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Put my flat on the market...eeep(59 Posts)
I feel a weight has been lifted. I have been erming and ahhing as it is currently tenanted but my husband and I (we are currently living in his flat) want to buy a house in the next few months so don't want chains plus it has a big mortgage on it so income v outgoing I a basically making zero profit on it.
I have been erming and ahhing for months over whether to put it on the market and finally made that decision and feel so happy - it's the right choice for us and I am so happy.
Eep just hope it gets some interest. Fingers crossed!!
Where is the flat?
The market is turning, I hope it sells.
I hope to put mine on in the next few weeks.
What's happening with the tenant? You know the rules around terminating tenancies have changed recently?
@Shelley54 currently I am hoping to sell with tenant in situ so hoping not to evict.
If not then I can still evict but have to give three months notice and cannot force them out under a possession order so I'd have to serve them with a section 21 once I am under offer.
But potential buyers will be put off that there is a tenant living there with no definite date of leaving.
Sorry, but if you want to sell it the flat needs to be empty.
I thought that too but estate agent advised otherwise. We will see if it sells and how much interest we get and if not will put it back on the market once empty
I think you really need to have the Tennant move out before putting the place on the market, as it's unfair on your Tennant to show people around while they're living there.
If I was renting I certainly wouldn't be allowing viewings right now. Don't be greedy.
I don't think it's greedy. You want to buy a house, it's understandable. Assuming you've notified your tenant and they're happy, can't see the issue.
@Burpalot why is it greedy? in what way? I bought the flat for myself, then i met someone who also had a flat. So rented it til we decided what to do with it. Because of my mortgage I am basically breaking even on it, not making a profit. If I keep it when i buy a house which I want to do prior to having kids I have to pay a huge sum in extra stamp duty as well as not having the money currently tied up in equity. Why should I be paying out extra money for someone else to live somewhere with no benefit to me?
As said trying to sell it with tenants in situ - the tenants have only been there for six months so not like they've been there for years and at home there. My situation has changed since i rented it six months ago. I am trying to do my best by my tenants and the agency have said they'll sort them a new property. it may take a year to sell i just don't know so what's the point in evicting someone and having an empty flat for a year?? From offer to completion usually takes around 3 months anyway so can still give them three months notice.
Jesus I was happy and excited to finally taking the next steps in our lives and i just get attacked. Not exactly a nice board i have to say.
Good luck selling your flat! It's exciting buying a place with a partner. Ignore the daft comment about it being greedy, it's your property and you can do whatever you like and what's best for you. I rented a few flats before we bought our current house and I didn't have an issue with people viewing it. I knew these places were not going to be a long term home.
Unfortunately when you rent, these are the risks you take with having to move at short notice as it isn't your house.
You're going to sell with a sitting tenant?
'the tenants have only been there for six months so not like they've been there for years and at home there'
Really? This is why people dislike amateur landlords. It IS their home FGS and they've only been there six months! And you're going to further unsettle them by asking for viewings with no guarantee they won't be evicted soon... poor bastards.
People are trying to help you.
Selling/buying with a tenant is very complicated and will put lots of people off. You need to recognise that.
Recently I bought a property with a tenant. When I viewed, they had been served notice of 2 months to vacate. That had been necessary to put property onto market. The tenant allowed viewings (they don t have to until last 2 months after notice served)
I was a cash buyer - no requirement for mortgage and nothing to sell and was looking for buy to let property. As agent knew this, they asked if I would be interested in keeping tenant. I was. The fact I was generated work for the solicitor and was only possible because I was not getting a mortgage. If a buyer had been getting a mortgage, the mortgage lenders would require vacant possession before sale.
Therefore, trying to sell with a tenant in place will limit you to genuine cash buyers and severely restrict your market. Genuine cash buyers who want to buy to let always drive hard bargains and you will usually get a lower price.
Therefore, just be aware if all these things. Most people give tenants notice. Most actually wait for them to move out before marketing - so much easier and more attractive to most buyers. A few give notice and then start viewings if the tenant agrees to it (most don't ) but make clear that the tenant will be gone by the time of sale. Solicitors and mortgage lenders will require evidence that vacant possession is now possible - ie tenant is gone before exchange.
So, I can see you'd like to keep earning rent whilst you market the property. However, the reality is that by not giving notice at least, you are creating a difficult selling position....and in the current market you really don't want to do that. You may well need to re-think.
It's helpful advice, not designed to upset you. If you want to sell and get a good price, you really should be willing to hear what people say or three no point goi g on a public forum.
So you are honestly telling me that you would keep a flat making you ZERO profit and that will set you back tens of thousands of pounds when buying a new home just to be nice to the tenants.
Give me a break. Sadly that's the renting world. I've been a good landlord over the last few years. I have sorted out every tiny niggle even when on my honeymoon. I am sorry but expecting someone to do that is nuts.
And ps by greedy I meant exactly what the last op said. You want your cake - keeping your rental income and making a sale. You should have thought about this before deciding to become a landlord. Sounds like you can't really afford to be one. And now your tenant suffers. If you are living with your husband perhaps your two incomes could pay the two mortgages that existed before you shacked up together?
@WombatChocolate Thanks I do appreciate the advice and recognise the good advice. I appreciate your input. I have considered evicting them at this point but it will only put back the time I need to sell it and may leave it empty for extended periods of time esp if there may be another lock down later this year. The plan is to see if we get any interest from Cash buyers wanting tenants or others willing to wait for say a month and if not then we will need to consider evicting them.
I do appreciate the advice from people and it is advice I agree with but the estate agent says otherwise and i see their point too.
But there is also a difference between providing people advice on selling with the best of heart and calling someone greedy and saying other nasty things to them for doing what is right for them.
@Burpalot wow jealous and resentful much?
Nobody is jealous, op, don't be puerile
" If you are living with your husband perhaps your two incomes could pay the two mortgages that existed before you shacked up together?"
Sounds jealous to me...or just delusional on how the world works
just delusional on how the world works
Can you expand on this?! It sounds fascinating.
The tenants don’t have to allow viewings either- even if there is a clause in their contract about it. The current Corona situation adds weight to this too
Just to add- Court evictions are on hold until at least 23 August 2020, there will probably be a massive backlog. I believe the usual wait time in my area (London) is 4-6 months after the Section 21 notice has run out, it’s going to be even longer now