Selling Property with Tenant

ginger_nuts

you could always advertise it "with or without a sitting tennant ".

naive_2

hi

We're going to be in a similar position to the OP soon and debating whether to sell the property with or without tenants... does anyone know if, and by how much, the selling price might be affected by selling with tenants?

Thanks in advance
n.

eurows

I've seen tenanted properties sold at auctions and with the BTL market seemingly still going strong and the changes to the SIPPS rules to allow for residential properties to be included in a pension pot wondered if there was scope on the open market for selling without vacant possession.

That bit did not work out.

clutton_2

Tenants do not have to allow anyone to look round a house - not even a prospective purchaser - they are legally entitled to "quiet enjoyment" and no one, not even the landlord, is allowed inside their home without their permission - (unless in the case of emergencies - and this is usually thought of as gas/water leak repairs).)

Lenders will lend on properties containing tenants, as long as there is a current AST in place.

You need to get your tenant "onside" otherwise you will never sell this house, except via auction, where investors frequently buy unseen - but where you may get less than if you sold it on the open market.

If your tenant is now on a periodic tenancy, you can give him/her two months notice, hopefully get them out in 3/4 months if they refuse to leave, and sell it when it is empty. But, they may not want to pay the final few months rent if you are taking them to court for repossession.

Have you thoroughly examined whether it is possible for the tenant to buy it from you ?

rozeepozee

An update. Thanks for all your replies but in the end I found a private seller who was buying as an investment and so that his little sister could live there whilst she studies medicine at the local Uni. I gave my tenant 2 months notice to quit once I'd exchanged contracts. I negotiated that he could leave within this time when it suited him and I would refund him the difference in the rent. He's happy to have a change of scenery after 3 years in the place and wasn't in a position to afford to buy given the cost of the property. All's well that ends well :j