Selling a rental with tenant in situ
Discussion
Has anyone experience of selling a rental property to one of the “We buy your tenanted property” outfits?
With all the current legislation I’m considering selling ours and wondering if it’s a case of way below market value as per the we buy any house lot?
Our current tenants have been in for 5yrs and we charge around £200 a month less than similar properties in the area. Mainly because they have been good tenants and spent a lot of their own money renovating when they moved in, which was their choice. Therefore I reckon it could be a good buy as there’s scope to charge a lot more.
With all the current legislation I’m considering selling ours and wondering if it’s a case of way below market value as per the we buy any house lot?
Our current tenants have been in for 5yrs and we charge around £200 a month less than similar properties in the area. Mainly because they have been good tenants and spent a lot of their own money renovating when they moved in, which was their choice. Therefore I reckon it could be a good buy as there’s scope to charge a lot more.
Hawkshaw said:
From what I have heard of these "we buy any property" outfits, some of them are best avoided.
There is a market for tenanted property, and you would be better served by selling through a regular estate agent.
Possibly a more 'business' or commercial estate agent ? There is a market for tenanted property, and you would be better served by selling through a regular estate agent.
landlords looking around for tenanted property for their portfolio won't be tied to a small search area or looking at everything on Rightmove.
Is the Estates Gazette still a thing?
Find an agent that operates in the sphere and talk to them about what they've sold recently?
Definitely ask the tenants if they want to buy.
Our son bought his rented house from the landlord when they decided to sell. Price agreed, son got a mortgage and repayments almost identical to the rent. Landlord had an easy sale, son got on the property ladder.
It was Cardiff 3 years ago and the rental scene there was ridiculous, silly rents for poor properties.
Our son bought his rented house from the landlord when they decided to sell. Price agreed, son got a mortgage and repayments almost identical to the rent. Landlord had an easy sale, son got on the property ladder.
It was Cardiff 3 years ago and the rental scene there was ridiculous, silly rents for poor properties.
Just going on what I've see in recent auctions I woud say selling with tenants in situ devalues a property. If nothing else you've effectively limited the market to just landlords.
With 20k up front tax on an average property a landlord isn't going to want to pay market rates, and the lower than market rent isn't going to help.
With 20k up front tax on an average property a landlord isn't going to want to pay market rates, and the lower than market rent isn't going to help.
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