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How can I sell to an investor?

Options
ttaylor
ttaylor Posts: 78 Forumite
in House buying, renting & selling
I have one let out flat which has a tenant of 3 years who wants to stay long term. I could really do with the money out of the flat to buy somewhere else to live in. I don't want to screw the tenant over despite now only being on a rolling tenancy and happy to let it go a but less than full market value, but wondered how best to go about selling it to another investor?

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    What's to stop the new LL giving them notice straight after buying?
    You'd be much better off getting the tenants out yourself and then selling on the open market - or if you really want your tenants to stay in the property then sell it to them at a reduced price?
  • tacpot12
    tacpot12 Posts: 9,261 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    One option would be to approach the letting agents in your area to see if they know of a landlord who is looking to increase their portfolio of properties. Check with the landlords how many properties they have and what their plans are. Larger landlords with a specific plan to be in the market for x years will provide the greatest likelihood that they will allow your tenant to remain (so long as the remain a good tenant). Before approaching any landlord recommended by the letting agents it would be worthwhile checking how that landlord is at repairing their properties - you don't want to land your tenant with a bad landlord.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Slithery wrote: »
    What's to stop the new LL giving them notice straight after buying?
    You'd be much better off getting the tenants out yourself and then selling on the open market - or if you really want your tenants to stay in the property then sell it to them at a reduced price?


    Maybe they need the rental income?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Slithery wrote: »
    What's to stop the new LL giving them notice straight after buying?
    Give the tenant a fixed two year tenancy agreement before selling. If they are keen to stay, as you say, they'll be only too pleased to sign and get the security.


    Of course, once you've done that, you've burnt your bridges - no way to change your mind and sell to anyone except an investor.......
  • ScorpiondeRooftrouser
    ScorpiondeRooftrouser Posts: 2,851 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Crashy_Time wrote: »
    Maybe they need the rental income?

    What on earth is that supposed to mean? The point he was making is that you can't guarantee someone won't buy it saying they will allow the tenant to stay, and then evict them.

    Of course they might not do that, for a thousand reasons.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ScorpiondeRooftrouser wrote: »
    What on earth is that supposed to mean? The point he was making is that you can't guarantee someone won't buy it saying they will allow the tenant to stay, and then evict them.

    Of course they might not do that, for a thousand reasons.


    It`s all speculation anyway as the OP has not even advertised their house yet? Anyone who is squeamish about giving a tenant a few months notice (or telling them they can stay at a rent reduction until it is sold) shouldn`t be a landlord IMO.
  • mangog
    mangog Posts: 145 Forumite
    I've seen a number of houses in our area advertised as 'investors only' on Rightmove for this exact reason, so it's obviously something that people do! (This one was listed today, for example: https://www.rightmove.co.uk/property-for-sale/property-65910637.html)

    I'd talk to the agent and see what they suggest.
  • mangog
    mangog Posts: 145 Forumite
    *talk to AN agent, I mean - can't seem to edit my post!
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