selling a property with tenants

dboswell

with tenants in situ now but vacant possession.

yes or no?

The house is a bit more homely than being empty but they are not the tidiest.

Not sure if I should sell or vacant first.

any experience would be helpful.

lizzielondon

i'm pretty sure you can't exchange without vacant possession

or did you mean should you show prospective vendors the property empty or with tenants in it?

new_home_owner_3

If you definatley want to sell i would ask the tenants if they minded having viewings, and if they ssaid it was okay i would offer them a discount on the rent, if they say no i would give them notice, and then market the house.


You cant really expect them to do viewings for you to make them homeless, if i was your tenant i would tell you to do one, but if you explain to them you are selling whether they are there or not and you are willing to give them a discount if they do viewings, i think this will make it easier for them and you.

Fire_Fox

dboswell wrote: »

with tenants in situ now but vacant possession.

yes or no?

The house is a bit more homely than being empty but they are not the tidiest.

Not sure if I should sell or vacant first.

any experience would be helpful.

Tenants do not have to allow estate agents in for photographs and to measure up, tenants do not have to allow viewings, tenants do not have to allow surveyors in. You will need to give the tenants at least 24 hours written notice before entering the property, whether accompanied or otherwise, and by rights you should await an affirmative response.

No residential mortgage will be granted without vacant possession which means the tenants must have vacated by exchange of contracts. Assuming the tenants are out of the fixed term, you need to serve two months notice coinciding with a rent period. You then take the risk that the tenants are annoyed (see paragraph one) or refuse to vacate without a court order.

G_M

Firefox has summed it up. In short, either sell a tenanted property to a prospective landlord who wants tenants, or get the tenants out and sell to prospective owner-occupiers.

Landlords will never pay full market value, and there are fewer of them around to sell to.

dboswell

lizzielondon wrote: »

i'm pretty sure you can't exchange without vacant possession

or did you mean should you show prospective vendors the property empty or with tenants in it?

yes viewings empty or with tenants is the crux. just interested to hear from people with practical experience.

lizzielondon

well i've never sold a house but i am a tenant and to be honest i would probably not allow this to happen. don't want randomers walking through my home!

poolboy

I bought a property mid contract tenants in situ.

Good deal for both seller & buyer as I took over contract, got all furnishings & tenant could stay on.

Price paid was c market price for vacant posession.

I would do it again but v few come up at sensible prices