Need to sell rental property

NorfolkPoppy

I am now a full time carer for my very poorly husband.  We have decided it would be wise to sell a small property we rent out as it is just one more thing to worry about.

It is mortgage free.  We have a tenant in there on a rolling tenancy.   Help, where do I start?  I am aware that very soon new laws may come in but I just haven’t had time to study in depth.  I am aware that we will have to pay CGT but, again, I don’t really understand that.

basically what I am asking is where is the best place to start?  Sorry to sound so wet but my caring is pretty much 24/7.  Thanks.

theartfullodger

Which country ?? (eg NI, Wales??) Laws vary.

Have you served any formal notice on tenant to start ending tenancy please, if so what??

Understand lacking knowledge of new laws, what knowledge or education of current legalities for landlords please?

Bonniepurple

First thing I would do is talk to the tenant. Explain the situation. Would you be able to give them some incentive to move? Ask if they’re in a position to buy the place, potentially at a discount.  Remember first and foremost it’s their home and this will be a shock to them.

jaybeetoo

You can sell to another landlord and then the tenants can stay.  It does reduce the number of potential buyers.

20122013

Ditto all the above, prefer  scenario is for them to give you notice. As you won't have to seve notice and check out all the paperwork, etc.

km1500

I think you basically have two options if the tenant does not want to buy it  - either to sell it with the tenant to another landlord or to issue a section 21 (while you still can) and sell with vacant possession.

The latter is likely to attract a much bigger pool of interested buyers

Albermarle

km1500 said:

I think you basically have two options if the tenant does not want to buy it  - either to sell it with the tenant to another landlord or to issue a section 21 (while you still can) and sell with vacant possession.

The latter is likely to attract a much bigger pool of interested buyers

That is true, but getting vacant possession can take time ( and paperwork/hassle if the tenant is not cooperative) so could delay any sale significantly. 

km1500

yes, quite so

UnsureAboutthis

 
Re CGT - see link, easy read and from the gov/hmrc info

https://www.gov.uk/capital-gains-tax


(I do not trust many people or most  letting/estate agents for that matter  - so be careful who you sign up with, the info they give you as their only interest is getting a sale IMO as that is when they make money ie no sale, no money for them and they/most will want a quick sale.)

daveyjp

Any decent well established estate agent will have contacts with BTL landlords.  Give a few a call and ask them how well they know the market and what their experience is in selling tenanted properties.