As easy as it sounds?

As easy as it sounds?

15:31 PM, 23rd June 2021, About a month ago 1

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Is looking to sell a property with a sitting tenant as easy as it sounds?

The Local estate agents are useless, and anyway, this is clearly a property for an investor/cash buyer, happy to leave with the current tenant or someone that wants to turn it back into an HMO longer-term (was an HMO previously, but we then decided families only).

It’s a 4 bed with capacity to make second living room into a big bedroom (sop bed 5), conversion of the loft into Bed 6 (like next door) and enough garden to build a one-bed annexe/self-contained 1-bed flat.

We have used National Residential last year to offload a property, and although a swift service it obviously comes at a cost. Anyone else got any ideas on how to do this (NB tenant is on benefits, UC pays direct, tenant pays top-ups)

DSR



Comments

by Ian Narbeth

11:52 AM, 24th June 2021, About a month ago

When acting for buyers, I always warn them that unless the current landlord is super-efficient, it is more than 50% likely that he has made a mistake which the buyer will inherit. This could be not dealing with prescribed information correctly, slipping up over the Tenant Fees Act or one of a myriad of rules. This could mean the buyer cannot get the tenant out and is up against a tenant but without complete paperwork.
Buying a property subject to ASTs is not straightforward and if you need mortgage finance and the lender has a lawyer who expects everything to be in apple pie order, then life is not going to be easy. A well-heeled, experienced investor can take on such a project but it is far simpler to buy with vacant possession.


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