How to do right by tenants when selling?
11:30 AM, 28th September 2017, 9 years ago
38
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I have decided to sell one of my properties but I’m trying to find a way of selling with the tenants in situ.
They are wonderful tenants who have rented from me for several years and I’m trying to do right by them.
Are there any firms/individuals who buy tenanted properties?
I know I won’t get market value!
Many thanks
Ann
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No copy of agreement and tenant has dementia?
Member Since April 2016 - Comments: 46
1:52 PM, 29th September 2017, About 9 years ago
Hi there, My letting Agent, Martin and Co in St ALbans, sell their tenanted properties to their landlords (and new ones) . They are a franchised company, so check them out in your area to see if they can do the same.
Regards – Anne Noon
Anne
Member Since April 2017 - Comments: 3
2:00 PM, 29th September 2017, About 9 years ago
Reply to the comment left by Anne Noon at 29/09/2017 – 13:52
Many thanks Anne
Member Since April 2014 - Comments: 460 - Articles: 1
2:14 PM, 29th September 2017, About 9 years ago
Reply to the comment left by Anne Noon at 29/09/2017 – 13:52
Thanks Anne. There is a local branch! I will give them a call
Member Since August 2015 - Comments: 342
3:20 PM, 29th September 2017, About 9 years ago
Ann is there no possibility of your tenants buying your property?
Member Since April 2014 - Comments: 460 - Articles: 1
3:25 PM, 29th September 2017, About 9 years ago
Reply to the comment left by Yvonne Francis at 29/09/2017 – 15:20
I’ve not approached them yet. I want to have some positive solutions in play before I talk to them. They are in work, so who knows, they could possibly raise a deposit and mortgage. Though contrary to ‘public opinion’, many tenants don’t want to become homeowners!
Member Since October 2016 - Comments: 81
3:31 PM, 29th September 2017, About 9 years ago
Reply to the comment left by Annie Landlord at 29/09/2017 – 15:25
What guarantee is there that the next landlord having bought the property for less than market value, won’t service notice and sell it on? Seems to me you can only guarantee a good rental experience as long as the tenants are your customers?
Member Since July 2013 - Comments: 25
7:52 AM, 30th September 2017, About 9 years ago
I have sold properties with tenants in. You market it with an Agent as an investment property. It is a golden opportunity for someone to start their own property portfolio.
Member Since April 2014 - Comments: 460 - Articles: 1
9:21 AM, 30th September 2017, About 9 years ago
Thanks for all the suggestions. I am going to put it with an agent as an investment property and go from there. I can’t accompany viewings so the online agent route won’t work for me. Fingers crossed I get a decent buyer!
Member Since July 2015 - Comments: 66
7:11 PM, 30th September 2017, About 9 years ago
Reply to the comment left by Annie Landlord at 29/09/2017 – 11:46
Annie, talk to the agents in town. One of them will be used to this and will know how to handle it sensitively. You could offer to give them the exchange to completion rent free, if you were so minded, but dont think of selling BMV because you have a tenant – think Above MV as you are selling a business opportunity. With an incumbent tenant the new Landlord gets rent day 1, and no void – that’s worth quite a bit especially to a newbie!
Member Since April 2014 - Comments: 460 - Articles: 1
8:40 PM, 30th September 2017, About 9 years ago
Thanks for the advice Bill. I have spoken to a local agent today who seems both knowledgable and positive!