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.

    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.


      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?


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


          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?


            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.


              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


                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.


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


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