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Sell a Tenanted Property in London
Need to sell a tenanted property?
Being a landlord is a large responsibility and can create a whole list of questions when considering how best to handle the sale of the property. Situations like this can be extremely delicate as you look for an undisruptive solution for everyone involved.
This doesn’t have to be as complicated as it sounds. Selling a tenanted property is often the best choice, avoiding serving notice and creating unnecessary tension.
Now is the time for action. If you have a tenanted property in London and want to sell it fast to cash home buyers, complete our “Get a cash offer” form, or contact us at 0800 774 0004.
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We Buy Any Home offers a transparent, thorough process, guiding you meticulously throughout if you want to sell your tenanted property in London. Here’s how it works:
Free cash offer within minutes, no legal fees, any location.
Complete your enquiry form
Provide us with the details of your property and your situation. There’s no need for a visit, ensuring a fast and stress-free solution.
We’ll then extensively research the property, leaving no stone unturned. We use our own valuation software linked to a database of comparables to give you the all-important property value in the current market.
Receive your offer
Within 24 hours of receiving your enquiry; our expert team will call you to propose the best offer for your property, putting this in writing for you to consider.
We’ll discuss your needs in terms of timings and funds to align ourselves with your goals, but this is the chance to answer any questions you may have, putting any nerves at ease.
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:
- We’ll appoint an independent solicitor to act for you – All expenses paid
- We’ll organise for up to 2 RICS-qualified surveyors and valuers to assess your property – All expenses paid
- We’ll finalise our offer based on their feedback and that of our in-house trusted legal team
Free cash offer within minutes, no legal fees, any location.
What is a Buy-To-Let Property?
A buy-to-let property is any home or flat purchased with the intention of renting this out to tenants. Regardless, the actual owner of the property will not be occupying this home.
In return of occupation, tenants will make rental payments, typically used to subsidise any running costs such as mortgages, ground rent and management costs.
Most tenancies will be under an Assured Shorthold Tenancy agreement (ASTs). This is a legally binding contract for almost all tenancies, whether they are for a fixed duration or periodic. Whilst not a legal requirement, they help resolve any potential disputes or misunderstandings further down the line.
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.
Free cash offer within minutes, no legal fees, any location.
Selling A Tenanted Property in London 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.
Get a free cash offer for your home in London
Selling With Tenants
It’s a significant decision to sell with tenants, conducting this in a respectful and considerate manner for all should be the main priority. Whilst you do have a few options available, it’s worth assessing the best choice for you and your timeframe.
Selling To Another Landlord
Whilst easier said than done, finding another landlord to inherit the tenancy has its benefits. They’ll have the responsibility to maintain the legal agreement created which will result in minimal disruption for all involved. New tenancy agreements will need to be signed, however, this transfer can be easily done as other tenancy terms are expected to be upheld.
Finding a prospective landlord is another matter. With rising property costs in London, 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
Historically this was a common option available to landlords. Buyers could purchase properties with the intent of serving 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.
You’ll have a larger number of available buyers with this option, however, timeframes will deter a large quantity. This is even before the considered risk of having to engage with the courts to assist with the eviction process if tenants choose not to leave.
Selling To A Home Buyer Service
There is another way. At We Buy Any Home, we can purchase properties regardless of the situation. You’ll have our guarantee that we’ll uphold the tenancy agreement creating as little disruption as possible for all involved, landlords and tenants.
Our expert team have been involved in countless buy to let purchases, you’ll have peace of mind knowing that we’re able to take on this responsibility. Either continuing to rent the property ourselves or selling onward to investors eager to expand their portfolio.
Assured Shorthold Tenancies (ASTs)
Before setting off and taking the next step. Understanding the common types of tenancy agreements will help make this an easier transition. Most tenancies in London will be an Assured Shorthold Tenancy or AST. If all of the following apply, the tenancy will likely be an AST:
- 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 your agreement fits with the above, tenants have the right to remain in the rental property for the agreed fixed period of time which should be outlined within the agreement.
It’s worth noting that if you rent out a room or have a lodger, this would fall under a licence which has slightly different rules surrounding eviction.
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Selling a Buy-To-Let Property
Unsure on where to start with selling a tenanted property?
Rental properties in London continue to be in high demand. With rents increasing by 16.1% year on year in the nation’s capital, supply cannot keep up with the demand fast enough. The average property is currently rented out for £2,343pcm, and these premium costs are causing London to fall behind other areas in England as renters find themselves priced out of potential moves.
This is great news for landlords, although we can appreciate that circumstances change. In London, the average sold price was £757,245 over the last year.
For landlords who bought these properties a significant time ago, it’s highly likely that your equity will have increased significantly, with growth from 2019 exceeding 11%.
With now looking like the prime time to consider selling, understanding the potential risks is crucial. On average, properties in London take 132 days to reach a sale. Timing this incorrectly could leave a considerable financial burden on your shoulders. In addition to this, vacant properties run the risk of vandalism, insurance premiums and other incidents which require watchful eyes.
To add further pressure on landlords, regulations enforced by the Government restrict your options. After scrapping Section 21 evictions, landlords can no longer opt for no-fault evictions. This is predicted to be the tipping point for many landlords across London. There’s no need to stress, you’re not alone with your concerns.
Free cash offer within minutes, no legal fees, any location.
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