Landlords don’t have to wait for sitting tenants to end their agreement or evict in-situ renters to sell their buy-to-let. From other property investors to professional cash buyers, there is an audience out there. Here are 8 considerations for landlords with long-term tenants.
1. You can try the open market
There’s nothing stopping you trying to sell your buy-to-let on the open market but in the case of sitting tenants, it rarely ends in a favourable outcome. For starters, the tenants have every right to refuse viewings and they may decline access for marketing photographs too.
It’s also worth remembering that owner-occupier are unlikely to be interested in buying an inhabited rental property - it may be virtually impossible to evict the sitting tenants, leaving the purchaser with a home they can’t live in.
2. Long-term tenants can add value…
Good, long-term tenants on an Assured Shorthold Tenancy can add value to a property, making it a great prospect for another property investor. It will save the landlord the time associated with marketing and finding tenants, and there will be no break in rental payments as the property will remain occupied.
3. …or they can be a landlord’s worst nightmare
Problems can arise, however, if the renters are sitting tenants and they pay a below-market value rent, which is very common if they have protected status. Many landlords will withdraw from a sale if they know the rent will not cover their mortgage repayments and property running costs.
4. It can take time to sell with sitting tenants
If you have sitting tenants who have protected status, your selling options will be limited. Landlords may wait years for the occupants to leave of their own accord or even pass away. Even evicting normal long-term tenants can take months – not a good situation to be in if you need to sell property fast.
5. There is a way to sell quickly, even with sittings tenants
LandlordBuyer will purchase any rented property with sitting tenants or tenants in situ, regardless of the condition of the property. When working with us, you don’t have to start the eviction process or even notify the tenants that you are selling up. In addition, internal property inspections are not required in order for to us make you an instant cash offer – it really can be a discreet transaction with minimum disturbance.
Contact us now and we can talk you through your selling options, specifically detailing our service to landlords wishing to sell with sitting tenants.