Advice on telling tenants I'm selling

[daisiesinthespring]

The situation is complicated by the fact they are friends of friends - would you text, tell them face to face?

Am thinking of putting house on the market in June or July :)

[VinceNoirLovesHowardMoon]

It's not going to work is it? I'm trying to get out of renting because I already find it utterly traumatic and with help to buy I can scrape an acceptable deposit but if it falls through I'm scared to be honest

[Tatiana11235]

Out XLL gave me a ring and explained she chose to sell - no problem.
Originally she said we can stay until the house is sold but after 6 months on the marked she asked us to vacate as it's easier to sell an empty house. We did allow viewings.
Six months later she put it back up for rent as it hasn't sold

[hejsvejs]

About a year ago we had a very kind letter from our landlords informing us that they were planning on selling the property, offering us first refusal (which we unfortunately couldn't accept).

They also lowered the rent from £900pcm to £600pcm if we agreed to allow viewings whilst the house was on the market.

We were really happy that they did it this way, so that we had plenty of notice. We ended up staying in the house for 9 months after the initial letter and moved out once the new buyers wanted to move in. (Buyers couldn't move in immediately so we were their tenants for the last 4 months.)

[53rdAndBird]

Also, I know on MN there is the idea that tenants are awkward about allowing viewings - but remember that they often aren't doing it to be difficult.

Yes, please remember this! My last landlord decided to sell and viewings were a nightmare - the agents would not stick to the days/times agreed, we were constantly dealing with phone calls and people 'just popping round', and having to have the place look like a show home when we were trying to pack ourselves, and having to show the sodding buyers round when it was past DD's bedtime, and argh. I wouldn't allow viewings as a tenant again.

[daisiesinthespring]

To be very honest it may take a little while to sell, so we'll see :)

[specialsubject]

...which is exactly the opposite to what was wanted. Well done, Osbo...

BTL hasn't made sense with a mortgage for some time, and certainly doesn't now unless you bought really cheap and can charge what you like (i.e. you are in London)

I have put on hold plans for a second BTL, not because of tax changes (doesn't affect me, downsizing) but because of the other changes. For example, I knew that properties with EPC rating below F couldn't be rented as of soon, but it seems there are plans long-term to make the minimum rating C. Even my warm, modern, well-insulated rental only just meets that. According to the EPC the way to improve it is to fit solar panels which will take a century to pay off. The EPC model is crazy.

so long-term; fewer rental properties but still many can't afford to buy. How's that going to work?

(great boosh username BTW)

[VinceNoirLovesHowardMoon]

The effect is likely to be good for buyers and bad for renters then I guess

[lalalonglegs]

I think it will, Vince, especially in high-rent areas such as London where it would be really difficult to work a normal job and have a rental flat and keep your tax below the 40% threshold but I am sure that there will soon be a raft of accountants offering specialist solutions to this.

I think the new tax changes are more likely to make people who have been reluctant/accidental/in-it-for-the-short-term landlords think about selling up, make those who have too many properties to manage easily consider selling some and make those who might have thought about entering BTL think again so it will have an effect, undoubtedly.

[VinceNoirLovesHowardMoon]

Special - do you think the new tax system on rental income will impact on landlords choosing to sell? My landlord has decided to sell his flat and move on to my house when he gets married for that reason. I'm looking to buy and there are quite a few flats for sale as investments (with tenants in situ) I was wondering whether that will increase as time goes on?

[specialsubject]

that's why the landlord can't sell until you've physically gone. A S21 is no guarantee of vacant possession.

[Jonathonseagull]

Bear in mind that at the end of the section 21 period they may well decide to wait for eviction. This has happened to us. We had tenants paying under market rent. Served section 21. They couldn't find anywhere they could afford and approached the council who advised them to sit tight and wait for eviction. It took months after the section 21 until they finally left.

[Jeremysfavouriteaunt]

Sorry daisies didn't mean to use your thread for a vent.

[Jeremysfavouriteaunt]

You don't have to allow viewings at all. I am feeling really hacked off at being in this situation, it's our home, the landlord wants a monthly income right up until exchange and we have been hassled constantly. Asked to cut lawn for viewings, make sure the children tidy their rooms, move cars for photos.

We are paying full rent for exclusive possession, no one benefits from this apart from the landlord and estate agent.

On the other hand, when we sold, we gave our tenants three months notice and 1k to thank them for putting up with the disruption.

[specialsubject]

Mn doesn't like to believe that tenants have rights. You don't have to allow viewings. They are at your agreement.

[vvviola]

Definitely a phone call if you can't do face to face. And, if you can, try to be flexible on dates. Our rental went on the market 3 months after we moved in landlord had said they were looking for a long term tenant, and then changed their mind as property prices were sky rocketing About the only good thing they did in the entire process was agree to end the tenancy early (we had signed a 1 year tenancy) at our convenience, as moving at the end of 1 year tenancy would have been a timing nightmare for us.

Also, I know on MN there is the idea that tenants are awkward about allowing viewings - but remember that they often aren't doing it to be difficult. I had a 9 months old baby that didn't sleep, and a 5 yo who had just started school. I couldn't always allow for viewings at the drop of the hat (and once sat outside in the car for an hour with an unhappy baby and a potentially chicken-poxy child as we couldn't go anywhere and the landlord was insisting on a viewing).

[Thornrose]

I received a section 21 out of the blue and I still remember how shocked I was. I had no idea although obviously as a tenant this is always a possibility.

I was new to renting and I thought I was being evicted or had done something wrong.

I think a phone call or a letter first, as everyone else has said.

[ThroughThickAndThin01]

Well good luck. I don't think you need to do it face to face btw if they are friends of friends and you don't know them. A kind letter would be fine.

[daisiesinthespring]

I don't think they will be to be honest. They have been charged well under market value for two years and they didn't pay a deposit or anything so they have had an easy time in some ways. If I could afford it they could stay there forever but unfortunately I need to sell so I can move on myself.

[ThroughThickAndThin01]

From what I've read on mn many tenants are difficult about allowing potential viewers around so just be prepared that you may have to wait to market it until they leave.

[daisiesinthespring]

Thanks.

My tentative plan at the moment is to give them official notice at the end of this month- that the house is going to go up for sale at the end of May.

Even if someone makes an offer straightaway (which I doubt) nothing will happen for at least six weeks so that gives them a minimum of two and a half months and probably longer.

[sailawaywithme]

Just call...no need to drive over there.

[VinceNoirLovesHowardMoon]

Thanks! I'm hoping to buy a flat but it will have to be about 1/3 the size of the house I'm in now!

[daisiesinthespring]

Thanks, Vince, hope you're able to find somewhere else soon :)

[VinceNoirLovesHowardMoon]

Phone them asap. My landlord told me recently that he won't be renewing my tenancy in October and I'm very grateful he gave me so much warning.

[daisiesinthespring]

Many thanks, will do so.

I am very flexible so am happy to go with whatever makes life easiest for them. In some ways it would be less awkward if I didn't know them - I feel it's something that should be dealt with formally but dealing with it formally also seems cold and remote somehow - aargh! Nightmare.