Selling BTL during pandemic and retirement

in Over 50s Money Saving
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SXXSXX Forumite
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Hello - I am not sure whether this is the correct place to post my query and to invite comments.  Basically I am in my late 50s.  The plan before Covid was to put my buy to let on the market in March 2021 and once sold, I could retire as my BTL makes up the bulk of my pension,   However, because of the pandemic, I am not sure whether the property will sell in a reasonable timeframe and worst case scenario is that there could be further lockdown/s (because of variants etc) which could hinder the property market and there sale of BTL.  I just wondered if there was anyone out there who is in a similar position or has any advice.  The pros of selling the BTL for me 1) peace of mind (don't really want to be a landlord anymore) 2) I could retire if I want to' 3) some of the BTL sale proceeds could be available (if required) to fund a move from my current flat which is top floor and therefore not suitable for the long term so at some point I will need to move out.  Any advise anyone?  Thank you
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Replies

  • missilemissile Forumite
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    Will your property empty and ready to sell in March?
    Where is the property?
    Property is more difficult to sell at present. You might get more when lock down ends. However, there will likely be many like you waiting to sell and there may be a glut later.

    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
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  • luvchocolateluvchocolate Forumite
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    Is your BTL vacant at the moment?
    Properties are selling really fast in West Yorkshire where I live. 
    Also if you post on the buying and renting board you will get more replies...this board is fairly quiet 
  • ClowanceClowance Forumite
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    the extension to the stamp duty relief for a while is supposed to be keeping sales hot in the housing market, but people are trying to move from flats and urban areas to places with gardens or more rural Worth considering both points, even maybe post on next door if you are a member in your local area to see what experiences others have had selling.

  • SXXSXX Forumite
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    missile said:
    Will your property empty and ready to sell in March?
    Where is the property?
    Property is more difficult to sell at present. You might get more when lock down ends. However, there will likely be many like you waiting to sell and there may be a glut later.

    The property is currently tenanted so not sure whether the tenants would accept notice or I would have to do down eviction route which I have been told could take up to a year.  Property is in Greater London.  Have spoken to estate agents in the area and to be honest they tell you want you want to hear.
  • SXXSXX Forumite
    171 Posts
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Clowance said:
    the extension to the stamp duty relief for a while is supposed to be keeping sales hot in the housing market, but people are trying to move from flats and urban areas to places with gardens or more rural Worth considering both points, even maybe post on next door if you are a member in your local area to see what experiences others have had selling.

    Thanks - the property is about 45 mins commute from London. Has a small share of garden and off street parking.
  • SXXSXX Forumite
    171 Posts
    Eighth Anniversary 100 Posts Name Dropper Combo Breaker
    Is your BTL vacant at the moment?
    Properties are selling really fast in West Yorkshire where I live. 
    Also if you post on the buying and renting board you will get more replies...this board is fairly quiet 
    Property currently tenanted so if  tenants don't agree to leave would have to go down the eviction route which I have been told could take up to a year.  Will have a look at the Buying/renting board.
  • edited 4 March at 6:57PM
    Savvy_SueSavvy_Sue Forumite
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    edited 4 March at 6:57PM
    If they're good tenants, and it's a good BTL property, eviction may not be necessary. 

    Plus, you could get a valuation and offer them first refusal? Knocking off estate agents commission etc.
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  • SXXSXX Forumite
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    Savvy_Sue said:
    If they're good tenants, and it's a good bro property, eviction may not be necessary. 

    Plus, you could get a valuation and offer them first refusal? Knocking off estate agents commission etc.
    thanks - so far proving to be good tenants so I am hoping that I do not have to go down eviction route.  I've decided to leave it for a few weeks (by that time the vaccine prog will have progressed and hopefully everyone will be feeling a little bit more confident). Will then have an honest conversation with them - ie inform that I would like to retire/find out what their plans are and take it from there and if they need longer to find somewhere, then I would be flexible on that front.
  • thepurplepixiethepurplepixie Forumite
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    I was in exactly the same position 12 months ago.  The house sold in August.  I'd had enough of being a landlord, well never really wanted to be one it was circumstances but I'm glad I did it.
    Make £2020 in 2020
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  • yksiyksi Forumite
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    Pay them to leave. A few thousand in their pocket would be more than worth it in your sale price. Once it is empty, providing it's in good repair you should be able to sell it quickly.
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