Selling a buy to let property
We nearly titled this article ‘Help! My tenant trashed my property and 3 other spiteful things renters can do when they find out you’re selling up’ but it was a bit of a mouthful.
Nevertheless, the sentiment is an important one. More buy-to-let properties will be hitting the market in the future if new research is to be believed. According to analysis by Cornerstone Tax, 15% of landlords are considering selling up due to the rising costs associated with their property.
With mortgage rates remaining stubbornly high, spiralling service charges hitting budgets and tax implications eroding profits, more landlords than ever will need to exit the buy-to-let market quickly. For others, misbehaving renters will mean selling a property with a sitting tenant is the only course of action.
While landlords can currently use Section 8 and Section 21 notices to regain possession, there are lengthy delays in courts. Every day the tenant stays in the property is another day they can inflict damage, hinder the chance of a sale and lose the landlord money.
While selling a rental property where the incumbents are already causing trouble is an obvious problem, even the best behaved renters can turn nasty if they are given notice. Disgruntled renters can try and scupper a sale in various ways, including these 4 bad habits:
- Refusing viewings: those hoping to sell on the open market may come unstuck if the tenant exercises their right to refuse viewings (there is no legal obligation to let potential buyers in while the tenancy is valid). Selling privately to LandlordBuyer means no viewings are required, making it an ideal solution for those tricky tenants who keep their door firmly shut.
- Being uncooperative regarding third-party requests: selling a house with tenants in situ brings about unique challenges, especially if they’re unhappy about the sale. One way renters can show their displeasure is by refusing entry to third-parties. This could be denying access to an energy assessor visiting to create an EPC or a property manager coming to do an inspection report.
- Trashing the property: the most miffed renters may take their frustration out on the fixtures, fittings and fabric of the property. Sometimes the value of the damage can exceed the deposit, so limiting this type of malicious behaviour is a must. If you need to sell a buy to let house that’s been destroyed, don’t worry. LandlordBuyer purchases damaged and problem properties without asking the landlord to make repairs.
- Badmouthing to potential buyers: perhaps one of the most vindictive acts a tenant can engage with is allowing viewings but badmouthing the property, the building/block or the location. Even if the comments aren’t true, potential purchasers may be put off a property or will consider a reduced offer if a tenant plants a seed of doubt.
If your buy-to-let is a money pit or a tenant’s bad behaviour is chipping away at your buy-to-let’s value, you can sell tenanted property fast by working with LandlordBuyer. When selling a tenanted property to us, there’s no need to worry if your renters are difficult characters - LandlordBuyer will purchase your buy-to-let regardless of their demeanour and without the need to evict. Don’t forget, when selling to us, there is:-
- No need to serve tenants notice
- No viewings or estate agents involved
- No ‘for sale’ sign required
- No property listing in the public domain
- No obligation to repair malicious damage
- No problem if the tenants are still in the property
Contact the LandlordBuyer team if you have troublesome tenants and you need to sell home quickly.