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Sell a Tenanted Property Cardiff: what do I need to know?

Tenanted or not, there are possibly too many reasons to sell your property. However, one problem with this can be that selling property in Cardiff can take between 74 to 190 days. For people who are cash-strapped and need the influx immediately, this can be an issue. If the property is occupied by tenants, the waiting period becomes even longer. Despite this wait. many people are now looking to sell a tenanted property in Cardiff to quickly generate an income.

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Our quick and easy process to sell your a tenanted property in Cardiff is as follows…

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Free cash offer within minutes, no legal fees, any location.

  • Fill in the online form

    Get in touch via our online form. You’ll only have to give us some contact details and information about your property.

  • Receive offer

    Once we’ve received your enquiry, our team of experts will analyse it and then be in touch. We will make you an offer within 24 hours.

  • Sit back and relax

    Once you’ve received our final offer and you’re happy – you’re done! Sit back, relax, and let us take care of all the work.

Free cash offer within minutes, no legal fees, any location.

What is a Buy-To-Let property?

A buy to let property is purchased for the specific purpose of renting out. Tenanted properties like this are considered an investment. While these usually refer to residential properties, they can also include student residences and hotels. Rental properties come with certain rights and responsibilities on part of the landlord and the tenant.

You have a few options when selling a buy to let property. You can either sell it with tenants or as a vacant property. A vacant property may offer a greater pool of buyers and a higher selling price since most homebuyers look for a property they can live in. On the other hand, if you’re in a hurry, it may be easier to sell with tenants in Cardiff. You can get a free offer today for your tenanted property by getting in touch with our team.

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FAQ’s for Sell a Tenanted Property in Cardiff

If you sell a property with a tenant in situ, then the tenancy agreement can be taken over by the new landlord. The tenant will continue living at the property until the agreement expires. The new owner can then decide to renew or evict the tenant.

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What happens if you sell a property with a tenant in situ?

If you sell a property with a tenant in situ, then the tenancy agreement can be taken over by the new landlord. The tenant will continue living at the property until the agreement expires. The new owner can then decide to renew or evict the tenant.

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Is it better to sell a house with or without tenants?

Selling a house without tenants is easier when approaching regular buyers who want to move into the property. However, if you have access to other landlords or investors, they may be open to taking on the property as an investment opportunity.

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Why are houses sold with tenants?

When properties are sold with tenants, the new landlord is able to begin receiving rental income, which provides a means of investment. Sometimes, due to existing tenancy agreements, properties have to be sold with the tenant still living there.

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Is it easier to sell a house with tenants?

It is easier to sell a house with tenants if you have access to investors or landlords willing to take over a tenancy agreement. If not, at We Buy Any Home, we can purchase properties in as little as seven days with minimal disruption.

How much does it cost to sell a tenanted property?
If you choose to sell with a cash house buyer like us at We Buy Any Home, there are no upfront fees or hidden costs. It’s completely free, and you can receive rental income right up till the selling day. However, with the traditional route, there may be a loss of rental income, solicitor fees, estate agents and event refurbishment costs to consider.

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Can I sell my tenanted property?

Yes, you can, get in touch through our enquiry form, and we’ll contact you within 24 hours with a cash offer.

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How much notice do I have to give a tenant if I want to sell my house?

If your tenant has lived in the property for more than six months and you are evicting them for the reason of selling, you must give them 84 days’ notice. If it has been less than six months, it will be 28 days.

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Should I sell my buy-to-let property?

Other than legal formalities, there are other procedures you should follow for your tenant’s sake when you want to sell a tenanted property in Cardiff. Legally and ethically, your tenants have the right to know when their living situation might change. The first step to selling a property with tenants in Cardiff is to get the tenants in the loop.

Let your tenants know

As soon as you’ve decided to sell a tenanted property in Cardiff, share this information with your tenants. Let your tenants know about the sale before you start advertising it. As occupants of the property, they should be the first to find out, and directly from you.
Let them know why you’re selling your property, and when the process will start. You also need to assure them that they are not being evicted, and their contracts will be fulfilled.

Contact an agent and conveyancer

It is not necessary to go through a real estate agent to sell your tenanted property. However, the process is a lot simpler with an agent handling the specifics. Down the line, as you go through the sale, you will want to hire a conveyancer. Preferably, you want someone who has experience selling tenanted properties. They are likely to have a better grasp of the law surrounding such sales.

Selling to cash-buying companies

One of your options when selling a property with tenants in situ is to sell to a cash-buying company. Such companies will buy a tenanted property and make the process relatively simple. Many people who go this route prefer it because cash-buying companies can expedite the process to sell a tenanted property in Cardiff, often completing the process in as little as 7 days.

The downside to this can be that you may only be able to sell at 80%-85% of your property value. Again, this may work if you are in a hurry to sell and waiting to find a buyer at 100% of the property value isn’t an option. Given how complicated selling your house with a tenant in Cardiff may turn out to be, such companies make the process relatively simple. There are many options for people looking to sell a tenanted property in Cardiff.

You can sell your property after evicting tenants, but it is also possible to sell with tenants in situ. You may even be able to make more in sales with tenants if you find the right buyers. Either way, the sale can offer you some immediate income. Get a cash offer for your buy to let property today and get started with the sale process!

Assured Shorthold
Tenancy Agreement

Assured shorthold tenancy (AST) agreements are the most common type for private tenants. Such agreements only apply to tenancies that started after February 1997. They are not applicable if tenants occupy the property with their landlord. An AST also does not apply if the annual rent is over £100,000 or under £250 in Cardiff. AST agreements allow landlords to evict tenants without cause with sufficient notice. Under The Renting Homes (Wales) Act 2016, this notice period is about 2 months in advance.

An AST agreement can be fixed term, usually spanning 6 months to a year, or it can roll on a weekly or monthly basis. At the end of the fixed term, tenants may renegotiate their contract to stay in the property. Even if you decide to sell your tenanted property, your tenants have the right to stay there for the contracted period and beyond. The new owner will take on and fulfil the contract.

If you decide to vacate your buy-to-let property before selling, your tenants deserve due notice even though it may not be legally required in some cases, however you do not need to give a reason for eviction. Additionally, tenant agreements signed before 1989 have tenure, meaning you cannot evict them without due cause.

Read more about Selling A Tenanted property in Cardiff

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Should I sell my buy-to-let property?

Selling your buy-to-let property can have many financial benefits. Being Wales’ capital and largest city, Cardiff always attracts new property buyers from Wales and other parts of the UK. This has partly resulted in a rise of 8.3% in property prices from 2021 to 2022.

Despite the recent hike in interest rates, and because Cardiff houses four major educational institutes, its property market continues to command high prices. The local student population drives up the demand for housing which makes buy-to-let properties an attractive investment, thereby increasing the number of willing buyers. 

You should sell your buy-to-let property if:

  • You are struggling financially and need to generate an income.

This is especially true if your property is an HMO, because

  • You are not making enough money due to the Council Tax liability
  • You’re finding it difficult to manage multiple tenants and, resultantly,  
  • You no longer want to be a landlord.

Whatever the case may be, you can easily sell a tenanted property in Cardiff by getting a free cash offer from us today.

Free cash offer within minutes, no legal fees, any location.

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