Selling tenanted house

kinger101

Pixie5740 wrote: »

If you need a quick sale then have you considered selling at auction? You could either sell it as an investment property with tenants in-situ or you could evict the tenants and sell it with vacant possession. It's just that from what I can gather from the forum, selling a property in England can take a lot longer than 6 weeks even if there is only a 2 party chain.

This option is seriously worth considering (you can always set a reserve). There will be a few buyers looking to complete before March to avoid increases in SDLT. It will be extremely difficult to conclude a sale within 6 weeks otherwise, particularly so if you sell to a residential buyer while tenants are in situ.

penelope26

Thank you so much for all the advice. I thought the tenancy ended mid Mar but I checked the tenancy today and it runs out on the 3rd March so I've left it late to be able to legally obtain possession by the end of the tenancy. I'll send the s21this week requesting posession for the 3rd April. I've also been looking into auctions so fingers crossed I sort my situation out soon

Pixie5740

Even if you'd already issued a Section 21 and it expires on or just after the last day of the fixed term that doesn't mean you'd definitely have possession back. There's a possibility you'd still need to go to court to get an eviction notice because a landlord cannot end a tenancy, that can only be done by the tenant or a court.

dancingfairy

Sorry I didn't get a chance to do a full reply earlier. Handing back the keys should always be a last resort. If there are likely to be difficulties you may be able to work with your lender so you capitalise arrears or get a payment holiday. Some lenders are more helpful than others though.
Whilst you may have left it very late to serve notice you could consider speaking to the tenants and seeing if they will leave earlier. They may be happy to for a good reference, deposit paid in full on day of departure/ money towards moving costs etc, basically you could potentially buy them out if you wanted and they were happy with that.
One of the posters (gm ? ) suggests tea and cake for a lot of situations. If you are on good terms with your tenants a quick call to them may clarify their position re being able to move out etc. As it's coming up to the end of the tenancy you could call them and say you're very sorry but you won't be able to renew the tenancy (then follow up with the correct notice).
Df

penelope26

Thank you Pixie 5740 & Dancing fairy. I've had a chat with them already and they said they understood the circumstances and would start looking for something else early this year. Just to make sure they understand I'll have another conversation with them and send them the S21. Fingers crossed I have no issues like some have mentioned. I have landlord insurance but I'd better check that it covers court events just in case

G_M

penelope26 wrote: »

.... I checked the tenancy today and it runs out on the 3rd March so I've left it late to be able to legally obtain possession by the end of the tenancy. I'll send the s21this week requesting posession for the 3rd April.

????

If you serve the S21 today (13/1/16 - hand deliver with a witness) you could request possession from 14/3/16 (2 calender months).

* 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?

Guest101

Have you considered selling to the tenants, perhaps taking a hit on the price but ultimately not destroying your ability to get credit?

penelope26

I can't hand deliver the S21 as the property is 3 hrs away so I'm sending it recorded delivery today. The tenants can't afford to buy it as they have no deposit

Guest101

penelope26 wrote: »

I can't hand deliver the S21 as the property is 3 hrs away so I'm sending it recorded delivery today. The tenants can't afford to buy it as they have no deposit

Have you actually spoken to them?


Family can often help if the price is right

Pixie5740

Don't send it recorded delivery. Send it 1st class post and get proof of postage. Recorded delivery can cause issues if the recipient refuses to sign for it or isn't in when Royal Mail try to deliver it. Whereas 1st class post is deemed served 2 working days after posting.