Selling a Rental Property (House) Commercial Contract with Deposit ?

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    Selling a Rental Property (House) Commercial Contract with Deposit ?

    I rent out a small house which brings in a rental return of 5.5%
    I am thinking of selling it when the next tenant leaves.
    Having been messed about by buyers when selling houses I lived in where with one a buyer did not sign the contract until 3 days before they were due to move in, and having sold a Commercial Property where the buyer had to pay a £25,000 Non Refundable Deposit and having bought a property in France where once a buyer says they want to buy they have to pay a 10% Non Refundable Deposit,
    I wondered if I put my rental up for sale, could I ask if that could be treated as a Commercial Sale with a Contract and a deposit like a Commercial property.
    The 2 bed terraced houses in this street go for rental and are usually snapped up quite quickly.

    #2
    Originally posted by Another Fine Mess View Post
    .....
    Having been messed about by buyers when selling houses I lived in where with one a buyer did not sign the contract until 3 days before they were due to move in, and having sold a Commercial Property where the buyer had to pay a £25,000 Non Refundable Deposit and having bought a property in France where once a buyer says they want to buy they have to pay a 10% Non Refundable Deposit,
    I wondered if I put my rental up for sale, could I ask if that could be treated as a Commercial Sale with a Contract and a deposit like a Commercial property.....
    What a very long sentence
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    Comment


      #3
      If you are selling then you can set the terms of that sale.

      I can't see anything unlawful in what you propose except maybe the 'non returnable' aspect and that may depend on just how it is worded.

      TBH anyone stumping up such a deposit is showing genuine interest even if it is returnable

      Whether anybody would accept those terms is up to them.

      Comment


        #4
        I'm not sure if there's a legal reason you can't do that, but good luck finding a buyer (or a conveyancer).
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          Have a search for 'modern method of auction'.

          Comment


            #6
            You could ask the estate agent to advertise " property comes with rental tenant under 1 year AST agreement". Residential properties are usually sold subject to "exchange of contracts" and any deposit is held by buyer's solicitor until contracts are exchanged. .

            Comment

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