{"id":19981,"date":"2019-05-07T19:13:51","date_gmt":"2019-05-07T19:13:51","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=19981"},"modified":"2019-05-07T19:13:51","modified_gmt":"2019-05-07T19:13:51","slug":"4-tips-to-help-you-successfully-sell-a-rental-property","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/4-tips-to-help-you-successfully-sell-a-rental-property\/","title":{"rendered":"4 Tips to Help You Successfully Sell A Rental Property"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p><span>Selling a property with tenants might seem complex at first. After all, there\u2019s lots of things to consider like tenancy agreements or income loss due to an unsold property. So, it\u2019s not surprising it feels a bit daunting. The good news is it looks more complicated than it is. But nonetheless you probably have a ton of questions\u2014can you sell a property with tenants still living in it, can you evict them, who can you sell to? <\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span>So, to give you a helping hand\u2014here are our four tips to sell a <a href=\"https:\/\/www.thehouseshop.com\/property-to-rent\" title=\"rental property\">rental property<\/a> easily. <\/span><\/p>\n<h2><span>#1 Understand your tenancy agreement <\/span><\/h2>\n<p><span>Now, if you\u2019re selling to a general buyer (not an investor), the property must be vacant before you can exchange contracts\u2014the last thing you want is any complications like losing your buyers at the last minute.<\/span><\/p>\n<p><span>The most common tenancy agreement used by private landlords is an \u2018<a href=\"https:\/\/www.thehouseshop.com\/tenancy-agreement \" title=\"assured shorthold tenancy\">assured shorthold tenancy<\/a>\u2019 (ATS). This gives the tenant the legal right to live in the property for a set duration of time. Most agreements grant an initial six-month set period. When the six-months end, the tenancy automatically rolls over on a month-to-month basis. <\/span><\/p>\n<p><span>An ATS allows landlords to serve notice to tenants at any time. But, you must give them at least two months\u2019 notice via a \u2018<\/span><a href=\"https:\/\/www.gov.uk\/evicting-tenants\/section-21-and-section-8-notices\"><span>Section 21<\/span><\/a><span>\u2018 notice. Once this notice has been given, you can then confidently market your house for sale and inform the buyers that the house will be empty when sold. <\/span><\/p>\n<p><span>Once the property is empty, pass on confirmation to your solicitor. Following this,\u00a0the buyer will most likely arrange a viewing to check whether it is empty\u2014don\u2019t expect them to sign on the dotted line before they\u2019ve confirmed (for themselves) the tenants are gone.<\/span><\/p>\n<h2><span>#2. Sell to another landlord <\/span><\/h2>\n<p><span>If you have tenants and you don\u2019t want to lose any money, the best strategy is to sell to another landlord (this way you also avoid the issue of eviction). Moreover, this approach means the tenancy agreement transfers over to the new landlord, avoiding any loss of income incurred from waiting for an empty property to sell. <\/span><\/p>\n<p><span>The average <\/span><a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/775002\/EPLS_main_report.pdf\"><span>landlord gross rental income i<\/span><\/a><span>s approximately \u00a315,000 per year. So, if your property is in a popular location, great, it\u2019s got a far better chance of selling quickly. But, if you\u2019re not so lucky and your property has an undesirable postcode or is in poor condition, you can wait months before a seller comes along. So, suddenly a few months without tenants means you risk losing lots of money. By selling to another landlord you avoid this situation entirely.<\/span><\/p>\n<h2><span>#3 Maintain a positive relationship with your tenants <\/span><\/h2>\n<p><span>Managing a good relationship with your tenants is vital when you\u2019re a landlord. And, even more, when you\u2019re trying to sell. For starters, you can\u2019t allow prospective buyers to even view the property unless you have your tenants permission beforehand. \u00a0So, if they say no, where does that leave you and your sale? <\/span><\/p>\n<p><span>So, it\u2019s really important you communicate with your tenants and tell them what\u2019s happening at every stage. Of course, the agents (who are booking the viewings) need to be extra sensitive to their needs. For instance, no viewings at 8 am on a Sunday morning (unless this has been agreed specifically with the tenants beforehand.) The last thing you want is to annoy them and end up dealing with lots of complications like them moving out too early. <\/span><\/p>\n<p><span>And, if you\u2019re trying to market your property to a fellow investor then sitting tenants are also <\/span><span>an attractive selling point\u2014it means the new landlord doesn\u2019t have to waste time or money looking for new people. \u00a0<\/span><\/p>\n<h2><span>#4 Sell to your tenant<\/span><\/h2>\n<p><span>If the prospect of navigating tenancy agreements is worrying you, or you want to avoid the hassle of evicting your tenants\u2014why not sell the property to them instead? Sure, we often assume people rent because they can\u2019t afford to get on the property ladder. But that\u2019s not always the case. People rent for a variety of reasons like they might want to get to know an area before they commit to buying their own house or they\u2019re in the process of saving for a deposit. And, if your tenants are interested in buying, as their landlord, you can even put in a good word with their mortgage provider to help them a get a better deal.<\/span><\/p>\n<h2><span>Need help with selling a rental property? <\/span><\/h2>\n<p><span>If you\u2019re struggling to sell your rental property due to issues with your tenants, don\u2019t worry. House Buy Fast has lots of experience in buying properties from landlords quickly and hassle-free. For more information visit <\/span><a href=\"https:\/\/housebuyfast.co.uk\/services\/selling-a-tenanted-property\/\"><span>housebuyfast.co.uk\/services\/selling-a-tenanted-property\/<\/span><\/a><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><span><\/p>\n<p><\/span><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><span><br \/>\n<\/span><span><br \/>\n<\/span><span><br \/>\n<\/span><span><br \/>\n<\/span><span><br \/>\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Selling a property with tenants might seem complex at first. After all, there\u2019s lots of things to consider like tenancy agreements or income loss due to an unsold property. So, it\u2019s not surprising it feels a bit daunting. The good<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/4-tips-to-help-you-successfully-sell-a-rental-property\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[8],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/4_tips_to_help_you_successfully_sell_a_rental_property","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19981"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=19981"}],"version-history":[{"count":1,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19981\/revisions"}],"predecessor-version":[{"id":19984,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/19981\/revisions\/19984"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=19981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=19981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=19981"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=19981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}