Selling BTL without tenant knowing

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  • Propertymagnate
    started a topic Selling BTL without tenant knowing

    Selling BTL without tenant knowing

    Is it possible to sell a flat with a tenant in without them knowing? Would it have to be an auction?

  • Propertymagnate
    replied
    No deposit was taken . So if I was to do this am I better off using a 7 day company or an auction or another method?

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  • Gordon999
    replied
    And don't forget the tenants deposit which has to be returned or handed to next owner.

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  • Propertymagnate
    replied
    Tenant not been paying rent properly or responding to calls and messages so I don't feel especially sorry for them . I just wondered if I can sell the place at a discount to get it off my hands rather than have 6 months or more of stress trying to evict them

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  • ram
    replied
    So you want to sell and not tell your tenant that he may lose his home.

    Thanks for letting me know of your existence so I can steer clear of you.

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  • loanarranger
    replied
    Around 75/80%

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  • Propertygoesup
    replied
    Any idea what price they generally offer? IE % of full market value? Say they can buy in 7 days. Would give your tenant a shock

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  • loanarranger
    replied
    The two firms mentioned do deliver on their promise to purchase but not at the price you would want to sell unless you are being forced to sell.

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  • Lawcruncher
    replied
    Originally posted by Propertymagnate View Post
    Is it possible to sell a flat with a tenant in without them knowing?
    Since you refer to BTL and presumably therefore are referring to short term tenancies, there is no obligation to give notice to the tenant of an intention to sell. Whether you can achieve a sale without the tenant knowing is another question. Many prospective buyers will want to inspect which is difficult to achieve without the tenant's cooperation. The tenant should not be forgotten as a possible buyer.

    Originally posted by Propertymagnate View Post
    Would it have to be an auction?
    No.


    Leave a comment:


  • Propertygoesup
    replied
    Any one had experience with the cash buyers such as open property group or nationalhomebuyers?

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  • theartfullodger
    replied
    Possible but tricky for purchaser . And eventually tenant MUST be informed (s48 & S3 notices)

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  • Overpay which mortgage?
    Peter42
    Hi All. We have a BTL interest only mortgage @ 3.88% on rental
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    23-05-2019, 14:27 PM
  • Reply to Overpay which mortgage?
    Peter42
    Thank you. Everyday,s a school day
    24-05-2019, 12:32 PM
  • Reply to Overpay which mortgage?
    JK0
    CGT is charged on what you get for a house versus what you paid for it. Whether you have a mortgage to pay off or not is immaterial.
    23-05-2019, 16:12 PM
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    Peter42
    Ok thanks. We thought overpaying on the rental increases the profit ie more CGT
    23-05-2019, 15:26 PM
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    JK0
    I don't think your mortgage has any bearing on CGT.

    Even taking 40% tax relief off 3.88% is more than 2.05%, so I'd say the BTL is the one to overpay.
    23-05-2019, 14:33 PM
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