Selling your Property with sitting tenants: Is it possible?
Posted: 23rd March 2016
Being a landlord not only requires a huge financial commitment, but it can also be an emotionally draining and challenging experience. This is particularly relevant when dealing with tenants, as occasionally landlords private landlords may need to negotiate the vacation of their property in order to drive a rapid sale.
It is also likely to become a key talking point in the months ahead, with buy-to-let landlords required to pay higher rates of stamp duty and taxation from 2016 onwards. As a result of this, you may well become one of the many individuals in search of an easy way to sell your buy to let property on Openpropertygroup.com and learning how to sell your home quick in the coming months.
Selling your home with sitting tenants: How to achieve this easily
While selling low to mid-range buy-to-let property should be relatively easy if it is vacant, however, attempting to do so with sitting tenants is fraught with tension, emotion and immense legal complexities. If you are new to the market this can be overwhelming, as even if you serve your tenants with adequate notice and adhere to the national guidelines concerning best practice for private landlords there are enough statutory loopholes for renters to delay your sale.
To negate this issue, you will need one of two things. The first of these is expert legal advice, which provides you with an overview of your circumstances and helps you to understand how you can vacate your property while remaining compliant with the prevailing legislation. The cost of accessing such advice can be prohibitive, however, especially if your sitting tenants continue to fight their cause and force you to invest in sustained legal representation.
If these potential costs and complexities do not appeal to you as an investor, however, there may be an alternative solution. You could choose to sell your occupied property through a reputable and specialist service provider, for example, and one which handles AST's (Assured short hold tenancies), life agreements and protected tenant agreements. Firms such as the Open Property Group even purchase occupied properties based on verbal or informal arrangements, using their legal resources and infrastructure to manage negotiations with tenants and arrive at a speedy, cost-effective resolution for all parties involved.
Leaving the Buy-to-let market while it remains buoyant
Ultimately, the changes in tax and stamp duty legislation facing buy-to-let buyers will see a higher volume of properties listed for sale on the market in the coming months, There will also be a rush to market among part-time and lower-end buy-to-let investors, as the fact remains that this demographic lacks both the experience and the resources to issue vacation notices legally while capitalising on the prevailing market growth.
In turn, this will trigger a significant increase in demand for specialist, quick house sale firms, as this type of company are able to complete direct, cash transactions within a matter of days regardless of your precise circumstances. So even though buy-to-let property owners would be required to accept an offer that was below the real-time market value of their asset, the money and time saving benefits of an expeditious and compliant sale would more than compensate for this in most instances.
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