When to put my rented property on the market

Crashy_Time

Veeo said:

@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.

Why didn`t you sell when you originally moved?

John_

grantmondo2010 said:

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 - 

It’s remarkable how aristocratic people choose to live next to the king-term unemployed, and fill them in on all of their life’s details like this. I suppose they could have wanted to make you feel a bit better about your wife leaving you, but it sounds a bit fantastical if I’m honest.

es5595

I’d suggest talking to your tenants, first off, honestly is always the best policy, and giving them as much notice as possible works both ways. 

They may be prepared to move sooner, which would mean you’re not trying to sell a house mid-winter. 
Also, depending on their circumstances, they may be interested in buying the house, which could work out even better for you. 

Crashy_Time

John_ said:

grantmondo2010 said:

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 - 

It’s remarkable how aristocratic people choose to live next to the king-term unemployed, and fill them in on all of their life’s details like this. I suppose they could have wanted to make you feel a bit better about your wife leaving you, but it sounds a bit fantastical if I’m honest.

His neighbours were obviously never wealthy, they were just debt junkies it looks like? 

Crashy_Time

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

With interest rates at their lowest in history? What were you going to do if a major repair cropped up on either of your properties?

Veeo

@es5595 I have literally just put a reminder on my phone to start the conversation with the tenants/agents at least 3 months before the end of the tenancy. Like you said I might be lucky and the tenants decide to buy it. Thank you so much for your advice hun x

Veeo

@Crashy_Time I am currently renting and I didn't sell the house at the time for personal reasons 

Crashy_Time

Veeo said:

@Crashy_Time I am currently renting and I didn't sell the house at the time for personal reasons 

You said you had a mortgage on the house you currently live in?

Veeo

@Crashy_Time I meant "and pay rent on the property I currently live in" . It would be amazing for me to be able to own two properties though, that's the dream at some point. I am literally an accidental landlord lol. 

Crashy_Time

Ok, easy mistake to make I suppose.