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  • FIRST POST
    • flat50
    • By flat50 10th Jul 17, 3:25 PM
    • 2Posts
    • 0Thanks
    flat50
    selling a rented property
    • #1
    • 10th Jul 17, 3:25 PM
    selling a rented property 10th Jul 17 at 3:25 PM
    I co own a house with a friend. The mortgage will need to be renegotiated in five years time.We have a really good tenant who unless things change is happy to stay. I want to sell in five years time. Should I offer my share to my friend or to the tenant or do we sell the house on the open market with or without the tenant. When the time comes I appreciate that solicitors will be involved but all I am trying to do is assess my options for the moment. We will have had the house for fifteen years so cgt should not be an issue
Page 1
    • csgohan4
    • By csgohan4 10th Jul 17, 3:30 PM
    • 4,010 Posts
    • 2,494 Thanks
    csgohan4
    • #2
    • 10th Jul 17, 3:30 PM
    • #2
    • 10th Jul 17, 3:30 PM
    speak to your friend and see what they say is usually a good option, unless you sell to another Land lord, get the tenants out before you market, otherwise you will limit your market.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Guest101
    • By Guest101 10th Jul 17, 3:31 PM
    • 15,118 Posts
    • 14,765 Thanks
    Guest101
    • #3
    • 10th Jul 17, 3:31 PM
    • #3
    • 10th Jul 17, 3:31 PM
    What share do you own? IE you own as tenants in common?
    • G_M
    • By G_M 10th Jul 17, 4:27 PM
    • 42,221 Posts
    • 49,020 Thanks
    G_M
    • #4
    • 10th Jul 17, 4:27 PM
    • #4
    • 10th Jul 17, 4:27 PM
    If your friend wants to buy you out and continue leting (to this or another tenant), then that seems the best way to go. Agree a price and transfer your share to friend.

    If friend also wants to sell, offer it to tenant. If he wants to buy, agree a price and sell.

    If neither wants it, then evict the tenant via the usual S21 at the appropriate time and put the property on the market in a vacant state.
    • flat50
    • By flat50 10th Jul 17, 5:34 PM
    • 2 Posts
    • 0 Thanks
    flat50
    • #5
    • 10th Jul 17, 5:34 PM
    • #5
    • 10th Jul 17, 5:34 PM
    50% and yes tenants in common
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