How to Sell a Property with Tenants
Whatever your reasoning for selling your buy-to-let property, you'll find that it can be significantly more complex if there are tenants in the property. There are a number of legal responsibilities you have to adhere to as a landlord. You have a responsibility as a landlord to comply with the Landlord and Tenant agreement known as the Assured Shorthold Tenancy Agreement (AST) which gives the tenant the right to remain in the property until the end of the agreed period.
The most common issues that landlords face when selling their property:
- The tenants won't cooperate. This is probably the most frequent frustration we hear from landlords who need to sell. Tenants have no legal obligation to show allow potential buyers into their living areas. Viewings are an essential part of selling your property, if people can't see it they will be reluctant to buy it. Gaining access to the property can be a challenging task depending on how willing your tenants are. You need to check if your letting agreement includes a cause that gives you permission to access the property.
- The buyer may not want to be a landlord. The fact that it's an occupied buy-to-let may turnoff buyers who want to occupy the property themselves. A tenant's lease can't be broken just because the property is sold. If there is significant time left on the lease, the new owners may have to wait until the lease runs out before occupying the property.
- The buyer may want the tenant to sign a new lease under their terms. Just as a tenant's lease can't be broken in a sale, it also can't be redone under new terms. A potential landlord buyer may not like the terms of your lease or may want more money in rent every month. They won't be able to request those terms until after the current lease expires. A tenant can't be forced to sign a new lease simply because the property is sold to a new landlord.
Many landlords in the UK are reaching the same conclusion: that selling quickly for cash is more convenient than going through a traditional estate agent sale. When you sell to Fast Sale Today, you don't have to deal with showing the property to potential buyers or dealing with the tenant's lease. You simply exchange and complete within 7 to 28 days, receive cash for your property, and move on to the next phase of your life. Contact us today to see how we can help you.
At Fast Sale Today, we help landlords get out of their buy-to-let properties because we buy any house, regardless of whether it's owner-occupied or buy-to-let. We buy any home with cash and in a short timeframe, allowing property owners to exit their property quickly and with cash in their pocket.