Selling properyy with sitting tenants

LL2017

We let out a semidetached house and are looking to sell it. The tenants are long standing and we will offer them the opportunity to buy in the first instance. If they do not wish to do that our next preferred option will be to sell with sitting tenants (tenants remain in property and new owner becomes their landlord). A few questions about selling with sitting tenants please:

1. Since this limits the number of potential buyers, what is the best way to make it known to people who may be interested in buying?
2. I am aware of some companies (e.g. Open Property Group) who are interested in buying property with sitting tenants– does anyone have experience of such companies?
3. Any general advice on selling with sitting tenants?

Thanks for your help

LL2017

Apologies for my typo - that should be
'Selling property with sitting tenants'

PasturesNew

Are they "sitting tenants" as defined in law, as having been renting it for, say, 20+ years and so moved in before the laws/etc changed in ~1997?

Or are they "tenants who have been there a long time.... but technically are on a standard Assured Shorthold Tenancy in reality"?

Guest101

Can I just check, how long have they actually been in the property?


'sitting tenants' can mean a few things

LL2017

Maybe I have use the wrong terminology here
They have been in over 10 years, but each year on 12 month Assured Shorthold Tenancy Agreement.

scriv

I have just sold a property with tenants on an Assured Shorthold Tenancy.

The property was advertised clearly as subject to the AST and attracted buy to let investors who wanted to take over the tenancy.

Take care to choose a conveyancing solicitor who is experienced in selling let properties and can advise you through it.

You might have to allow more time than in a normal sellling of property as an investor might have a BTL mortgage and/or buying through a company, so the procedure might take 2-3 weeks longer than normal conveyancing.

Lord_Baltimore

You're selling a business rather than a home. Your agent will make it clear in the marketing blurb. Good luck.

getmore4less

Price for 10% gross yield will make it attractive as long as there are no major works due.

agrinnall

Lord_Baltimore wrote: »

You're selling a business rather than a home. Your agent will make it clear in the marketing blurb. Good luck.

Well, you'd like to hope they will, but as they are Estate Agents it's certainly not a given!

OP, check the wording of the advertising before it is published to satisfy yourself that it is clear to potential buyers.

scriv

Yes, agreed - and also make sure you check any wording on anything you sign throughout the conveyancing making sure it is sold subject to the tenancy and not vacant possession.

theartfullodger

LL2017 wrote: »

....They have been in over 10 years, ...........

When exactly did they 1st move in? (This matters a lot, especially if before 27th Feb 1997....)

I've bought with AST tenants (not yet convinced yours are....), but they were students so I knew they were recent. Not a problem selling like that but you narrow your market, a lot.

Just because the place is sold does not end tenancy nor require tenant to leave. Even if new owner is outside with huge removal van, 3 looney kids & a screaming husband....