signed my property to rental agency

wenasma

Signed my property over to a rental agency for 3 years. Now I need to sell before term of contract has finished. agency telling me I cant sell my property. What can I do?

jjlandlord

You can sell, and the buyer will take over the lease.
The key for you is to find someone willing...

In addition: Do not take legal advice from your tenant, the rental agency on any aspect. Find a knowledgeable solicitor.

AdrianC

What does your contract say?

If there's no cancellation clause, then you only have two options - sell with tenant, or wait.

[Deleted User]

There are two aspects to this. If your tenant is in a fixed term contract.., you can't evict them and sell the property as is until the fixed term period is up. You can sell it with a sitting tenant. But this will limit who will be willing to buy and probably reduce the price.

If you are still under a contract to the letting agency, if you sell the property there may be a financial penalty you will have to pay the Letting Agency. This will be in the contract.

So read your tenancy agreement with the tenant, read the contact with the Letting Agency and see a solicitor. The letting agency will probably be seeing £ signs and can't be relied up to tell you the complete truth.

If the letting agency have seriously fallen down on their contractual obligations and you have evidence for this, you may be able to 'break' the contract..., but given your state of knowledge, better to see a solicitor.

AdrianC

deannatrois wrote: »

There are two aspects to this. If your tenant is in a fixed term contract.., you can't evict them and sell the property as is until the fixed term period is up. You can sell it with a sitting tenant. But this will limit who will be willing to buy and probably reduce the price.

If you are still under a contract to the letting agency, if you sell the property there may be a financial penalty you will have to pay the Letting Agency. This will be in the contract.

I read it as a three-year fixed term to one of these "guaranteed-rent" agencies, so the agency is the tenant, as far as the OP is concerned.

[Deleted User]

You could be right, but the OP is a bit vague so we don't really know.

G_M

I too believe OP has let the property to the agency who are his tenant (commercial tenancy, not AST). The tenancy is for 3 years (unless it contains some form of Break Clause.

OP can of course sell, but the buyer will be bound by the contract so only investment buyers will be interested.

But perhaps you could confirm wenasma?

(it is possible he signed a 3 year contract for the agency to manage his letting - in which case the critical question becomes 'what contract do the tenant/occupants have?)