Landlord (me) selling house with tenants in it...

divadee

I agree with gettingthere you can't have your cake and eat it. Our landlord tried it last year before we bought our own place as he wanted to sell. The agents were demanding access for photos and then access for a floor plan guy and then access for viewings at all times of the day and evening. I was 3 months pregnant and suffering with severe morning sickness and it was hell on earth.

We agreed 2 times a week they could do viewings and we would go out for that time. They still tried it on. Luckily we found somewhere and completed within 7 weeks and left the landlord with an empty property to sell. It took him another 3 months to sell it.

somethingcorporate

gettingtheresometime wrote: »

My view, unpopular as it is, is that you seem to want your cake & eat it.

This 100% right and somewhat self-defeating.

Seeing tenants in a property means there is always uncertainty over vacant possession which can derail an entire chain last minute. It makes the property less attractive and also gives the impression that it's owned by a money grubbing LL.

If you want to sell - empty it and sell it. If you want to rent it, rent it. Taking the middle ground gives uncertainty to the buyers and is annoying and frustrating for the tenants (as they have pointed out to you). You may find your selfishness loses you both.

Being a LL means you need to expect voids, this will likely be one of them.

Sorry to be blunt but put yourself in your potential buyers and tenants shoes and you will see why.

Crashy_Time

Ashmil wrote: »

Hello, inexperienced (and to be honest, reluctant) landlord here... would be very grateful for advice.

I have been renting a house out to tenants for about 9 months - the house that me and my ex used to live in when together, and still joint own.

When we moved out, the tenants moved in, and the original plan was that they would eventually buy it because they liked it. However it turns out they are having trouble getting a mortgage, so this is now not going to happen. This means we have to put the house on the market instead, which has now been done. Both me and my ex are keen to sell and move on. But the tenants are still there at present.

The question is how to manage the sale of the house with the tenants in it. We are at the '1 month notice required' phase of the tenancy agreement, so there's that. On top of that, we also made a friendly agreement to give each other 2 months notice so that a) they had good chance to find somewhere else to move, b) I'd hopefully have chance to sell and not be left with an empty property I had to cover the mortgage for.

However there are 'counter-concerns' - the tenants said recently they wanted to give their months notice, pay that month's rent, and move out early. Partly because they felt they were in the way, and that if someone does want to buy (it's no chain), they may be put off by waiting for the tenants' notice to expire and for them to get out (true i guess, I could find myself suddenly wishing they weren't there - not that I'd try to kick them out prematurely). They also have concerns about their privacy - pics and videos of their belongings going up on the estate agent website, people coming round to do viewings etc. They'd rather not be there for that.

But then I have no idea how long it will take to sell, and am concerned about it being empty and me having to cover the mortgage for the place for months on end, as well as the cost of where I live now. Plus which, they've made it look quite nice with them in it - helps to sell?

So there are conflicting concerns on both sides... in a perfect world I'd sell it at the moment they moved out, but in reality we're trying to navigate the uncertainty of what will actually happen.

Just wondering if people have any thoughts/experience on navigating this?

Thanks

A decent cut in rent to put up with the hassle (if you don`t get many viewings it won`t be that much hassle?) sounds fair to me, as they are doing you a favour really?

sparky130a

Ashmil wrote: »

Hello, inexperienced (and to be honest, reluctant) landlord here... would be very grateful for advice.

I have been renting a house out to tenants for about 9 months - the house that me and my ex used to live in when together, and still joint own.

When we moved out, the tenants moved in, and the original plan was that they would eventually buy it because they liked it. However it turns out they are having trouble getting a mortgage, so this is now not going to happen. This means we have to put the house on the market instead, which has now been done. Both me and my ex are keen to sell and move on. But the tenants are still there at present.

The question is how to manage the sale of the house with the tenants in it. We are at the '1 month notice required' phase of the tenancy agreement, so there's that. On top of that, we also made a friendly agreement to give each other 2 months notice so that a) they had good chance to find somewhere else to move, b) I'd hopefully have chance to sell and not be left with an empty property I had to cover the mortgage for.

However there are 'counter-concerns' - the tenants said recently they wanted to give their months notice, pay that month's rent, and move out early. Partly because they felt they were in the way, and that if someone does want to buy (it's no chain), they may be put off by waiting for the tenants' notice to expire and for them to get out (true i guess, I could find myself suddenly wishing they weren't there - not that I'd try to kick them out prematurely). They also have concerns about their privacy - pics and videos of their belongings going up on the estate agent website, people coming round to do viewings etc. They'd rather not be there for that.

But then I have no idea how long it will take to sell, and am concerned about it being empty and me having to cover the mortgage for the place for months on end, as well as the cost of where I live now. Plus which, they've made it look quite nice with them in it - helps to sell?

So there are conflicting concerns on both sides... in a perfect world I'd sell it at the moment they moved out, but in reality we're trying to navigate the uncertainty of what will actually happen.

Just wondering if people have any thoughts/experience on navigating this?

Thanks

A

I Pity your tenants.

You're everything a LL should not be.

Self serving, incoherent and worst of all. Fing clueless.

pinkshoes

If you want your tenants to stay until it is sold then move out, (clearly not ideal for them) then you need to offer them an INCENTIVE.

Perhaps £50 cash for the inconvenience of every viewing? Then a cash lump sum if they then agree to move out at short notice once it is sold?

If I were your tenant, I would be actively looking for someone else and giving my notice in ASAP!

pinkshoes

sparky130a wrote: »

I Pity your tenants.

You're everything a LL should not be.

Self serving, incoherent and worst of all. Fing clueless.

This is a website for advice. Your post offers no advice whatsoever.

The OP have already said they are 'clueless' hence they have come here to ask for help.

Crashy_Time

Council tax is another thing you would be paying as well.

kilby_007

pinkshoes wrote: »

This is a website for advice. Your post offers no advice whatsoever.

The OP have already said they are 'clueless' hence they have come here to ask for help.

I think the point is any LL should have a vague idea what they're doing before letting out their property. They're not only clueless, but they have little regard for the tenants so I can understand why people are being unhelpful!

cloo

TBH, if your tenants would rather go sooner, I'd let them. Most LLs selling up have the opposite problem. Yes you will have to cover mortgage while empty, council tax etc, but it comes with the territory.

It is easy to forget how hard it can be for tenants to find the right place, especially with expensive deposits etc, so even if they intend to go they may have difficulty fitting into your timescale, so it is safest to let them go, even if it will cost you a few months' rent/paying the mortgage etc.

9ja4life

We allowed our tenants move out before we listed it for sale. It was empty for 3 months but we factored that into the asking price. Got slightly £1k more than our factored in price. It's selfish to want them to take all the upheaval.
We told the tenants we were selling and allowed them to give notice. We didn't list it till they were out and deposit returned.