Advice on selling a tenanted property?

Advice on selling a tenanted property?

11:17 AM, 11th March 2015, About 9 years ago 45

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I am looking to put my property on the sales market and wish to give written notice to my tenant that:-Notice to tenant of Estate Agent visiting to take photos

1) I wish to have an Estate Agent attend and take photos of the inside of the property.

2) Give notice that once the property has been sold they would be required to vacate the premises.

Is there any advice as to which Acts I have to insert into any legal paperwork.

Thanks

Simon


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Comments

Graham Bowcock

12:12 PM, 14th March 2015, About 9 years ago

This may have been said before by others but in my experience there is often a conflict in selling a house with tenants unless you are actually selling it as an investment. If the likely upshot of the sale is that the tenants will be asked to leave then there is no incentive for them to engage in the sales process. Even good tenants don't wish to be involved - as the vendor you need to appreciate that viewings can be disruptive and may not coincide with the tenant's right to quiet enjoyment.

Also bear in mind that whilst you have a tenant you cannot prepare the property for sale - for example sorting out decoration, decluttering and all the things you would wish to do to maximise value. Most buyers make a quick judgement and can be easily put off by minor damage, overflowing bins, children, dogs, smells, etc. - even though these things can be remedied. If an owner occupied or vacant house these things would usually be dealt with before each viewing.

Buyers seeking VP may have concerns about the time it could take for a tenant to move. Their surveyor and solicitor will advise on worse case scenario (i.e. the tenant doesn't leave on expiry of the s21 notice) and suggest several months before they exchange/complete. Whilst you know the tenant - they don't.

On the other hand if the property is a good investment then sell it as one and make it clear to the tenants you are doing so. Perhaps agree a new tenancy with them (12 months?) so they don't feel hassled. If they are good tenants you would need to prove it with rent accounts and copies of inspection reports. There is a market for let houses.

Good luck.

Mark Alexander - Founder of Property118

12:26 PM, 14th March 2015, About 9 years ago

Reply to the comment left by "Graham Bowcock" at "14/03/2015 - 12:12":

Excellent advice Graham.

Another alternative to providing a new tenancy would be to offer a Deed of Assurance - see >>> http://www.property118.com/deed-of-assurance-document-template-download/43126/
.

user_ 1346

12:28 PM, 14th March 2015, About 9 years ago

Obfuscated Data

Stephen Turner

12:44 PM, 14th March 2015, About 9 years ago

I have a portfolio in a popular tourist village in West Yorkshire...I want to downsize, all long term tenants, all affordable if anyone is interested.

Antoinette Cunningham

16:14 PM, 14th March 2015, About 9 years ago

Great comments from everybody! I have been putting off selling my 2 adjoining semi's in Haydock because I don't want to upset my lovely tenants. I will try selling tenanted first. Where is the best place to advertise , or if anyone is interested, please let me know.
Failing that, should I give the tenants notice , S21 and wait for them to vacate before advertising?

Mark Alexander - Founder of Property118

17:19 PM, 14th March 2015, About 9 years ago

Reply to the comment left by "Antoinette Cunningham" at "14/03/2015 - 16:14":

There isn't a portal for selling tenanted properties yet but in a few weeks time that will all change and you will find it here - watch this space!

If you can't sell it tenanted the you will need to serve section 21 but that has its drawbacks.See >>> http://www.property118.com/buying-selling-tenanted-property/
.

Jo Ramkissoon

7:28 AM, 15th March 2015, About 9 years ago

I'm excited about this development too! I'll be looking to help a friend sell a tenanted apartment in a very desirable part of Leicester soon!

ADELE KAZEEM

17:42 PM, 16th March 2015, About 9 years ago

Jo, I am hoping you can help me too. I like you article on the subject.

Graham Durkin

18:59 PM, 17th March 2015, About 9 years ago

Reply to the comment left by "Caroline Read" at "11/03/2015 - 19:56":

Hi, Ilive in weymouth and i would like to sell my 5x flats all tenanted ,so come on Mark shake a leg ans we can all examine trhis new portal please

Mark Alexander - Founder of Property118

19:15 PM, 17th March 2015, About 9 years ago

Initial testing went well today but we did give our developers a very long list to work on. Beta testing will hopefully commence in 10 days time with an expected launch date of 6th April. Having seen it working I can't begin to tell you how excited we are. There will doubtless be copycats but unless they have very deep pockets, very strong tech support and an audience that matches Property118 I seriously don't think they stand a chance, especially as listing with us will be FREE 🙂
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