Selling my only BTL quick sale

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  • Propertygoesup
    started a topic Selling my only BTL quick sale

    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.

  • Gordon999
    replied
    May be simpler to offer the tenant £3K to move out.?

    Leave a comment:


  • boletus
    replied
    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.

    Leave a comment:


  • Propertygoesup
    replied
    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

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  • boletus
    replied
    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.

    Leave a comment:


  • Propertygoesup
    replied
    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?

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

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  • Propertygoesup
    replied
    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?

    Leave a comment:


  • Logical.Lean
    replied
    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.

    Leave a comment:

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