When to put my rented property on the market

Veeo

Hi everyone, please I need some advice on when to put my rented property on the market.

The tenancy on my rental property ends in December this year and I would like to sell the property rather then renew the tenancy but I am not sure when to put it on the market and when to give the tenants notice.

I know as a landlord I can give the tenants 2 months notice if I need my property back but in this situation would it be better to just let the tenants know of my intention to sell (any time before the end of the tenancy) and then put the property on the market; and only give notice once I am nearing exchange (assuming the tenants are happy to go on a rolling contact if the sale process goes past their contact renewal date)?

My second question is do I wait till the end of the tenancy before I let the tenants know and then put the house on the market then?

My main worry here is that I don't want the property empty for too long between when the tenants move out and when I complete on the sale as I can't to pay the mortgage on that property and payopay rent onton one I currently live in.

Thank you in advance x

[Deleted User]

Veeo said:

Hi everyone, please I need some advice on when to put my rented property on the market.

The tenancy on my rental property ends in December this year and I would like to sell the property rather then renew the tenancy but I am not sure when to put it on the market and when to give the tenants notice.

I know as a landlord I can give the tenants 2 months notice if I need my property back but in this situation would it be better to just let the tenants know of my intention to sell (any time before the end of the tenancy) and then put the property on the market; and only give notice once I am nearing exchange (assuming the tenants are happy to go on a rolling contact if the sale process goes past their contact renewal date)?

My second question is do I wait till the end of the tenancy before I let the tenants know and then put the house on the market then?

My main worry here is that I don't want the property empty for too long between when the tenants move out and when I complete on the sale as I can't to pay the mortgage on that property and on the one I currently live in.

Thank you in advance x

Don't try to have your cake and eat it.  The tenants aren't going to want to have a bunch of potential buyers traipsing in and out of their home whilst you try to sell and having tenants in-situ will put a lot of buyers off.  Legally end the tenancy and then market the property.  In the meantime start putting money aside to tide you over having to pay two mortgages.

grantmondo2010

Don't forget the mortgage holiday scheme has just been extended by another 3 months, I'm pretty sure the same will shorty follow in the rental market - a extension to the ban on evictions for another 3 months, so that's basically a 6 month holiday for both renters and mortgage payers, people on buy to let mortgages are going to be not only screwed but up a neck deep creek without not just a paddle, but also no boat.

grantmondo2010

Though my blue blooded neighbours are already up that creek wih no paddle or boat, they're already worried about how they're going to pay for their childrens education, even going so far as to try and get a partial refund on their school fees due to the schools being closed, and they're worried that they may be forced financially to send their children to state schools.  They are already trying to sell one of their cars - the only one they actually own, have cancelled the leaees on the three cars that they leased, another they defaulted on but are trying to keep it until someone comes to repossess it,  have changed their shopping habbits from M&S, and Waitrose to ASDA, and Aldi/Lidl - places that before the whole covid 19 thing they'd turn their noses up at as being beneath them, this has hit them extremely hard financially to the point where it is putting serious strains on the family budget - they've maxed out all of their credit cards and are living in their overdraft, and serious strains on their marriage/family life.  They are talking about declaring bankruptcy and selling their home 40% below market value - 

tom9980

Did you seriously wake up before 6am on a Sunday to troll on an internet forum @grantmondo2010

grantmondo2010

If I’m a troll then I must be wrong, if what I say is helpful then I’m not a troll

just because you don’t like facts does not make them wrong or the messenger a troll

AdrianC

Veeo said:

The tenancy on my rental property ends in December this year and I would like to sell the property rather then renew the tenancy but I am not sure when to put it on the market and when to give the tenants notice.

I know as a landlord I can give the tenants 2 months notice if I need my property back but in this situation would it be better to just let the tenants know of my intention to sell (any time before the end of the tenancy) and then put the property on the market; and only give notice once I am nearing exchange (assuming the tenants are happy to go on a rolling contact if the sale process goes past their contact renewal date)?

My second question is do I wait till the end of the tenancy before I let the tenants know and then put the house on the market then?

My main worry here is that I don't want the property empty for too long between when the tenants move out and when I complete on the sale as I can't to pay the mortgage on that property and on the one I currently live in.

It's your house, it's their home.
Of course you have to keep them informed - and, no, it isn't fair on them to have viewers traipsing through their house while they're wondering when they'll be given notice.

If you market the property empty, you have the advantage of being able to move quickly on a sale, and to address any cosmetic issues prior to marketing.
If you market it with tenants in residence, and try to only give them notice once you have a buyer on the hook, then you face losing the sale if your tenants decide not to leave at the expiry of their notice... Always assuming your ducks are all in a row, and your s21 is valid, of course. Plus you may find that the property is not in the condition the buyer assumed, leading to further risk of the sale falling through.

It can't have been a profitable business if you can't cover the mortgage for even a few months. Do you really have zero buffer for voids and damage/maintenance...?

[Deleted User]

grantmondo2010 said:

If I’m a troll then I must be wrong, if what I say is helpful then I’m not a troll

just because you don’t like facts does not make them wrong or the messenger a troll

OP - ignore this troll - he is spamming the site with this drivel on many posts 

Veeo

Lover_of_Lycra said:

Veeo said:

Hi everyone, please I need some advice on when to put my rented property on the market.

The tenancy on my rental property ends in December this year and I would like to sell the property rather then renew the tenancy but I am not sure when to put it on the market and when to give the tenants notice.

I know as a landlord I can give the tenants 2 months notice if I need my property back but in this situation would it be better to just let the tenants know of my intention to sell (any time before the end of the tenancy) and then put the property on the market; and only give notice once I am nearing exchange (assuming the tenants are happy to go on a rolling contact if the sale process goes past their contact renewal date)?

My second question is do I wait till the end of the tenancy before I let the tenants know and then put the house on the market then?

My main worry here is that I don't want the property empty for too long between when the tenants move out and when I complete on the sale as I can't to pay the mortgage on that property and on the one I currently live in.

Thank you in advance x

Don't try to have your cake and eat it.  The tenants aren't going to want to have a bunch of potential buyers traipsing in and out of their home whilst you try to sell and having tenants in-situ will put a lot of buyers off.  Legally end the tenancy and then market the property.  In the meantime start putting money aside to tide you over having to pay two mortgages.

Thank you very much hun x

Veeo

@AdrianC thank you very much hun, I will keep that in mind. 

No it's hasn't been a profitable business at all which is why I am selling. The property used to be my main house but I got a job in London and had to move in a hurry so I got a permission to let from my mortgage provider and let the property out. I am basically having to top up the mortgage out every month after I have paid all expenses.
It is costing me more to keep the property which is why I think it is time to sell it.

Veeo

Densol said:

grantmondo2010 said:

If I’m a troll then I must be wrong, if what I say is helpful then I’m not a troll

just because you don’t like facts does not make them wrong or the messenger a troll

OP - ignore this troll - he is spamming the site with this drivel on many posts 

Thank you very much hun x