New year and a new approach to the private rental market is needed. The Renters’ Rights Act will exert its most critical force in a matter of weeks but there is still time to sell your buy-to-let before 1st May.
Crucially, being able to sell a rental property with sitting tenants will become more important after 1st May, when Section 21 ‘no fault’ evictions are banned and tenants gain more power.
You’ll avoid stress, the frustrating Section 8 eviction process, void periods, wasted money and estate agents when you sell to a professional property buyer. Companies like LandlordBuyer make it quick and easy to offload buy-to-lets with tenants in situ. Here’s our step-by-step guide:
How to Sell a Tenanted Property Without Evicting the Tenants
- Decide to sell your buy-to-let: remortgage rate too high, can’t raise the rent any further, feel the Renters’ Rights Act is the final straw or simply want to ditch the hassle of running a buy-to-let? There are many reasons why you may decide to quit being a landlord. If any aspect is causing you to lose money or sleep, it may be time to sell.
- Contact LandlordBuyer: we are a UK-based company available in person, on the ‘phone (WhatsApp included), via our website and over email. Contact us your preferred way and deal with a of real people. Want to start your sale now? Get a free, no obligation valuation online here. Like estate agents, we are members of The Property Ombudsman – which holds us accountable – but LandlordBuyer is a professional property buyer and a corporate landlord, not a middle man.
- Agree with our property valuation: LandlordBuyer aims to provide you with an attractive valuation within 48 hours of getting in touch. We price to facilitate a very quick sale – ideal for landlords who can’t afford to wait for a tenant eviction. LandlordBuyer offers on every property, even ones in poor condition, with a short lease or with spray foam insulation. We aren’t in the business of backing out, so agree with our offer and proceed with certainty. And did we mention you won’t pay any sales fees? Save £1,000s when you sell directly to us, a professional cash buyer.
- Choose one of our conveyancing partners & we’ll pay your costs: our quick exchange to completion timeframes are kept low thanks to the conveyancers we use and recommend to landlords. Our solicitor partners are handpicked for their diligence and experience in fast house sales, especially where there are sitting tenants. LandlordBuyer will pay your legal costs to keep your exit as cheap as possible. Ask us for our conveyancing recommendations
- Set your own completion timeframe: as professional property buyers, we purchase for cash and can do so fast. Not requiring a mortgage, coming to the purchase chain-free and having decades of experience allows us to hand more control to landlords. If you want to know how quickly you can sell with tenants, our average time between offer and exchange is 28 days, with an average of 7 days between exchange and completion. It can be much quicker, so ask if you have a pressing need to sell. Alternatively, avoid being dictated to by others in a chain and set your own completion date – one that suits your circumstances, with no pressure.
- Reassure your tenants: LandlordBuyer is a registered business and as well as having the purchasing power to purchase your buy-to-let using cash, we have our own in-house property management team. LandlordBuyer will seamlessly take over the tenancy and your tenants won’t notice the change in property ownership. Although there is no legal requirement for a landlord to inform the tenants they are selling, it is good etiquette to do so. Whatever you decide, LandlordBuyer’s friendly team will be in touch with your tenants to explain the change, providing professional support and reassurance.
- Exchange & complete your sale: LandlordBuyer will drive all aspects of your sale, unburdening you of the admin. We will take over the tenancy the moment the sale completes, for the ultimate in continuity and tenant care.
- Pay any capital gains tax that’s due: don’t forget, if you have made any profit when you sell your buy-to-let, you may have a capital gains tax bill to pay. We recommend you seek guidance from a financial adviser who will work out what, if any, tax is due upon completion.
- Reinvest, consolidate, enjoy: with money in your bank, you can choose to reinvest, consolidate, pay off a mortgage or fund your retirement plans.
LandlordBuyer presents the simplest way to sell your buy-to-let without evicting tenants. You’ll enjoy a professional transaction, transparency and a business relationship with the buyer – no estate agent to meddle or charge you fees. Contact us to discuss selling without evicting tenants.