Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Selling a let property. Can anyone advise please?

4 replies

Inspirachion · 02/03/2012 09:20

I'm letting a house I used to live in because work took me to a new area.
Now find I have to sell it for financial reasons.

It has good reliable tenants in place and is managed by a local agent.

Obviously I want to give tenants as much notice as possible but need to minimise time it is empty etc. (maybe they would consider buying it I don't know).

If you have experience of this what would you advise?
TIA

OP posts:
pootlebug · 02/03/2012 09:42

What does your tenancy agreement say about viewings whilst they are in it? And how much notice are they on?

If you feel it would be appropriate, how about giving them a reduction in rent for the hassle of viewings etc, on the condition they leave it in a viewings-suitable state. Might make them stay longer rather than look for somewhere new immediately, and get them on side more to make it look good etc?

If you think they might be interested in buying it might be worth approaching them direct and avoiding EA fees.

MoreBeta · 02/03/2012 09:53

We lived as tenants in a rented house that was being sold.

We offered to stay and pay rent until they sold in return for the agents giving us at least 24 hours before each viewing. The selling agents treated us badly and I had to call the managing agent and the LL to get it sorted. Unfortunately selling agents regard tenants as scum and a hinderance and will not like the idea of it but as long as you are firm with them and reassure yoru tenants it should work OK.

OldLadyKnowsNothing · 02/03/2012 09:59

Could you sell to another landlord with tenants in situ? Might be the best way for everyone; tenants don't have the hassle of viewings and moving, new ll has reliable tenants from the off.

Inspirachion · 02/03/2012 10:46

Thanks thats all really helpful.I honestly didn't know where to start.

Maybe the managing agent may know of a local landlord interested in buying.

Like the idea of a rent reduction incentive to tenants while its on the market too. I wouldnt want it to be too much hassal for tenants.

There was a caluse in the managing agents contract about commission on sale similar to an EA I think (i wasn't bothered at the time as thought it was only for a year till I moved back but I was wrong, its been 10 years and have decided to stay in new area). Must find the paperwork.

Is there anything I should do before fessing up to the managing agent that selling up is the new plan?

OP posts:
New posts on this thread. Refresh page