As the property owner, you have every right to sell your property whenever you want, even if you have sitting tenants.
There are, however, certain lines of communication necessary, between you and the tenants, if you decide to sell. This is particularly relevant when it comes to what is stated in the actual tenancy agreement.
With government taxes currently on the rise, it isn’t uncommon for some landlords to decide that enough is enough and choose to sell their property. Thinking carefully about how you approach selling your tenanted property is essential.
How To Inform Your Tenants
If you have a good relationship with your tenants, then the first thing to do is have a conversation with them. Let them know that you’re wanting to sell and give them the official notice stated in their tenancy agreement (usually around two months). You only need to give them official notice if you want them to vacate the property once the sale has gone through.
If you’re going to sell the property to a new landlord then your tenants may be able to stay in the property and not move out at all. Sitting tenants can make a property more appealing to new landlords because they know they already have a source of income once the sale goes through s it saves them the time and money of having to find a tenant, if the yield matches what they expect.
If you are a landlord looking to sell your property or portfolio we have investors in our database looking for buy to let properties, giving you an immediate sale!
The benefits of selling in an online auction are:
- Achieve the best possible price
- Speed, efficiency and transparency
- Global audience of buyers
- If you are a landlord sell with tenants in place
- Exchange of Contracts within 28 days and complete with within a further 28 days