Selling a HMO with sitting tenants

Landlords don’t always have the best reputation and turfing tenants out to sell a property rarely goes down well. Thankfully in 2021, the necessary evil of evicting tenants can be totally avoided – a good thing when you consider the current property climate.

Evictions: more difficult than ever

Whether you want to reclaim your property to live in yourself, sell to ease financial worries or to end a periodic tenancy, moving tenants out is more difficult than ever.

Short-term ban on evictions

The pandemic has placed many tenants under undue financial pressure and the Government has stepped in to ensure renters can stay in their properties for their all-round wellbeing. At the time of writing, bailiff evictions for all but the most ‘egregious of cases’ have been suspended until 21st February 2021, with extended notice periods too (an eviction served in January 2021 will not be heard in court until July 2021, at the earliest).

Landlords have also been warned to expect lengthy court delays once warrants of possession resume, with the most serious cases being prioritised. If you simply don’t fancy being a landlord anymore, don’t expect to regain your property through the courts in a hurry.

Long-term abolishment of Section 21

Sometimes referred to as ‘no fault evictions’, a Section 21 can be served in cases where the tenant hasn’t done anything wrong but where the landlord wants an exit strategy out of the buy-to-let market. The Government, however, made it part of the Renters’ Reform Bill to abolish Section 21 notices and a date for this is expected ‘very soon’, according to one minister speaking in January 2021. Worryingly, no detail has been revealed regarding a replacement notice or how landlords will be able to evict in some circumstances after the ban.

Don’t evict at all

Want to avoid the stress, costs and time associated with evictions? You can sell a property with sitting tenants. It’s a fantastic way of realising your buy-to-let’s value with minimal disruption, with LandlordBuyer purchasing tenanted properties with all types of renters in situ. These include AST (Assured Shorthold Tenancies) protected tenants, life agreements, assured tenants and renters with verbal or informal arrangements. Take for instance landlord Mr P – he sold to LandlordBuyer with his tenant of 17 years still in place. The tenancy carried on without disturbance and the landlord didn’t have to wait for vacant possession to sell.

A seamless sale, without troubling your tenants

When you work with LandlordBuyer, your tenants don’t need to know you are selling. Our discreet buying process starts with a no contact valuation that doesn’t require an internal inspection – great for an inconspicuous sale but also perfect for Covid times. The tenancy will carry on seamlessly during the entire transaction, with us taking over, and you’ll avoid any void periods too.

Cash waiting

LandlordBuyer works on a cash buyer basis and you’ll receive the proceeds of your sale in your bank account typically within 10 days. We’ve answered the most commonly asked questions about selling with sitting tenants in our online FAQ section but if you still need to know more, contact us today.

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