Selling my only BTL quick sale

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    Selling my only BTL quick sale

    I want out of BTL as I need to put myself frst and buy a residential to live in.
    i can't borrow anywhere near enough with the new rules.
    I'm prepared to sell for a discount if another landlord wants to take over.
    ​​​​​​I can show prospective buyers that rent is paid every month
    The property is in a good area has a long lease and no charges such as ground rent or service.Has a new boiler.
    Can I do this and avoid a lengthy eviction process?
    Or could I sell at auction?
    Any advice appreciated.

    #2
    I have seen properties advertised complete with tenants, so it's obviously an option.

    My main worry as a buyer is that I'd need to know a lot more about the tenant before making an offer.

    Plus i'd need to be sure that the paperwork for the tenancy was up to scratch.

    Comment


      #3
      Thanks. If I was to send it to auction do I need to prove rental income for prospective buyers? Would a new AST need to be written or can a new buyer take over on a periodic tenancy where the original AST has expired?

      Comment


        #4
        Occupied on a clean AST sells for 10-20% less than vacant possession in most areas.
        Do the maths.

        Comment


          #5
          Would an auction buyer prefer an ast or a rolling tenancy? The former gives both sides security but the latter means the buyer could evict the tenant quicker?
          10-20% would mean at 220k it would sell between 176-198k?

          Comment


            #6
            10-20% less than vacant possession at an estate agent sale.
            10-20% less than vacant possession at an auction sale.
            Not the best of both.
            Unless you are really desperate, sell with vacant possession.

            Comment


              #7
              Ok is it worth using landlord action or similar to make sure the process is done correctly ? I don't mind paying for a good service to get tenant out asap

              Comment


                #8
                I've never used them or anyone similar so really couldn't say.
                I'd have a very open conversation with the tenant about your plans, be very reasonable and then take it from there.

                Comment


                  #9
                  May be simpler to offer the tenant £3K to move out.?

                  Comment

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