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Original poster

Thoughts on selling to a buy to let landlord?

15 replies

londonsell · 12/09/2018 16:55

Hello,

I know chain-free first time buyers can be attractive to sellers. Do you think buy-to-let landlords are a good or bad buyer (or neither) to accept an offer from compared to other buyers?

The one we're dealing with isn't a cash buyer.

OP posts:
minipie · 12/09/2018 18:44

We sold to someone intending to rent it out. They were a decent buyer generally but did want to do lots of checks on eg electric and gas to ensure it was up to regulations for letting.

Tohaveandtohold · 12/09/2018 18:55

I would imagine they would be good as they’ll be chain free and they might not be fazed about doing some decorations but as pp said, they would want to ensure that some things are in place as they’ll be renting it out.

BobbinThreadbare123 · 12/09/2018 18:56

I did this. Buyer tried to get me to pay for all of the electric and gas certs, which I refused to do as they're not a private homeowner's responsibility. They were extremely pushy and they didn't have any emotional investment in any part of the process as it's not a home to them. I had to allow their prospective tenants to view prior to sale due to them threatening to break the chain. It was a bit stressful! Wasn't a cash buyer and was extremely lazy about sorting the mortgage release, despite the pushiness. Wouldn't do it again.

Singlenotsingle · 12/09/2018 18:57

No different from any other buyer, surely?

Bluecloudyskies · 12/09/2018 18:59

The is no difference!

We’ve bought a couple to let out. Why on earth would it be any different Hmm

Your selling a house. Some one wants to buy it!

ASqueakingInTheShrubbery · 12/09/2018 18:59

I did this. I was sad about it, because the house was in the family for years before I inherited it, so I wanted it to go to someone who would love it like I did. I had to put my business head on though, because we had outgrown it and needed to move. As it happens, there's been a long term tenant in there ever since, who does love it like I did. The purchaser was fine, no hassle at all, and the estate agent had dealt with him before as he's got a couple of properties, so knew that he was reliable.

HomeOfMyOwn · 12/09/2018 19:39

I sold a property to a buy to let landlord - it was their first buy to let and they didn't have anything other than the most basic surveys done.

Obviously there is no chain to collapse but other than that I would consider it the same as any other buy - no better / no worse.

On a side note my buy to let purchasers wanted fast completion. It was agreed we would exchange on Friday and complete on the Monday. Well they failed to turn up at their solicitors to sign the documents to exchange, so when they finally resurfaced on the Tuesday (having missed both exchange and what should have been completion day) they wanted to exchange and complete on that day. Got really arsey when I said no I would exchange but now wanted 1.5 week to completion because of removal men not having another free day until then. 1 week later I found out why they were so arsey about it - they had already let the house out to tenants!!! The tenants turned up at my door at 6pm (so solicitor closed) with their removal van, their English wasn't very good and I initially thought they'd got the wrong house number / street but the language barrier was making it very difficult to understand each other. Then they found their tenancy agreement and showed me it was for my house! I was utterly stunned. I ended up getting my parents to come round because I didn't have a clue how to get them to understand they couldn't move in because I owned the property and I hadn't let it. My parents came and mum managed to get them to call the person who'd let it to them and pass the phone to her - she spoke to my purchaser on the phone who said he'd let it before exchange was first supposed to have happened and tried to say it was my fault and I should get my stuff out immediately, so they could move in. Mum told him he hadn't paid the house and no way in hell were we giving him or his tenants keys or moving out before completion. She told him he'd have to sort his tenants out. A few minutes later and he was there. He spoke the tenants language and explained to them what was going on. They were crying and begging to be let in. Mum again told my purchaser that he needed to house his tenants until completion and sort out storage of their things. Mom ended up having to say we'd call the police to make them all go away. He was really angry but eventually took the poor tenants somewhere in his car and told removal men to put stuff in storage for 4 days. I felt awful for the poor tenants and my purchaser was obviously going to be a bad landlord (on top of renting it before completion he obviously hadn't got gas safety certificates, etc).
But I think any buyer can turn out to be problematic, so it wouldn't stop me selling to a landlord in future.

HomeOfMyOwn · 12/09/2018 19:45

Just to add because it's sounds a little pathetic that I called my parents and had mum deal with it - I was only 21 and pregnant and hormonal.

Original poster
londonsell · 13/09/2018 08:31

Thanks for the replies, everyone.

I think my concerns were they'd offer lower because it's a pragmatic business decision for them and they're unlikely to fall in love with the place. And wanting tennants to view before completion is a good point that I hadn't thought of.

But sounds like there are some real pluses too for those landlords that want a straightforward process and won't have emotions in the way.

OP posts:
LOVELYDOVEY05 · 13/09/2018 11:42

The landlord needs to be very above board with checks eg he/she has to have a Gas Certificate before they can let. Your neighbours might not like it as BTL landlords are not so much interested in their community as their own profit.

specialsubject · 13/09/2018 12:40

the plus of living next to a rental is that if you do get the deal and steal brigade, they will eventually be removed. Crap owner occupiers won't go.

love the idea that only house owners are 'interested in the community'. No wonder some renters think MN views them as lower life forms.

if the landlord wants renters to view before completion - he can want.

Original poster
londonsell · 13/09/2018 12:57

I think I'd be open to renter viewings after we've exchanged, as a goodwill gesture but ideally not really. It's disruptive on the kids and... selfishly... there are only negatives for us if something gets pinched or the buyer spots X needs more work than expected.

OP posts:
specialsubject · 13/09/2018 15:43

after exchange that will be tough luck.

but you will be busy packing, he can wait.

Vitalogy · 13/09/2018 16:00

I've just done it, no problems, they've been great. It wasn't cash, they needed a mortgage.

beibermylove · 13/09/2018 16:48

@special

Its not renters that are the problem - who would blame them for not wanting to do maintenance on a house/ garden/ fences ect on a house that isn't theirs, and that they could be kicked out of any minute. Its not their responsibility.

Its landlords not bothering - only doing basic minimum - which is the issue.

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