Monday February 15 2021 09:12:16

Selling a HMO with sitting tenants

Are you beginning to question your future in buy-to-let? Do you think the recent tax changes and increasing compliance issues have made property investment too complicated? Are your margins so slim (or even non-existent) that you’re wondering if it’s all worth the hassle?

You’re not alone and thousands of landlords may be joining you in weighing up the benefits of buy-to-let. In fact, a survey by online mortgage broker Property Master found 10% of the landlords questioned planned to exit the buy-to-let market in 2021.

This coming year will provide yet another pivotal moment in the private rental sector, with the eventual introduction of the Renters’ Reform Bill. The Bill first appeared in the 2019 Conservative General Election manifesto and it featured in the Queen’s Speech in 2020, although its adoption has been delayed due to the pandemic.

That doesn’t mean to say it’s not coming into force.... and soon. There are rumours that the Bill could be introduced over the summer months when the Government deems there is a ‘stable economic terrain’.

Once in full action, the Bill will shake up the current possession process and spell the end of Section 21 ‘no fault’ evictions, which may make it harder for landlords to regain their property. The Bill will also increase the detail of and access to a database of ‘rogue’ landlords, and hand more power to tenants when they choose their rental property.

Beat the Bill and sell property fast...

If the introduction of the Renters’ Reform Bill sounds like the final straw, you should start to think about your exit strategy. We don’t know how quickly the Bill will be adopted but as it has completed all its parliamentary stages, it could become law very quickly and catch many landlords out.

Evictions? Unlikely any time soon

Don’t forget, the pandemic has temporarily changed the evictions process. Bailiff evictions for all but the most ‘egregious of cases’ have been suspended until 21st February 2021, with extended notice periods too (even an eviction notice served in January 2021 will not be heard in court until July 2021, at the earliest). When eviction proceedings resume, landlords who want possession have been warned of lengthy delays and by them, we may be on the cusp of the Renters’ Reform Bill being made law and a legal ban on Section 21s.

Sell – even with tenants in place

So where does that leave landlords who are desperate to sell? If you have a vacant let, the sales process will be more straightforward (although the sales market will be in questionable heath when the stamp duty holiday ends on 31st March 2021).

What about lets that are midway through tenancy agreements or that have tenants in-situ? You can sell without evicting tenants. Landlord Buyers specialises in buying rented properties from landlords. We will make an offer on any rental property with tenants, including AST (Assured Shorthold Tenancies) protected tenants, those with life agreements, assured tenants and renters with verbal or informal arrangements.

We are landlords too

Although we buy properties for cash, we are not an estate agent or middle man. We are professional landlords ourselves, with our own in-house management team, so your tenants can stay in their home undisturbed. We’ll purchase your buy-to-let for cash, with a completion date within seven working days, if that’s what’s needed to beat the introduction of the Renters’ Reform Bill. If you’re not in a hurry, we can set a completion date that suits you. We’ll even buy your let if it has a short lease, or is classed as a problem property.

Sell to Landlord Buyers for the cheapest sale

When you sell to us, there are:-

  • No estate agency fees to pay
  • No legal fees to pay
  • No cost of getting an EPC
  • No bills associated with void periods

Let’s start your sale now – get your cash offer by clicking here.

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