Selling an HMO?

by Readers Question

11:30 AM, 20th September 2022, 4 years ago 8

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Landlord News Landlords Questions

Hello, We’re thinking of selling a fully tenanted and licensed 5 bed HMO in Aylesbury.

Does anyone have any experience of this process and options to sell with tenants in situ?

We’re aware of Vesta and are waiting for a call back from them.

We are looking for investors interested in a profitable, well established business which has produced an excellent return over many years.

Many thanks,

Peter

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Neil Patterson Read Full Bio

Member Since February 2011 - Comments: 3453 - Articles: 286

11:54 AM, 20th September 2022, About 4 years ago

Please try our partners at Landlord Sales agency and their latest article is here 🙂 >> https://www.property118.com/entrepreneurial-landlords-are-making-a-mistake-by-clinging-onto-solutions-for-their-portfolios-in-a-dying-market/

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Ian Narbeth Read Full Bio

Member Since July 2013 - Comments: 2002 - Articles: 21

2:26 PM, 20th September 2022, About 4 years ago

Hi Peter
Please contact me offline as I may be able to help.
Ian 07970 462225

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Carol

Member Since November 2018 - Comments: 67

3:00 PM, 20th September 2022, About 4 years ago

Hi Peter

I sold a 6 bed HMO with tenants in situ in a different city through a standard Estate Agent. It took 3 months and I received a very good price. It is quite straight forward as the solicitors do most of the work.

You can call me if you want to discuss details 07921395269

Carol

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JB

Member Since May 2017 - Comments: 766

3:49 PM, 20th September 2022, About 4 years ago

I have a 4 bed HMO which I’m about to put on the market in Bournemouth. Myself and 2 out of the 3 agents I’ve contacted believe its best to leave tenants in situ – though I have yet to try it!

I am also looking for investors interested in a profitable, well established business which produces an excellent return.

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Reluctant Landlord

Member Since September 2018 - Comments: 3538 - Articles: 5

5:11 PM, 20th September 2022, About 4 years ago

Reply to the comment left by Carol at 20/09/2022 – 15:00
I’d be interested in knowing if you recommend the solicitors you used as I’ve used some recently that were shockingly slow and looking to use another one soon for a sale too…

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Simon F

Member Since October 2020 - Comments: 199

7:41 PM, 21st September 2022, About 4 years ago

I’ve just sold a fabulous 4-bed HMO tenanted that I’ve had for 16 years. My approach was to short-list estate agents based on the scale of their lettings business in the area, i.e. aiming for agents with longest lists of landlords they work with regularly and who know the local lettings market, and I had plenty of offers and could be selective. For pricing – be aware that rental income coverage requirements of BTL mortgage providers has tightened in last few months and may get tighter still with more interest rate rises expected, and it differs for HMOs with some providers. The mortgage coverage requirement will limit maximum valuation for most buyers however keen they are and irrespective of property size/ condition /location etc.

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Harmeet Singh Chhabra

Member Since September 2020 - Comments: 1

8:35 AM, 24th September 2022, About 4 years ago

Hi Peter,

I am based in Aylesbury too and invest in HMOs. Happy to talk to you and explore this further.

My number is 07476937281 if you want to have a chat.

Regards,

Harmeet

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Tony Clements

Member Since February 2020 - Comments: 21

3:24 PM, 10th December 2022, About 3 years ago

Bought 2 of ours at auction.

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