Selling Tenanted Properties
Why being a specialist in selling tenanted properties is important versus the general high street agent!
Over the years, we have sold many tenanted properties and we are very successful in doing this. We understand the lettings industry compliance side and because of this we know and understand why it is important to get it right from day one.
Selling tenanted properties is a win-win for all parties involved. The seller, the buyer and the tenant!
The Seller wants to sell the property with the tenant in situ normally for a couple of reasons. They have long standing tenants and do not want to disrupt their lives or the seller may have a mortgage on the property that would be financially difficult to cover if they were to sell the property empty.
Solution – selling the property with the tenant in situ will mean receiving rental income up to the day of completion.
Dependent on the experience of the buyer, there can be some anxious moments. Typically, a new landlord will have the following questions:
1. Will I really achieve the rental amount being quoted by the agent?
2. How long will it take until a tenant can move in, how long will my void period be?
3. What kind of tenant will the property attract?
Solution – buy a property with a tenant in situ and receive rent from day one. You will meet the tenant, you will know exactly how much rent you will achieve and you should receive a rental statement showing them paying their rent on time each month.
The tenant will automatically be worried as soon as the property is advertised. They will worry they will have to leave their home, they will worry about being made homeless. The lack of security may persuade them to move out as soon as they find somewhere, leaving the seller with no rental income.
Solution – Liaise with the tenant, work with the tenant, be transparent and let them know an investor is being sought.
When all sides work together, the outcome is a win for sellers, a win for buyers and a win for the tenants.
Because we have sold so many, we also know that it is absolutely vital to make sure all paperwork is in order at the beginning and our expertise can help ensure the smooth process of a completion, with hopefully no nasty surprises down the road. We will look at the tenancy paperwork and the compliance certificates along with proof certain paperwork were issued to the tenant at the correct times including the prescribed information and Deposit certificates. If the paperwork is not in order, this can cause fines later down the road or unable to gain possession of your property if the need arose (for example the tenant not paying their rent).
Move On Sales and Lettings area multi-award winning agency and have been established for 15 years under the ownership of Sharon Canning. Sharon became a landlord at the age of 19 and has worked in the real estate industry for 36 years and personally owns a portfolio of properties that also include HMO’s and Service Accommodation/Holiday lets. Selling or buying to live in or rent out is Move On’s speciality.