When can I put my let flat on the market?

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    When can I put my let flat on the market?

    I am looking for clarification on when I can put a rented flat on the market?

    The tenants are currently on a fixed term agreement ending 31st July 2010. I am looking to sell the property asap and wondered:

    1) If I can sell it now and the sale completes prior to 31st July can it be sold let?
    2)If I can sell it now and line up completion for 1st August.

    Within the current contract is there are two clauses which leave me unclear as to whether I can actually sell it at all at the moment:

    3.12 (c) - To permit the Landlord or those with written authority at reasonable times of day to view the Property by prior appointment with or without third parties and to display signs for the disposal of the Property.

    AND

    3.30 Within the last 28 days of the tenancy to permit the Landlord or any persons authorised by the Landlord or the Landlords Agent at reasonable hours in daytime to enter and view the Property with prospective tenants or purchasers.


    There is also a Section 21 (1) (b) notice requiring possession - date of expiry 31st July 2010 within the contract. How do I go about giving them notice if I still own the flat then?

    Sorry if the questions are novice...and I really appreciate any help here.

    #2
    You could sell it subject to the letting continuing- sitting tenants.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

    Comment


      #3
      1) If I can sell it now and the sale completes prior to 31st July can it be sold let?

      Yes - you can sell it with the tenants in place - as this is an AST it shouldn't have a huge impact on the price - it will make it less attractive to people who want to move in immediately but more attractive to someone who wants a buy to let.

      2)If I can sell it now and line up completion for 1st August.

      Yes but unwise. What do you do if you have committed to vacant possesion on that date and tenants just refuse to move out. You then have to go through a process to evict that will take a number of weeks during which time you are in breach of your sales contract.

      Within the current contract is there are two clauses which leave me unclear as to whether I can actually sell it at all at the moment:

      3.12 (c) - To permit the Landlord or those with written authority at reasonable times of day to view the Property by prior appointment with or without third parties and to display signs for the disposal of the Property.

      AND

      3.30 Within the last 28 days of the tenancy to permit the Landlord or any persons authorised by the Landlord or the Landlords Agent at reasonable hours in daytime to enter and view the Property with prospective tenants or purchasers.

      Both of these clauses are fine as far as they go but the tenant is perfectly within their rights to refuse you permission to enter as it is their home and they have the right of quiet enjoyment. Some tenants are more reasonable than others and they might reasonably restrict this right to, say, only showing when they are present or only on Saturday mornings etc. etc. You would have to negotiate and perhaps make it worth their while by offering them some cash on successful completion or similar. But note if they invite you to get stuffed and refuse entry until after they have left there isn't practically much you can do about it regardless of what the AST says


      There is also a Section 21 (1) (b) notice requiring possession - date of expiry 31st July 2010 within the contract. How do I go about giving them notice if I still own the flat then?

      Serve a section 21 notice (see any number of previous threads) at least 2 months before the end of the term. This tells them you want possesion on that date. Most tenants will move out as agreed, if they don't you can get a court order and that process takes a month or 2 start to finish.(again see any number of previous threads for the process)

      Sorry if the questions are novice...and I really appreciate any help here.

      Comment


        #4
        Thanks for the advice, my options are then:

        1) Put it on the market - Advise tenants in writing that it is going on the market and attempt to sell it with them in situ. If sells then new owner can deal with S.21 notice etc or move them into Periodic.

        2) Put it on the market - If property not sold by end May. Remove from market serve 2 months notice with section 21 ready for them to vacate 31st July and remarket when vacant to remove risk of contract breach.

        Have I got it right? Thanks again

        Comment


          #5
          Originally posted by busyb View Post
          Thanks for the advice, my options are then:

          1) Put it on the market - Advise tenants in writing that it is going on the market and attempt to sell it with them in situ. If sells then new owner can deal with S.21 notice etc or move them into Periodic.

          2) Put it on the market - If property not sold by end May. Remove from market serve 2 months notice with section 21 ready for them to vacate 31st July and remarket when vacant to remove risk of contract breach.

          Have I got it right?
          (1) Yes; but
          (2) if you are to sell with vacant possession, I'd not start marketing until it's vacant.
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment


            #6
            Originally posted by busyb View Post
            Thanks for the advice, my options are then:

            1) Put it on the market - Advise tenants in writing that it is going on the market and attempt to sell it with them in situ. If sells then new owner can deal with S.21 notice etc or move them into Periodic.

            2) Put it on the market - If property not sold by end May. Remove from market serve 2 months notice with section 21 ready for them to vacate 31st July and remarket when vacant to remove risk of contract breach.

            Have I got it right? Thanks again
            This happens all the time, and it's something which usually goes off without issue. But just be aware of how your Ts might feel about this.

            In my experience it's an issue that must be dealt with sensitively as you don;t want to appear to be tramping over your Ts' home but swiping the rug from beneath their feet.

            Talk to your tenants, keep them in the loop, explain what you're doing, be as helpful as possible to them, and make sure they know you're including them and their concerns in your decisions.

            Comment


              #7
              Maybe T would like to buy (and so stay there but as owners)?
              JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
              1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
              2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
              3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
              4. *- Contact info: click on my name (blue-highlight link).

              Comment


                #8
                Totally agree about keeping them informed. The flat is rented to 3 professionals in London, will talk to them but I guess in this sort of property it is a frequent event and not unusual for young professionals to have to find new flat.

                Will certainly see if any of them want to purchase it.

                Thanks all for the helpful advice. It is only complicated as I need to sell another property in another part of the country that is currently our family home so it's all about timing in order for us to get ourselves a bigger family home. Will get on the case with the London flat and progress that first.

                Comment


                  #9
                  Remember: If T buys, you'll save £000s on Estate Agents' fees and no need for a HIP!
                  JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                  1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                  2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                  3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                  4. *- Contact info: click on my name (blue-highlight link).

                  Comment

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