Selling tenanted property by auction

glothy

swingaloo said:

If they only moved in 2 months ago and had a 12 month agreement then they are going to feel annoyed a being asked to ;eave already. There are a lot of costs involved with moving and they may find it difficult to find somewhere else quickly so compensation may be in order to persuade them to leave.

Is this related to the property mentioned in your other thread?

I don't think they are very happy there unfortunately and have raised lots of issues in that short space of time. There's nothing actually wrong with it and I'm sure someone else would love it, but it's costing me too much to hold on to.

glothy

FlorayG said:

Are your tenants aware you want to sell it with them in situ and not with vacant possession? When I was looking to buy I wanted a tenanted property ( its useful to know that you already have decent tenants) and some of the properties I viewed the EA told me the tenants had refused viewings from anyone other than potential new landlords

Thanks. I've informed the agent managing the property but I suspect they haven't actually spoken to the tenants and I'll probably need to negotiate with them myself.

saajan_12

Are you trying to sell to another landlord with tenants in situ, or including owner occupiers? 

If the latter, then getting the tenants out before the end of the fixed term will be nigh on impossible - you don't have any right to, and the tenants will likely want ££££ or outright refuse going through the hassle again just a few months after moving the first time. Even if completion was soon after the fixed term, that'll likely mean people traipsing through the flat for the next 10 months which the tenants preesumably want to avoid. 

If the former, then while offers might be slightly depressed as you're restricting the market, its terrible and has a decent chance at working with a better price than you'd get at auction. In this case, I'd suggest speak to the tenants, explain you will only sell to another landlord and so their tenancy would continue as normal. Since they likely don't have to allow viewings currently (check your contract) you'll have to offer something in return. £50 a pop though and they might change their tune.