Selling - with tenant?

gemmylouise

I have a flat which I bought ten years ago for £72k (£66k) mortgage.

The mortgage was interest only so I still owe the same amount. During this time I was clearing credit card debt! I hope to get 5k back from it, I can't make a loss.

We now want a new mortgage and I have been advised to sell this however it currently has a tenant paying £400 a month. I'm unsure wether to try selling it with the tenant in the first instance as I don't want to scare them away! I fear it may take months to sell so would prefer the tenant to stay during the selling process.

Any advice thank you

Silvertabby

Have you asked your tenant if they would like to buy it?

G_M

Many owner-occupier buyers will be put off from the strart by the presence of a tenancy.

Others may ignore that, but you have no guarantee things will go smoothly with removing the tenant down the line at which point you may lose your buyer.

Selling wth a tenant in situ reduces your potential market, and price.

ThePants999

Your only options are:
- Sell it with the tenant in situ, in which case you're drastically cutting your potential market to only BTL investors.
- Sell it with a promise to evict the tenant before completion, in which case you're drastically cutting your potential market to only uninformed buyers who don't realise that's a silly plan, and also opening yourself up to the risk of having to pay out significant compensation if the tenant doesn't play nicely with your "just-in-time" eviction plan. (Hopefully, as a landlord, you're aware that you have very little control over the timeline of eviction.)
- Evict and deal with a void period.
- Sell to the tenant!

Marvel1

Also remember your tenant does not have to allow viewings.

Pixie5740

You can't have your cake and eat it. You either need to evict the tenants and market the property empty to the widest range of buyers to achieve the best possible price or keep the tenants and rental income but reduce your pool of buyers and get less money when you sell