Sell Empty or with Tenant

tim123456789

I'm with the others.

this is just too hard for use to tell you the best move.

1) are you in an area where houses are currently selling quickly if priced right or are you in one of these areas where everything is still gummed up?

2) How much equity do you have in the property? Do you need to sell for "full price" to proceed with your plans or can you sell at a small discount for a quick sale?

3) You say that you need to sell to buy a family house. Presumably this means that you aren't currently living in a house that you own at the moment. How possible is it to evict tenant and move back into the property yourself whilst you wait for a sale (and thus save rent on current place)?

cakeforbrains

tim123456789 wrote: »

I'm with the others.

this is just too hard for use to tell you the best move.

1) are you in an area where houses are currently selling quickly if priced right or are you in one of these areas where everything is still gummed up?

2) How much equity do you have in the property? Do you need to sell for "full price" to proceed with your plans or can you sell at a small discount for a quick sale?

3) You say that you need to sell to buy a family house. Presumably this means that you aren't currently living in a house that you own at the moment. How possible is it to evict tenant and move back into the property yourself whilst you wait for a sale (and thus save rent on current place)?

Thanks everyone.

1) I actually don't know, to be honest, but we have tried to sell the flat twice before during the last couple of years. The fact it hasn't attracted a price we want is the rationale behind putting in a new kichen, bathroom, and doing up the entrance hall.

2) We want to get as much out of it as possible. We're not talking big bucks here. The mortgage is £76k and the most recent offer (last time on market) we had was £90k. We're hoping that after renovation we can get £100k. We need every penny we can get.

3) Yeah, we rent our home. The flat was my husband's home before we met. When we met I already had two children and now we have a third, so I just don't think it's going to be possible for us to squeeze into a one bedroomed flat, even though saving rent does sound nice.

My preferred option would be to evict the tenant, dress the flat (might have to beg and borrow some furniture), and get the maximum price possible.

My husband and I are now disputing whether we should wait until January to market it so that it's not too close to Christmas (after renovations are done) and so that it possibly benefits from the Help to Buy scheme....but then again we want to get in on the HtB scheme as quickly as possible. Everything seems to be a gamble!

J_i_m

As, someone who is looking to buy a property to live in within the next two years, I will eliminating properties advertised as "investment opportunity" and with "sitting tennent".

I'm purely interested in vacant pocession and I fear a let properly would have too great a risk of my becoming an accidental land lord.

cakeforbrains

Can I just make clear again that I'm not, in either case, planning to sell with a sitting tenant. He would be evicted before sale. It's simply whether we should keep him in there while it is being marketed or not. Thanks

Dan-Dan

The very fact the tenant will be living there during viewings will put off the `normal` buyer
The fact you say he wont be there at sale time , wont really reassure anyone

cakeforbrains

Dan-Dan wrote: »

The very fact the tenant will be living there during viewings will put off the `normal` buyer
The fact you say he wont be there at sale time , wont really reassure anyone

Yeah, this was my fear. Thanks everyone. I think we'll look into evicting him.

TheFactory

cakeforbrains wrote: »

Can I just make clear again that I'm not, in either case, planning to sell with a sitting tenant. He would be evicted before sale. It's simply whether we should keep him in there while it is being marketed or not. Thanks

I think you have made it clear but what you fail to understand is if your planning on selling it empty then it needs to be empty for when people come and view it!!!

Potential buyers need to visualise themselves in the property, not someone else.

Werdnal

cakeforbrains wrote: »

Can I just make clear again that I'm not, in either case, planning to sell with a sitting tenant. He would be evicted before sale. It's simply whether we should keep him in there while it is being marketed or not. Thanks

Evicted before sale sounds easy doesn't it?

Firstly, no-one buying with a residential mortgage can EXCHANGE until you can confirm vacant possession.

Do you understand the Eviction process? You must give atleast 2 month's notice (more if the tenancy period dates don't line up with the 2 months from the date you want to serve notice). Once this expires, if tenant has not left, you apply to court for possession - another 4-6 weeks if you are lucky. Tenant may still sit tight and require a bailliff eviction.


Do you even know if the tenant will allow viewings? They can change the locks, refuse to answer the door and prevent anyone seeing it. Or they can tell viewers its a horrible place to live, anti-social neighbours, point out all the little problems and niggles with the property and make it sound awful. They will not want to sell it for you as they are making themselves homeless! Think about it, would you present the place well, clean, tidy, hoovered, no nasty smells, bed made, no dishes in the sink, bathroom spotless - just to promote the house you live in to someone who is going to buy it out from under you???