has meant that many home owners unable to sell within a reasonable timetable,  spare rooms or whole houses have been rented out, and by massively extending the supply of rooms for rent, profits have reduced. If you had a portfolio that was only just bringing in revenue at the start of the recession, profits may have been reduced considerably, and to prevent further losses, you may want to sell a flat with sitting tenants.

 

In a rental market with too much supply of available rental property, it can be harder to find new tenants. More landlords might be chasing the same tenants,  and that will only mean that some rooms go empty. An empty room is a lost opportunity for profit. While it’s making a loss, you could sell the house, and reinvest the money in another project. Of course, normally you might have to wait for the house to empty while contracts run out, but with us, you can sell a flat even with sitting tenants.

 

The situation is not made easier with the cost of ongoing maintenance. Several hard winters have seen pipes burst, and a landlord with a flooded house has a huge bill to sort out quickly. With these costs, you might be much better off cutting your losses with a fast house sale. You won’t need to fulfil any further obligations to existing tenants, as we will take over their contracts and buy your property quickly. 

 

In addition, you may be faced with the hassle of chasing rental payments or even arrears. If you have a large property business, but you don’t wish to take on the costs of extra administration, trying to get multiple tenants to pay up can be a serious business cost. Now might be the time to review your portfolio, and cull the addresses which present regular problems. For instance, if you have a house in an area of significant deprivation, you might expect there to be ongoing problems with rents, and as benefits have been cut, the situation might have got worse.

 

If you have a mortgage on your property, you will need to continue making your mortgage payments once your tenants leave and this could leave you in a difficult financial position if it takes a while to find a buyer. Once you have found a buyer, our research proves that one in three property sales fall through, and you may be waiting over 6 months for the sale to complete with nothing definitive until contracts are exchanged and the buyer lodges their deposit. While a property is vacant, you will be responsible for council tax, utility bills, maintenance, insurance, and security as there is always a risk of vandalism or break-ins while a property is sitting empty. 

 

Another big overhead for landlords is the taxes that you face on property. If you have been unable to raise rents in line with taxes, the house might have become unsustainable. You might even resent having to pay tax if you have received poor provision of services from the government. Opting to sell a flat with sitting tenants takes this thorn out of your side, and lets you move on with your life.



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