Want to sell my house that I let out

andkat

Hi all,


I own (mortgaged) a house that I have let out for almost two years.
I originally let it due to work relocation and now wish to sell it.
I am struggling to pay for it so it is no longer a viable financial asset.
I use a management company, but they only specialise in rentals and not sales.
I have had no problems with the tenants.


I have had two valuations done by different estate agents and know which one I would like to use.
I don't really know how to progress this.
Do I start with the estate agent and get the ball rolling? or should I go to the tenant via the letting agent and notify of my intentions.
I have tried investigating tis but all I seem to find are horror stories about tenants making life difficult, I do however realise this isn't all tenants.
Especially as I am currently a tenant myself.


Any hhelp would be gratefully received

Pixie5740

If you want to sell the property then issue a Section 21 to start the eviction process. Being able to offer the property with vacant possession will give you a larger pool of potential buyers.

Things only get messy with tenants when landlords try to have their cake and eat it. In other words try and keep tenants paying rent right up to exchange and expect tenants to have hoards of potential buyers traipsing through their homes.

andkat

I don't want to upset the tenants unduly, but on the backhand I cant really afford a long drawn out sale which is one of the reasons I am getting rid as I cant afford to keep the place.....unfortunately.
So should I wait until they move before I attempt to put in on the market?
I have also heard about selling with sitting tenants, is this a common practice?

Foxy-Stoat_3

andkat wrote: »

So should I wait until they move before I attempt to put in on the market?
I have also heard about selling with sitting tenants, is this a common practice?

If you try to sell with sitting tenants then your target market is reduced along with the price.

Speak to the tenants first, tell them that you have to issue a Section 21 and explain the timescales involved, so it isn't a shock.

Did you protect their deposit etc etc?

If you can afford 3 months worth of mortgage payments with no rental income then market it once they have left. If you have no savings then speak to your lender as you may have to take a few payment holidays to keep your credit file intact.

Guest101

You want a hassle free sale

Call your tenants and explain you are selling, offer them a discount rent in exchange for flexible viewings

(are they still fixed term or SPT?)

G_M

As above. Speak to the tenants so they know what's going on. Get a feel from them about their reaction: will they be upset about having to move? Cooperative? Obstructive?

Make clear you'll help with a good reference. Consider offering them a reduced rent in return for keeping the place tidy and allowing viewings.

But ultimately you need to get them out as buyers are put off by tenants since they know there is a risk the tenants won't leave when asked. A S2 notice does not guarantee they will leave, but as it is the first step you need to serve.

Make sure the S21 is valid..........

* Deposits: payment, protection and return

* Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

Foxy-Stoat_3

G_M wrote: »

Make sure the S21 is valid..........

The OP uses a management company, so I would agree with the previous post !

Guest101

Foxy-Stoat wrote: »

The OP uses a management company, so I would agree with the previous post !

More so.

They have no benefit to the tenant going, its a lost income for them

'Simple' admin mistakes happen...

Pixie5740

Maybe your tenants would like to buy the property. That would be a win win.

andkat

Thanks for all the comments,
I guess I will have to speak to the agent I use first as I have no direct contact with the tenants.
As said above the agency wont be too bothered to help I guess as they will be losing £100 a month from me when I sell, but they are my only point of contact at the moment

silvercar

If you want to sell with tenants, a landlord will be looking for a decent yield. If the numbers work, you could have an easy sale.