David Coughlin

Registered with Property118.com
Wednesday 3rd June 2020


Latest Comments

Total Number of Property118 Comments: 9

David Coughlin

9:00 AM, 16th January 2021
About 5 days ago

How to sell a tenanted property

Reply to the comment left by Chris Harris at 16/01/2021 - 08:45
Lol 🙂 my bad - we would all become tenants in a flash :-)... Read More

David Coughlin

8:16 AM, 16th January 2021
About 5 days ago

How to sell a tenanted property

Hi Clair, (and thanks Neil for a plug)

In my experience you will get the best price if you sell the property vacant and fix it up before selling with the best local agent over a 3-6 month timescale.

However, if you have to sell with a tenant in place, or need to sell it quickly (eg tax deadlines/bills or for other reasons), then you need to choose wisely.

Most local agents will ONLY market to other landlords who will usually offer less then owner-occupiers, whereas we have found that we can achieve higher prices from landlords by putting landlords and owner-occupiers in competition with each other to drive up their offers. In the end we get the best prices from both owner-occupiers and from landlords and we work hard at getting the best deal for the landlord and a win-win for the tenant.

For example, if the owner-occupier offers £120K and a landlord £110K - you have £10K extra and you could offer the tenant £203K to leave voluntarily and end their tenancy sooner than the current S21 notice (via a Deed of Surrender) - leaving you £7-8K better off.

We do this all the time. However, we secure the sale with the buyer first by taking a deposit so it does not leave the landlord at risk of being out of pocket.

Finally, the purpose of marketing tenanted sales to landlords and owner-occupiers is that the best offer from a landlord might have been just £100K and the higher bids from owner-occupiers pushed landlords' bids up to £110K (the whole point of the auction) - and estate agents simply do not engage this strategy - we do.

If you would like a free valuation and any help, I would be very happy to get one of my team to look at it for you.... Read More

David Coughlin

11:57 AM, 14th January 2021
About 7 days ago

National Residential will solve every landlord problem to sell your buy-to-lets for the best possible price

Reply to the comment left by Chiew Loo at 13/01/2021 - 23:08Thank you for your question.
The reason our terms request vendor to agree to a restriction are as follows:
1. we sell via online modern auction and buyers pay an auction deposit and sign a purchasers agreement to complete quickly with rigorous terms. If the buyers withdraw or reduce their price or breach the terms of their agreement they stand to lose their auction deposit. We confirm with buyers we have reciprocal agreement with the seller that so long as we achieve the price the seller agrees to, the buyers agreed sale and deposit is likewise secured and we do this by way of a restriction/notice at the land registry. Other public auctions would have similar restrictions depending on the types of agreements used.
2. unfortunately being an online agent operating over the UK, we find to our cost that sellers breach the agreements by, for example, agreeing sales to buyers we have introduced to properties to avoid paying our fees. In other examples, we will have spent time and our own funds (eg we pay fees for virtual tours; fees to tenants to assist in sales and legal fees to solicitors and companies such as Landlord Action to assist with evictions and mediation) and we so we spend our funds and apply our time and expertise to overcome the vendors/landlords issue to help us solve their problem and sell their property. Unfortunately, after achieving this success in resolving issues and selling properties, some less scrupulous sellers decide to withdraw from the agreed sale which is a clear breach of terms and puts us in a loss situation.
In both situations, our restriction at the land registry provides us with the most effective method to ensure that we are paid where clients breach their terms. If seller/clients do not breach their terms we do not register; or we remove; their restrictions.
We are clear and transparent with our terms and have a great online reputation and clear procedures which we follow and staff who manage our compliance fairly and vigorously. Restrictions will only become a problem if a client breaches their terms so we ensure we are transparent with our terms and with the obligations of the clients when they sign agreements and you will there only have an issue if you deliberately breach or terms - as would be the case with other auction sales.
I hope this helps. I'm happy to chat any time.... Read More

David Coughlin

13:01 PM, 11th January 2021
About A week ago

National Residential will solve every landlord problem to sell your buy-to-lets for the best possible price

Reply to the comment left by DALE ROBERTS at 09/01/2021 - 10:12Hi Dale - my team have a case of being bitten with these EWS1's and might be playing it too cautiously. I would have to have a look. the only EWS1 we sold last year the buyer switched from mortgage to cash as he was able to and desperately wanted the property but he dropped his offer from £180K to £160K and the seller accepted. Others we have spent 6-12 months trying to sell with various buyers pulling out. Allot of work and not much to show for it. Therefore the valuation team has become cautious. If you really disagree with a valuation from the team I am more than willing to relook at it for you. Thanks, David... Read More

David Coughlin

12:58 PM, 11th January 2021
About A week ago

National Residential will solve every landlord problem to sell your buy-to-lets for the best possible price

Reply to the comment left by RL at 09/01/2021 - 10:50
Hi RL - happy to look at the property for you and see if this is our bag and if we can help. We do sell HMO's and commercial but our niche is residential BTL and HMO's and other agents might have more experience and a bigger database of would-be buyers so do a better job than us - but let me have a look. Drop me an email... Read More