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Sell a Tenanted Property in Leicester

Concerned about how to sell a tenanted property and create as little tension as possible?

Perhaps you’ve been renting out your property for a considerable amount of time and circumstances have forced your hand, requiring you to sell. Creating as little disruption as possible should be the priority, yet this only creates added pressure on top of the already growing list of responsibilities.

Initial conversations with estate agents will warn you of the complicated regulations and the severe penalties for misconduct. But what if there was a way to avoid all this unnecessary tension?

We can help. If you have a tenanted property in Leicester and want to sell it fast to cash home buyers, complete our “Get a cash offer” form, or contact us at 0800 774 0004.

Get a cash offer for your buy-to-let property today.

Get a free cash offer for your house in Leicester

We pride ourselves on providing a clear, transparent and thorough process. We’ve broken this down into three easy steps so you know what to expect:

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  • Complete your enquiry form

    Give our expert team all the crucial details of your property and your situation. No need to dress up your home. We can complete this all over the phone – ensuring a fast and stress-free solution.

    Using our tried and tested valuation software. We’ll conduct thorough research into the property and the surrounding area to understand the all-important property value in the current market.

  • Receive your offer

    You won’t have long to wait. In the next 24 hours, you’ll have a call with our team, putting forward the best offer for your property, and following up with this in writing for you to consider.

    This is a crucial call. We’ll align your goals with our team to ensure we can get the best result for you. Now is also the chance to answer any burning questions to help ease any concerns.

  • Sit back and relax

    It’s time to hand over control.

    Once you’ve accepted your offer and completed the paperwork, we’ll get the ball rolling:

    1. We’ll appoint an independent solicitor to act for you – All expenses paid
    2. We’ll organise for up to 2 RICS-qualified surveyors and valuers to assess your property – All expenses paid
    3. We’ll finalise our offer based on their feedback and that of our in-house trusted legal team
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What is a Buy-To-Let Property?

The straightforward definition of a buy-to-let property is owning a home or a flat with the intention of renting this out to tenants where you will receive payments to aid with any of the running costs.

Buy-to-lets are vital to the housing market, offering a more cost-effective and time-sensitive solution for people seeking housing. With over 34,000 tenancies in the East Midlands (ONS), it’s evident to see how important these are to the housing market.

Traditionally, most tenancies in the UK will be an Assured Shorthold Tenancy Agreement or AST. Creating a legally binding contract between landlords and tenants, which set out the duration, rent and any other terms for a tenancy. You may find not all tenancies will have an AST as they’re not a legal requirement, yet they do resolve any disputes if there are any disagreements about the responsibilities of either party. 

There are many regulations in place to safeguard landlords and tenants, it’s best to refer to Government guidance for the full details, yet this does mean that selling a tenanted property must be carefully handled to avoid any repercussions.

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Selling A Tenanted Property in Leicester FAQ's

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.

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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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Get a free cash offer for your home in Leicester

Selling With Tenants

If you’re still exploring the options to sell your tenanted property, you have a list of available options. Being aware of the benefits and limitations of these methods will help you make the best decision possible for your situation.

Selling To Another Landlord

If you can find a landlord who is happy to take on the responsibility and receive the rental payments from day one then this can be a smooth transition for all involved.

With this, there is a considerable amount of paperwork that would need to be completed. Signing new agreements and transferring the deposit under the new owners’ name. Not only this, the pool of prospective buyers is limited. With rising property costs in Leicester, landlords may find that the yields are less than desirable with better opportunities coming from property development and other avenues.

Selling To A Regular Buyer

Selling on the open market opens the door to a larger pool of buyers as some will purchase with the view of living in the property. This could result in an increasing sold price with the added competition but you’ll need to ensure you follow the right procedures and adhere to notices to get to that stage first.

Historically, buyers could serve a Section 21 notice to the existing tenants, getting occupation in line with the agreement. This is no longer an option. Following the abolishment of the Section 21 notice, buyers will need to wait for the tenancy to end or have evidence of a breach in order to serve a Section 8 notice. This can add months to the overall sale process. Not only disrupting the buyers’ plans – but also yours.

Selling To A Home Buyer Service

Using a home buyer service is an alternative that is rising in popularity. We can buy a tenanted property regardless of the situation and have our guarantee to maintain the terms of the tenancy to avoid any bad relations with your tenants.

Our expert team has over 300 years of combined experience within the property industry. We know that dealing with tenants can often be a delicate matter and our team are best placed to help you navigate the regulations for a mutually-beneficial agreement.

Assured Shorthold
Tenancy Agreement

Ahead of using a home-buying service, ascertaining the type of agreement you have is vital to minimize any delays. As covered above, most tenancies in Leicester will be AST.

You can use our checklist here to confirm this yourself if not already known:

  • You’re a private landlord or housing association
  • The tenancy started on or after 15 January 1989
  • The property is your tenants’ main accommodation
  • You do not live in the property

If all of the above apply, we can confidently say the agreement will be an AST. In some circumstances such as lodgers or room lets, this may differ. With an AST, the regulations set out by the government need to be met and this will cover the grounds for possession.

Read more about Selling A Tenanted property in Leicester

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Selling a Buy-To-Let Property

So what’s the best way to navigate the sale of a tenanted property in Leicester?

Now is a great time to sell a tenanted property. Sold prices in Leicester have never been higher, rising by 15% across the past 3 years to an average of £266,416. Additionally, rents have increased by 9.5% year on year which means landlords are exceeding the highly-sought after 5% yield.

Yield is a representation of the strength of the investment – The average yield in Leicester is around 6.0% which is great news for Leicester landlords. Maintaining this growth will be vital for prospective investors, but Leicester has one of the slowest rates of growth compared to other areas in the country. So the question is, would this put off potential buyers?

As an alternative, you could sell the tenanted property following the end of the contract. This will open up the pool of prospective buyers significantly, but after scrapping Section 21 evictions, landlords can no longer opt for no-fault evictions. As a result, landlords will have to wait a significant amount of time to get the vacant property back in their possession but at this point, it may be too late.

Either way, you’ll be met with significant mortgage and tax implications which have to be considered. Whilst you have a number of available options, maintaining good communication and generosity towards your tenants will pay off in the long run.

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