Selling a let property

[Deleted User]

OP = original poster or original post depending on the context (usually original post).

I will say nothing else to such a defensive poster lol.

Pixie5740

new2allthis wrote: »

Perhaps I've misunderstood but I thought you did. You talked about the possibility of tenants not leaving. If they don't leave, then they are squatting, aren't they?

As for restraint, I would counter with respect (as per my post at 3.46).

Are you being deliberately obtuse?

It has already been explained to you twice in this thread and is explained in the link G_M provided about ending an AST, which I doubt you've bothered to read, that a tenancy can only be ended by the tenant or a court. That being the case how on Earth is it possible that a tenant is squatter if they are living in the property whilst having a valid contract which allows them to do so?

If you want to sell and can't afford a void period then perhaps you should consider putting the flat up for auction with the tenant in-situ to attract a BTL investor or if selling via an estate agent advertise it as having a tenant in-situ. If I were looking to buy this property as a FTB, retiree or anyone else who wanted to live in it as a home I wouldn't instruct my solicitor to start working until the tenant was gone.

luvchocolate

I rarely post on this board as everything I needed to know seems to come up from time to time.
To the O.P I would like to say the comments/advice you have received from very experienced posters are spot on and it would be sensible to take this advice with a big thank you, they are trying to help you after all.

franklee

OP, The usual recommendation for a buyer is not to exchange contracts before the tenant has left otherwise there is the risk the tenant may not leave on time, may trash the property etc. This is even more important for the seller if you are selling with vacant possession e.g. to someone who wants to live there, not another landlord. Completion date is set on exchange of contracts and if the tenant hasn't vacated on completion day then you will be in breach of contract. The buyer can then claim from you and it gets messy. Some people even recommend a buyer doesn't do the survey before the tenant has gone.

From the tenant's side there is little incentive to assist you in selling their home. You may find it easier to sweeten the deal by offering payment in return for co-operation if it's cheaper than a long void. Even then what would you do if the tenant stops co-operating.

To understand the details to evicting the tenant you really need to read G_M's link. This will explain the process, timescales, things a landlord needs to have done etc. The estate agents may well gloss over these but given it's your dosh on the line I suggest you need to understand it for yourself.

MyOnlyPost

Original Poster

Clearly you are a sensitive sole who takes comments to heart and is easily offended. Lots of people have tried to give you advice and be kind about it but you seem not to be taking that on board. Maybe whether you like it or not you need to here it blunt.

When you serve notice on the tenant they do not have to leave, it is a request. If the tenant refuses to leave you then have to go to court to regain possession of your property. This can take months. If you did not know this previously then you should never have let out your property in the first place.

Now you need to get over yourself and decide what is the best way forward. If you do not have savings and cannot afford both mortgages for maybe up to 12 months then you should consider keeping the flat as a rental, getting a new agent or telling your current one how things are going to be going forward. See if you can actually make a profit (build up some savings) and once you have done that you can then reexamine your position.

Personally I think you should do whatever it takes to sell the flat now. You clearly aren't cut out to be a landlord so if it can be afforded in any way whatsoever you need to serve a section 21 notice, regain posession and then sell. In the meantime you will have to pay both mortgages.

Alternately you can market with tenant in situ but this will appeal only to BTL investors and likely result in you achieving a lower return. If you are very lucky the tenant may buy as per your original post.

Cakeguts

Enter property into a property auction and sell with the tenant still living there to a buy to let landlord.

gingercordial

new2allthis wrote: »

Perhaps I've misunderstood but I thought you did. You talked about the possibility of tenants not leaving. If they don't leave, then they are squatting, aren't they?

As for restraint, I would counter with respect (as per my post at 3.46).

"Squatting" is someone staying in a property illegally.

If your tenants stay on in the property, they will be doing so legally and will not be squatting.

Only two people can end a tenancy agreement:

1. The tenants, by giving you notice.
2. A court.

Until either one of those things happens, the tenants have every legal right to live in the house.

If you want them to leave, you can serve them a s.21 notice. This gives two months' notice that you intend to apply to the court to end the tenancy.

The tenant may choose to leave at this point, of course. Equally they might turn around and give you one month's notice that they are going, so you'll have a void at the end. Or they might choose to stay.

In the latter case, upon expiry of the two month period, you'd then have to submit paperwork to the court to request that the tenancy be ended. This will take some time.

If you get as far as court and you have failed to do the correct paperwork at any point (deposit not protected at the start, s.21 notice worded incorrectly, etc, etc) your application will be thrown out and you must start again.

Eventually you will get it right and eventually the court will end the tenancy. Even at that point if the tenants do not leave willingly you will have to go back to court to have them evicted by baliffs.

As you can imagine, the above will take at least two months' notice + one month of court application time, and potentially more like six months.

All that time, I will reiterate that the tenants are legally entitled to live in the flat and are in no way "squatting".

