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Sell A Tenanted Property Preston: what do I need to know?

Even the return of the Stamp Duty Land Tax (SDLT) to pre-pandemic rates on October 1, 2021, has not deterred the Preston property market from being one of the busiest when it comes to sales in the UK. House prices have increased in Preston by 14.1% over the last year, in part due to the £430 million city deal, which is a long-term partnership between the government and respective communities.

The deal is centred on improving infrastructure and generating an influx of job opportunities throughout Lancashire. As sellers, this is a great time for you to sell a tenanted property in Preston and increase the capital gains you make on your property.

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

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  • Complete our online form

    Fill in your details online through our online form.

  • Receive your free cash offer

    Once we’ve received the details of your property, our experts will be on hand to give you a quick call to make you an offer within 24 hours.

  • Sale agreed

    Happy? Great! The sale will be agreed! Sit back, relax, and let us take care of all the work.

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What is the process of selling a property with tenants Preston

Try to keep your tenants in the loop with information relating to the sale. Tenants can worry that their living situation might be about to change, or that they may be evicted soon. Be upfront with them, and assure them that there is no danger to their accommodation. It is better to keep your tenants in the loop to be rid of any confusion right from the start.

As soon as you have this information, let your tenants know when the sale process will begin. They also need to know how you will be proceeding, schedules for potential viewings and other related information.

Inform your tenants

Try to keep your tenants in the loop with information relating to the sale. Tenants can worry that their living situation might be about to change, or that they may be evicted soon. Be upfront with them, and assure them that there is no danger to their accommodation. It is better to keep your tenants in the loop to be rid of any confusion right from the start.

As soon as you have this information, let your tenants know when the sale process will begin. They also need to know how you will be proceeding, schedules for potential viewings and other related information.

Hire a real estate agent and a conveyancer

While it’s not necessary to hire an agent, they can make the sale process much simpler. Rather than going through the trouble of listing the property, vetting potential buyers and arranging viewings, let an agent take care of these issues.

When you’ve found a suitable buyer and are ready to go through with the sale, you will need to hire a licensed conveyancer. They are responsible for handling the sale process, and a conveyancer with experience in selling tenanted properties can make the process to sell a tenanted property in Preston rather simple.

Moreover, the sale process can be made even easier by contacting a cash-buying company. Free cash offers can expedite the process to sell a tenanted property in Preston much smoother. As they take care of much of the sale process, you won’t have to worry about the legalities or procedures of the sale. If you want to get a free cash offer on your property, hop on a call with one of our experts right away.

Arrange viewings

The real process to sell a tenanted property in Preston begins when it comes time to arranging viewings. This is when the buyer decides if the property is for them, and you can decide if they are the right buyer for your property.

Special care needs to be taken in this regard regarding tenant rights. Per the Housing Act 1988, they should also receive a 24-hour written notice prior to the viewing. Each viewing also requires explicit consent from the tenants before you can proceed.

Transfer renter deposits

Once you sell a tenanted property in Preston, tenancy contracts and tenant’s deposits both should transfer over to the buyer. The deposits can be the cash amount your renters put down, or they may have been paid through the Preston Bond Scheme. Managing this transfer is usually the conveyancer’s job. You should make sure to let your tenants know how and when their deposits are transferred. 

It is also preferable for the new landlord to register with the Preston Accredited Lettings scheme (PALs). It allows better property management and provides guidance to tenants and landlords. If you are not part of PALs, potential tenants cannot make use of the bond scheme to rent your property.

Apportion the rent

When the sale goes through is extremely important in terms of rent. Any rent that is due before the transfer or ownership goes to you. However, any rent due after the property is legally sold is due to the new landowner. This also includes rent that was due after the sale but was paid in advance before the sale went through by the tenant.

The rent apportioning process is another thing your conveyancer will take care of for you. They can help you figure out which rent amount needs to be credited to the buyer. Make sure to let your tenants know as soon as the sale has gone through so they are also up to date.

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Selling A Tenanted Property in Preston FAQ's

Selling a property with a tenant in situ should not cause any issues. In such a case, the tenancy agreements and deposits are transferred to the buyer. Any rent you receive for the period after the sale of the property must be credited to the buyer. As an investment with quick returns, you may be able to ask for a higher selling price.

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

Selling a property with a tenant in situ should not cause any issues. In such a case, the tenancy agreements and deposits are transferred to the buyer. Any rent you receive for the period after the sale of the property must be credited to the buyer. As an investment with quick returns, you may be able to ask for a higher selling price.

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

If you are looking to sell quickly and your house is tenanted, it is better to sell with tenants in Preston. You can sell at a higher price with the promise of a good investment. Investors who are looking for a return, but don’t want a residence for themselves, would be interested in your property. If you are willing to wait and want to expand the market to all house buyers, you may want to wait to vacate the house first.

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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 property with tenants?

There are no specific costs associated with selling a tenanted property. Regular fees, such as those for estate agents and conveyance solicitors and stamp duties apply. Other than that, you do not incur costs just because the property for sale is tenanted.

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Can I sell my tenanted property?

Yes, you can sell a tenanted property in Preston, Lancashire. However, your tenants should be informed of your intent to sell. On a fixed contract, this should not affect your tenant’s living situation, at least until the contract is up.

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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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What is a Buy to Let property?

A buy-to-let property is one that you buy for the sole purpose of putting up for rent. This can include houses, apartment buildings, and even student housing and hotels. With this type of purchase, you are eligible for a buy-to-let mortgage. You will be able to pay the principal of these interest-based mortgages at the end of the mortgage term.

You can sell buy-to-let properties as vacant, or with tenants in situ. If they are vacant, it is up to the buyer to set up the properties to rent out.

If they are tenanted properties, the existing tenancy agreements are handed over to the buyer.

If you are in a hurry, it is easier to sell a tenanted property in Preston since they carry along the prospect of passive income. You can get in touch with our team to get a free cash offer if you are selling a house with a tenant in Preston.

Why does an Assured Shorthold Tenancy (AST) agreement matter?

Most rental properties automatically come under Assured Shorthold Tenancy (AST). This agreement applies to private properties that are not occupied by the landlord as well. You can use this agreement as long as the rent you charge is under £100,000, but not less than £250 in Preston.

An AST agreement allows eviction without cause as long as you serve a notice with sufficient time to spare to your tenants, typically 2 months. The agreement stipulates an initial fixed term of six or 12 months.

During this time, rent tends to stay the same, and the renter’s deposit needs to be held within a government-approved tenancy deposit scheme. Once the fixed term is over, if a new contract is not signed, the tenancy automatically moves to a rolling monthly contract.

If you choose to sell a tenanted property in Preston, the AST should not cause any problems. The contracts will transfer over to the new owner once they take legal ownership of the property. The tenancy will then continue based on the pre-existing contract that the tenant signed with you.

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Read more about Selling A Tenanted property in Preston

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Sell quickly to cash-buying companies

As a common reason for selling a tenanted property is the need for immediate income, you have the option to sell to a cash-buying company. Such companies expedite the sale process considerably so that you can go through with the sale within a week or two. The only factor for concern is that you will only be able to sell at about 80%-85% of your property value.

If this factor is not a concern for you, selling to a company is a more attractive option. They take care of most of the sale process for you.

It also takes away the headache of getting a listing, arranging viewings, vetting potential buyers and then arranging the sale.

If you wish to sell a tenanted property in Preston, you can do so easily. With the housing market booming, you are likely to get a good price on your sale. Tenanted properties are also easier to sell since you don’t have to vacate the buy-to-let property before selling. Get a cash offer for your buy-to-let property today and sell as soon as possible!

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