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Selling buy to let house with good tenants
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nicebloke
Posts: 8 Forumite
Am thinking of selling my buy to let house due to finanacial problems. I am an accidental landlord but now need to sell up.
Can anyone advise or recommend the best way to go, my tenants have not given me any problems over the last 5 years and feel a little guilty for thinking of selling.Should I consider these companies that will by your house quick? some quote 95% of the market value which would be ok.
Any advise would be helpfull.
Thanks :idea:
Can anyone advise or recommend the best way to go, my tenants have not given me any problems over the last 5 years and feel a little guilty for thinking of selling.Should I consider these companies that will by your house quick? some quote 95% of the market value which would be ok.
Any advise would be helpfull.
Thanks :idea:
I say what I like, I like what I say!
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Comments
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You won't get 95%, there is no profit in it for them. The initial offer will be much lower and you risk them gazundering at the last minute. Unless the rental yield is superb sell with vacant possession.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Give the tenants notice and sell with vacant possession.
If the tenants have a fixed term tenancy, you can discuss now well in advance (AND issue a S21 Notice) so they have plenty of warning.
If it is a Periodic Tenancy requiring 2 tenancy Periods Notice (roughly 2 months +), thre is no reason why you can't either give them a longer notice period and/or allow flexibility (so they can leave as soon as they find somewhere else.)
Forget the quick-buy outfits unless you want to throw your money away.0 -
Never heard anything good about the buy it quick companies.
Have you asked your tenants if they are able to and would like to buy the property?It is a good idea to be alone in a garden at dawn or dark so that all its shy presences may haunt you and possess you in a reverie of suspended thought.
James Douglas0 -
I have spopken to my tenants about buying but they did not want to mortgage up as they are in their 50's. I am prepared to sell the house under the market value for a quick sale for 2 reasons : want rid and debts.I say what I like, I like what I say!0
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Even if the quick buy companies were worth the hassle for the price you'd get, I doubt they would be interested in anywhere that is tenanted. They want to buy cheap, no ties and sell on quickly - tenants will just complicate the issue.
If you want a quick sale yourself, you would be better giving tenants notice, getting vacant possession and pricing right to attract buyers fast. Selling with tenants will only limit your market as only inventors will be interested and no-one will be able to buy without a BTL mortgage.
There is no reason why you cannot sell it with tenants in place, but depends whether you are prepared to wait until an investment buyer comes along.
Only other option would be an auction.0 -
You do realise that even if you sell the house with the tenants in situ (which will drastically reduce your market, saleability, and price) the new owners could immediately serve a S21 notice on the tenants and get them out at the end of the fixed term?
In short, there is no way you can sell the house and at the same time secure your tenants' right to live there beyond an intial fixed term, so you are paying a high price which potentially will only postpone the date when they have to leave anyway.
Even on the open market it can take ages to sell a house so there is nothing stopping you serving a S21 now, and coming to an agreement with them to allow viewers (which they do not have to agree to, but may be willing to co-operate if it means they can stay on in the house longer). You would have to be convinced that they will move out when requested though, as no private buyer in their right mind will exchange with tenants still there (and indeed if they are buying on a maortgage, their lender would not allow this).I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
I have spopken to my tenants about buying but they did not want to mortgage up as they are in their 50's. I am prepared to sell the house under the market value for a quick sale for 2 reasons : want rid and debts.
Surely the last thing you need to do if you have debts is throw away good money!
Evict tenants and sell properly to maximum price and pay off max debt possible!
edit: this sounds to me a sensible as those people who 'consolidate their debts into one easy payment - at a higher interest rate.'0 -
95% of market value, meaning:
- you put property on market for 220k
- you think property will actually sell for 200k
- they think market value is 140k
- you might just get 133k, if the promise holds0 -
Should I consider these companies that will by your house quick? some quote 95% of the market value which would be ok.
Just to give you a reality check, the price you eventually get with these companies will be 95% of THEIR valuation which if you are lucky will typically be 70% of the real market value...Every generation blames the one before...
Mike + The Mechanics - The Living Years0
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