Landlord - should I sell and reinvest in S+S or keep BTL

ap2048

Thanks Mashroh. That is really useful to know. I should add that the flat does not have a mortgage and I did initially keep it to trial being a landlord but am simply reviewing my options in light of the SLDT rebate I would be due if I do sell. I would still be happy continuing with being a landlord but feel financially this may not be the best option given my personal financial situation. What are peoples' thoughts?

ProDave

Mahsroh said:

ProDave said:

You are like me a reluctant landlord (would have preferred to sell but could not so let it) NOT an accidental landlord.

As the market is better now, if you still don't want to be a landlord, sell it.  But that assumes you have vacant possession (that is the only reason I am not selling right now)

Why do you need vacant possession? I sold mine to an investor with a tenant insitu. In the current market I wasn't sure of potential buyers and it suited all three parties. 

1. I sell the house and continue earning rent until Completion. No council tax bills / utllity bills etc. to cover during vacant period.
2. The buyer starts earning rent on day one with a sitting tenant with no tenant finding fees to pay out to Letting Agents etc. 
3. The tenant gets to remain at the property. 

It was win/win/win. I *maybe* ended up selling for slightly less than I would've done had I sold to a residential buyer but any difference in price was easily offset by continued rental income and lack of 6months+ of costs during vacant possession. I was also fortunate to have a very understanding / accommodating tenant who was happy to facilitate viewings. 

I too was a "reluctant" landlord (relocated for work whilst in negative equity so couldn't afford to sell). 

I did discuss with an agent the prospect of selling with tenant in place and they advised me it would be hard to sell, to a small market of potential buyers and for a lot less than vacant price.

Mahsroh

ProDave said:

Mahsroh said:

ProDave said:

You are like me a reluctant landlord (would have preferred to sell but could not so let it) NOT an accidental landlord.

As the market is better now, if you still don't want to be a landlord, sell it.  But that assumes you have vacant possession (that is the only reason I am not selling right now)

Why do you need vacant possession? I sold mine to an investor with a tenant insitu. In the current market I wasn't sure of potential buyers and it suited all three parties. 

1. I sell the house and continue earning rent until Completion. No council tax bills / utllity bills etc. to cover during vacant period.
2. The buyer starts earning rent on day one with a sitting tenant with no tenant finding fees to pay out to Letting Agents etc. 
3. The tenant gets to remain at the property. 

It was win/win/win. I *maybe* ended up selling for slightly less than I would've done had I sold to a residential buyer but any difference in price was easily offset by continued rental income and lack of 6months+ of costs during vacant possession. I was also fortunate to have a very understanding / accommodating tenant who was happy to facilitate viewings. 

I too was a "reluctant" landlord (relocated for work whilst in negative equity so couldn't afford to sell). 

I did discuss with an agent the prospect of selling with tenant in place and they advised me it would be hard to sell, to a small market of potential buyers and for a lot less than vacant price.

I guess it depends on the type of property and the location etc, but I would get a second opinion if I was you. 

All the advice I got from agents (after getting positive advice on here) was very positive. 

To quote one agent I spoke to “if it doesn’t sell it doesn’t sell, but you’ve got nothing to lose in trying”……