To sell your flat with vacant possession (ie not to another landlord who wants tenants in place) your options are therefore:

1. Give a s.21 notice now and at least start that first two month period clock ticking, and accept that you may have them out before your sale takes place and therefore you will have a void.

2. Accept that your property sale is entirely at their whim for access for viewings, tidiness and moving out timeline, and that at some point you will have to get on their good side. This may cost you in having to agree to being extremely flexible on notice from their side if they find somewhere else, through to agreeing to pay them an incentive to move at your convenience (perfectly fine for them to ask for this).

You simply cannot expect to sell the property and have rent from them right up to the date of the sale. That isn't how it works I'm afraid.

robatwork

Here you go - here's a bone. And at this point, I'm out too.

AE - Alter Ego
AFAIK- As Far As I Know
AFAIR - As far As I Recall
AFAIC - As far As I'm Concerned - (thanks to Van Popple)
BOGOF - Buy One Get One Free
BRB - Be Right Back
BF/GF - Boyfriend/Girlfriend
DD - Dearest/Darling Daughter
DFD - Debt Free Date
DFW - Debt Free Wanabee (Debt Free Wanabee Board)
DGC - Dear Grand Children
DGD - Dear Grand Daughter
DGK - Dear Grand Kids
DGS - Dear Grand Son
DDH - Dearest/Darling Husband
DDS - Dearest/Darling Son
DSD - Dearest/Darling StepDaughter
DSS - Dearest/Darling StepSon
DW - Dearest/Darling Wife
FAO - For Attention Of
HTH - Hope This Helps
IM(H)O - In My (Humble) Opinion
IYKWIM - If You Know What I Mean
IYSWIM - If You See What I Mean
LOL - laughing Out Loud
MIL - Mother In law
MSE - Money Saving Expert
OH - Other Half
OP - Original Poster
OS - Old Style (MoneySaving Old Style Board)
Preeing - Spying on someone's social media
PICNIC - Problem In chair Not In Computer
PM - Private Message
PMSL - Peeing MySelf Laughing
POV - Point of view
PPOV - Personel point of view
PPR - Posting Privileges removed
ROTFL - Rolling On The Floor Laughing
ROTFLMAO - Rolling On The Floor Laughing My A!! Off
SO - Significant Other
SOA - State(ment) Of Affairs
TIA - Thanks In Advance

booksurr

robatwork wrote: »

Here you go - here's a bone. And at this point, I'm out too.

AE - Alter Ego
AFAIK- As Far As I Know
AFAIR - As far As I Recall
AFAIC - As far As I'm Concerned - (thanks to Van Popple)
BOGOF - Buy One Get One Free
BRB - Be Right Back
BF/GF - Boyfriend/Girlfriend
DD - Dearest/Darling Daughter
DFD - Debt Free Date
DFW - Debt Free Wanabee (Debt Free Wanabee Board)
DGC - Dear Grand Children
DGD - Dear Grand Daughter
DGK - Dear Grand Kids
DGS - Dear Grand Son
DDH - Dearest/Darling Husband
DDS - Dearest/Darling Son
DSD - Dearest/Darling StepDaughter
DSS - Dearest/Darling StepSon
DW - Dearest/Darling Wife
FAO - For Attention Of
HTH - Hope This Helps
IM(H)O - In My (Humble) Opinion
IYKWIM - If You Know What I Mean
IYSWIM - If You See What I Mean
LOL - laughing Out Loud
MIL - Mother In law
MSE - Money Saving Expert
OH - Other Half
OP - Original Poster
OS - Old Style (MoneySaving Old Style Board)
Preeing - Spying on someone's social media
PICNIC - Problem In chair Not In Computer
PM - Private Message
PMSL - Peeing MySelf Laughing
POV - Point of view
PPOV - Personel point of view
PPR - Posting Privileges removed
ROTFL - Rolling On The Floor Laughing
ROTFLMAO - Rolling On The Floor Laughing My A!! Off
SO - Significant Other
SOA - State(ment) Of Affairs
TIA - Thanks In Advance

Can this be made into a sticky by the board guide as I'd find it useful myself being as I'm not of the text speak generation so use real words instead of acronyms (except for OP, as I'd managed to guess that one early on )

However I shall henceforth adopt PICNIC with gusto as that is just "brill" (short for brilliant)

booksurr

OP

please be aware that when you sell the property you will need to calculate whether you have a Capital Gains Tax liability (CGT)

CGT liability stems from the fact you no longer occupy the property as your main home, a tenant now occupies it.

However where it was once your main home you are always allowed the final 18 months of your ownership period as CGT free even if it is let in that period, so, unless you have moved out of the property more than 18 months before you complete the sale of it you will still be CGT exempt.

if its more than 18 months you will need to do a CGT calculation as you are liable for the period when it was let