Sell house with tenants in Edinburgh.
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Sell A Tenanted Property in Edinburgh
We make it possible to sell with tenants in Edinburgh.
- Cash house buyer
- No additional costs or hidden fees
- Your timeline
- Receive a FREE cash offer
Edinburgh, Scotland’s capital city, has many rental properties that offer investment opportunities. It’s not surprising given the range of amenities Edinburgh offers, from education to tourism, and property rentals range from short-term to long-term.
However, the problem arises when a long-term rental property needs to be sold by a landlord. Choosing to sell a tenanted property in Edinburgh can be difficult. You’re left with two choices, either find another landlord or investor to take over the tenancy agreement, or you’ll have to evict your tenant. They’re both difficult options and come with their own positives and negatives.
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Our process is designed to be simple to ensure selling a tenanted house in Edinburgh can be quick and easy. Our three-step process involves the following:
Free cash offer within minutes, no legal fees, any location.
Initial enquiry
To get started, you’ll need to complete our online enquiry form. All we know are details about your property and your contact details.
Receive an offer
The next part of the process will feature an experienced member of our buyer team contacting you to produce a cash offer. During the call, they will request additional information about the property and your timeframe for selling. They will then use market knowledge and third-party information sources to calculate a cash offer. If you’re happy with the offer, we’ll send it in writing through email or post.
Final offer and purchase completed
The final steps of the process begin when you choose to accept the offer. There will be some necessary paperwork that needs to be completed. Following this, we’ll send out a maximum of two RICS-certified valuers to assess your property. We’ll also appoint a solicitor at this point – This will be of no extra cost to you. Once we have all the required reports back, we’ll be able to issue our final offer. If you accept, we’ll be able to complete the sale in accordance with your time frame.
Free cash offer within minutes, no legal fees, any location.
Selling a Buy-To-Let Property
When selling a tenanted property, you may come across the term buy to let. This is important as buy-to-let property requires additional consideration when choosing to sell.
Recession and Covid-19 impact
Section 24 Landlord and Tenant Act
Financial Concerns
EWS1 Concerns
Problem Tenants
The recession and Covid-19 impact have both had a significant impact on financial concerns held by landlords. To reduce financial burden amidst other fears, landlords may now look to sell properties quickly to cash in on any profit in market value. As a result, finding a buyer quickly may be important to these landlords.
Recession and Covid-19 impact
The recession and Covid-19 impact have both had a significant impact on financial concerns held by landlords. To reduce financial burden amidst other fears, landlords may now look to sell properties quickly to cash in on any profit in market value. As a result, finding a buyer quickly may be important to these landlords.
Section 24 Landlord and Tenant Act
Changes to the Landlord and Tenant Act have resulted in mortgage interest and other property finances no longer being tax deductible. This results in lower profit margins when renting out a property. As a result, other investment opportunities may provide a higher financial incentive than continuing to rent.
Financial Concerns
Existing landlords may fear financial concerns, and maybe due to recession or other impacts, they look to sell soon. However, the easiest route in selling a tenanted property requires finding another investor or landlord but if there are many people fearing financial concerns, then the buyer pool may be limited, resulting in a slow sale.
EWS1 Concerns
Due to the Grenfell tragedy in 2017, flats are required to have a formal safety review conducted, the EWS1. Without this review, flat owners risk having their properties given a zero valuation by lenders to potential buyers. However, even with the review conducted, flats with combustible material will need heavy investments to address the issue. This can prove costly to some owners, and selling may be a better financial option. Here at We Buy Any Home, we can buy properties with and without the EWS1 completed and even with cladding present. So get in touch if you’re interested in selling.
Problem Tenants
Another reason some landlords may be looking to sell is due to problem tenants. Sometimes, dealing with tenants who cause damage may not be worth the hassle. We Buy Any Home can purchase any property regardless of condition, with problem tenants and even tenants who refuse to leave. We’re happy to take over existing tenancy agreements, simply get in touch and receive your free cash offer.
Free cash offer within minutes, no legal fees, any location.
Selling A Tenanted Property in Edinburgh FAQ's
What happens if you sell a property with a tenant in situ?
Is it better to sell a house with or without tenants?
Why are houses sold with tenants?
Is it easier to sell a house with tenants?
How much does it cost to sell a tenanted property?
Can I sell my tenanted property?
How much notice do I have to give a tenant if I want to sell my house?
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.
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.
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.
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.
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.
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.
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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Selling a property with tenants in Edinburgh
You have two options if you need to sell a property with tenants. Either find a landlord or sell to a regular buyer. Each has its own pros and cons. Here is how it works.
Selling to another landlord
- Receive rental income until the selling date
- The tenant can continue living
- It can take time to find a buyer
If you choose to sell your tenanted property to another landlord, you can let your tenant continue staying in your property, which means you continue to get rental income until you manage to sell. How it works is that the new landlord will take over the tenancy agreement after purchase, which means the tenant doesn’t have to leave. However, finding another landlord or investor can be difficult and may take time.
However, with We Buy Any Home, we can take over existing tenancy agreements and act in a landlord capacity for your tenant. So if you need a buyer to sell your house with a tenant in Edinburgh, contact us now.
Sell your property to a regular buyer
- Larger buying pool
- Can carry out refurbishments and viewings
- Costs more
- The tenant needs to be evicted
The second option is to sell your property to a regular buyer. To do this, you will have to activate the Section 21 notice of your Assured Shorthold Tenancy Agreement as a no-fault eviction for your tenant. This will give your tenant 84 days’ notice to find another property; it will be 28 days if the tenant has lived there for less than six months. Once the tenant has left, you will be free to carry out refurbishments and get the property listed for viewings on the open market.
This option costs more, takes longer and also puts your tenant in a difficult situation; however, if you’re unable to find a landlord to take over the agreement, it may be your only option. If you need a faster process, whether you have tenants or not, we can purchase your property. Get in touch to receive your free cash offer.
Assured Shorthold
Tenancy Agreement
When selling a property with tenants, you need to be aware of the Assured Shorthold Tenancy Agreement. The main stipulation of this agreement is that your tenant is required to be given the right to exclusive use and enjoyment and a minimum term without fear of eviction. Attempting to adhere to this while getting a property ready for sale is challenging. Consider the following factors:
Viewings
If choosing to sell on the open market, potential buyers will request to come and view the property. However, this can cause disruption for your tenant, and it can be difficult for buyers to appreciate the property if there are other people and belongings there.
However, at We Buy Any Home, we can make an offer on your property with tenants without actually viewing it in person, resulting in a quick and easy sale.
Refurbishments
You may need to carry out refurbishments to get the best value for your property. Most buyers will often look at the cosmetic condition, and if it isn’t appealing, it may make them decide not to buy. However, with a tenant in place at your property, completing refurbishments may be difficult and may not even be worth it.
At We Buy Any Home, we buy properties in any condition. We base our valuations on market value, not emotions. Therefore, if you don’t want to spend extra time and money on getting the property ready for sale, get in touch for a free quote.
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