Do people buy properties with sitting tenants?

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I own a buy to let property (didn’t want to, long story, don’t ask) but I really want to sell as I’m struggling day to day financially.

The tenants who currently live there are absolutely lovely, pay rent on time, keep the house immaculate so I really don’t want to ask them to leave. They’d struggle to get anywhere else (high demand in area) and it’d be expensive for them to move. I honestly can’t do that to them.

Do people still buy houses with sitting tenants, and if so, are there specialist agents who I can sell through? Or will a regular high street estate agent do?

Any advice would be appreciated.

It would have to be marketed as but to let only, so maybe only look for cash buyers and take out the drama of the tenants ?

Is it worth seeing if they would want to / be able to afford to buy it themselves ?
Otherwise your choices are to evict them or to advertise it only to landlords as a buy to let property with sitting tenants.

I would, if it was a decent investment.

The thing is, it's usually not ime. Because if it was and there was a really healthy annual net yield of 8% or whatever, it's unlikely the LL would be looking to sell.

How much would the selling price be and how much rent do you take? I suspect it would be a super easy decision for me tbh.

I'm sure I've seen properties marketed with sitting tenants. Do you have a managing agent, if yes ask them.

Some people will but will probably wsng a discount on the property and there is nothing to say they won’t evict them anyway and sell it as vacant.

We sold one with a sitting tenant once (sold to another landlord), so it can happen though you probably can't rely on it. I have no idea how long that arrangement lasted after the sale completed though.

We also once sold a different property actually to the sitting tenant, who hoped to stay put and was in a position to make us a good offer of pretty close to the asking price.

Rental yield is roughly 4.8%

Agree it would be easier to sell vacant. I might email the agents and ask if they know what the tenant’s future intentions are… are they looking to stay or move on! Then at least that will help me plan.

Definitely not op, sorry. I highly doubt any investors would be interested, meaning any buyer will be looking for vacant possession.

I would contact the tenants first to ask if they'd be interested in buying.

Yea many people want a buy to let. You are gifting them great tenants. Bargain

Yes, certainly, advertised for sale with sitting tenants.

A couple here.

https://www.rightmove.co.uk/properties/159106130#/?channel=RES_BUY

https://www.rightmove.co.uk/properties/162595238#/?channel=RES_BUY

Is it the right time for you to increase the rent and improve the yield ready to sell.

And sold.

https://www.rightmove.co.uk/properties/156515363#/?channel=RES_BUY

https://www.rightmove.co.uk/properties/86608929#/?channel=RES_BUY

https://www.rightmove.co.uk/properties/160818149#/?channel=RES_BUY

If your rent is belong market rent, the new owner will probably put it up.

Everything you've posted is 8% + yield. Some are 12%!

That's 2-3 times more profitable than op's house at the current rent.

No investor is going to buy a house with such a low yield and leave the rent untouched.

You sound lovely OP - I’ve never been in this position so don’t know the answer- but could you take equity out of it rather than sell - ok you might have a repayment to make but it might give you access to more liquid cash

Aww thank you. Re-financing is a great idea actually. Hadn’t thought of that so will explore on Monday. I’m a few months post-divorce which is always going to be financially challenging until things settle. I’ll remain calm and not do anything rash.

Thanks again everyone.

Fair comment about the finance.

I suppose I was answering the OP’s question

Do people still buy houses with sitting tenants, and if so, are there specialist agents who I can sell through? Or will a regular high street estate agent do?

To which the answers were yes.

Landlordzone is a better forum for this kind of query.

General advice: by all means try to be good landlord who considers their tenants’ circumstances, but at the end of the day you are running a business, so try to look at the situation objectively and focus on your needs.

When I bought my house, it had tenants. In hindsight, I was very lucky. I was a cash buyer and needed to complete in four weeks. I did and the tenants moved out and the house was sparkly clean!

You are massively limiting your potential market if selling with tenants in situ. Laws are changing to make being a landlord much less appealing. Your return is very low so unlikely to get full market value, and a new landlord is likely to put the rent up so doing no favours to your current tenant.

If the tenants don’t want to buy you need to put your big girl pants on and start the eviction process