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we are going to sell our flat we rent out. Changing terms of contract with tenants - what do you think?

3 replies

tyaca · 27/02/2010 23:47

Hiya

We moved into dh's work accomm two years ago. Didn't sell old cause couldn't get an ok price. Have since been reluctant landlords. Losing lots of money, hating every second of it. Going to sell flat.

Current tenants been in the flat for 8 months (2 months after initial 6m contract). Would obvs really like them to stay for as long as possible cause of rent money, but also think it would sell better with them in it (much nicer than when we lived there ).

We are thinking of offering them a reduction in rent from £800 pcm to £700 pcm. This is for inconvenience through viewings but also incentive to keep them in as long as possible. What do you think? Also we are thinking that once we have exchanged we could offer them option of only two weeks notice to us if they want to leave, and payment fortnightly. We would keep our notice to them at one month.

Anyone else tried to sell property with tenants in it? what do you think?

OP posts:
EldonAve · 28/02/2010 08:38

I wouldn't change the terms
You are losing money and will just lose more

I bought a tenanted place and didn't exchange until the tenants were out on my solicitor's advice

Bumperlicious · 28/02/2010 08:51

Not sure, but the view from the other side is my landlord has just announced he is putting our place on the market. He said he won't give us notice until he accepts an offer, which is in our interest as we are hoping to move into a friend's place in July, so may have 1 or 2 months where we will be homeless

WRT viewings I said we could arrange to be out but he wasn't worried about that. We will obviously keep the place tidy for him as he is very nice but we presumably are under no obligation to. However he said if it seems that having tenants is putting people off he will have to give notice, so it is in our interest to keep the place respectable. (Plus he said the house is always immaculate when he comes round, and if I had been drinking anything at that point I would have snorted it out of my nose, but it made me feel better).

ABetaDad · 28/02/2010 08:52

tyaca - the tenants have no legal obligation to allow you to have viewings (they have a right to quiet enjoyment) so if you want to sell I do think you may well have to offer an incentive to change the contract.

I lived as a tenant for 3 months in a property that was put up for sale by a reluctant landlord. We allowed viewings but our biggest problem was the selling estate agents were rude and dismissive of the fact that it was our house. They would turn up with no notice on our doorstep with a viewing. We realy had to put our foot down and insist on 24 hours warning of a viewing. A surveyor and an agent did once let themselves in without knocking.

The landlord did back us up and told the agents to show a bit more respect. It would be nice if you explained that and enforced it whatever selling agents you go with. Unfortunatley selling agents do regard tenants as the lowest of the low because they have a mindset that only owners of house who can 'afford' to buy/sell a house are worthy of respect.

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