You can sell a house with sitting tenants as it is or give notice and potentially refurbish the property before selling it on the open market.
Remember that your ‘sitting tenant’ has rights to quiet enjoyment of the property, and they might not be too happy to allow potential buyers to view your property. You can legally sell your house with sitting tenants; you can’t necessarily evict them just because you wish to sell.
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How To Sell Your House With Sitting Tenants?
Selling a house with a tenant in situ is never easy, but we always help landlords sell their properties for cash.
The government’s landlord tax, Section 24, has resulted in many tired landlords exiting the residential market and investing in commercial properties. The media wrongly portrays landlords as greedy, rich, and taking advantage of tenants. The reality is that landlords are ordinary folk who have worked hard and saved up and invested in one or more additional properties as a pension pot.
You could be at the end of your mortgage fixed term or retiring, and now might be a great time to release equity tied into your rental portfolio.
Selling a house is one of the most stressful experiences in life. Throw in the uncertainty of non-committed buyers, dodgy estate agents, incompetent solicitors and tenants’ rights activists who think the world owes them. It can become extremely frustrating.
The good news is that we are on your side because we buy any house.
Sell with certainty & speed
How much does a sitting tenant devalue a property?
A house with a sitting tenant has limited appeal because of the nature of protective tenancies and anti-landlord sentiments. Telegraph states that properties with sitting tenants can sell at a 60% discount in an auction. This is where we can help.
Selling a property with sitting tenants can be almost impossible if tenants are not on your side. Tenants are fully aware of their rights to a quiet enjoyment of their property. Selling a house with protected tenancy means that if a property has life or rent act tenancy, the valuation is determined by the age of the tenant and rent arrears.
Regulated tenancies is another name for protected tenancies. Created prior to January 1989, a regulated tenancy gives the tenants much more security than an AST. It is, in effect, a tenancy for life with a right of succession for a family member and fair, affordable, low rents.
There are also assured tenancies issued between 1989 and 1997 and aren’t ASTs. Tenants with regulated or assured tenancies have a right to permanently occupy the property even if it is sold.
If your property has a periodic tenancy, you must serve at least 2 months’ notice to your tenant, wait for them to give up possession and hope that they have not damaged your property, or it does not require substantial refurbishment once you receive keys.
What are problems when selling a house with sitting tenants?
One of the major problems of selling a tenanted occupied house is that it can be difficult for the buyer to get a mortgage. Banks or building societies do not lend against properties with regulated tenants in occupation. A few that may lend will want a much higher deposit and charge higher interest, thus putting off any potential buyers. Even if you find a buyer, they may not be able to get a mortgage.
If you are looking to sell a tenanted property, then Property Saviour can help you.
Can I sell my house with sitting tenants?
The short answer is that you can sell your house with sitting tenants to a cash house buyer like us.
Property Saviour specialise in buying properties with sitting or problem tenants. Request a free call back now for your free valuation and a guaranteed quick sale.
What are sitting tenants’ rights when selling a house?
Sitting tenants’ rights include “quiet enjoyment” of property through their tenancy agreement. This gives you very few rights to access the house without prior approval from the tenant.
At the end of an assured short-term tenancy agreement, the tenant is expected to leave if you serve them with a notice to quit. Problems arise with sitting tenants when they refuse to leave the property. The tenants can accuse you of harassment. You will have to apply for a Court Eviction Order. This is a lengthy process, as the case can be thrown out if you did not correctly serve the Section 21 notice.
We may still be able to buy your property with sitting tenants.
I want to sell my rental property
Your sitting tenants can be a real liability or a real asset. It depends on your relationship with them. You cannot sell a property that your prospective buyer cannot see. The tenant does have the right to refuse entry, so it pays to be on their good terms. Offers of flowers or chocolates could also help to swing things in your favour.
The tenant holds the ace card – that is, the tenancy agreement. You do not have a right to show your property to buyers as a landlord.
We can still buy a property with sitting tenants from you! We require the photos.
Who will buy my property with sitting tenants?
There are three types of investor profiles:
- An owner-occupier or a developer who needs vacant possession;
- Another landlord who may take on your rented property with sitting tenants;
- Astute investors who are looking for long-term growth.
Let us look at the profiles of each of these buyers:
- This buyer is not interested in becoming a landlord. They must have vacant possession of the property to either live in it themselves or develop and sell it. The tenant has an agreement with you, and the new owner does not have the inclination or the legal knowledge to cancel this agreement. This developer or owner-occupier will walk away at any hint that the property is already occupied with sitting tenants!
- Another landlord could take on your property because the sitting tenant is a good tenant who looks after the property and pays their rent on time. Buying a property with a sitting tenant is a turn-key investment for them with no void periods or repairs to do. You could approach local housing associations or the council to buy your property with sitting tenants. However, they are unlikely to buy your house due to inflationary pressures.
- Professional property investors will buy your property. We buy properties with sitting tenants. We cannot buy your property at full market value because it could take 6 months to evict your tenants. There is also a possibility that the property may be damaged when tenants vacate it. We offer a free valuation with no obligation to proceed. We also pay £1,500 towards your legal fees. There are no fees to pay. All we will require is one viewing to decide.
How easy is it to sell a house with a tenant in it?
- A guaranteed sale with the certainty that will allow you to move with your plans
- Just one visit. Our instant decision to buy it. You only have to give your sitting tenant 24 hours’ notice.
- Completion in 28 days or a timeframe to suit you.
You, too, can sell your house with sitting tenants the stress-free way! Call us on 0113 320 6700 or make an enquiry online. We buy nationwide across England, Scotland & Wales.
Sell with certainty & speed
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
