Selling house with tennants in?

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    Selling house with tennants in?

    Hi,

    I "fell into" becoming a landlord simply because I was relocated abroad through work and I didn't want to sell my house just yet. I currently let out my house through a letting agency, and have done for nearly a year.

    In the next 6 motnhs I will need to sell my house in England to buy in Scotland. I am currently trying to work out the best way to do this and was wondering if anyone could give some advice.

    I think my options are:

    1) give notice to the current tennants, wait 'till they move out, then put the house on the market. This could leave me paying a mortgage with no income on the house to cover it while the house sells.

    2) sell my house as buy-to-let with the current tennants still in it. Is this possible in the UK?

    3) dunno - any ieas?!


    I will be doing the entire house sale from abroad so the easier the solution the better!

    Any and all advice welcome!

    Thanks,
    littleIdiot

    #2
    Option 2 sounds best. There are lots of novice BTL investors, and an already-let house might well appeal to them.
    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).

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      #3
      Talk to local estate agents to find which is best. I would also seriously consider your opotion 2, but it might be feasable to offer the property to your current tenants as if they are interested in buying you would save the agent's commission.

      P.P.
      Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

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        #4
        It really depends entirely on whether you're going to sell to someone who will want to live in the property themselves - who may well be put off by the presence of a tenant; or whether it's more likely that an investor will buy it - in which case he's likely to be pleased to have a tenant already in place.

        That depends entirely on the property and the local market. As PP says - get the advice of your estate agent.

        Comment


          #5
          Ok - thanks for the advice.

          I'll check with local estate agents and I guess the Rental Agency might know some investors?

          Cheers,

          Comment

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