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How To Sell A Property With Sitting Tenants.

Published: 5th July 2022

How To Sell A Property With Sitting Tenants.

Over the course of the past 10 years, we're regularly asked by our investor clients 'what's the best way to sell my buy-to-let property?' Given that there are currently in excess of 4.5 million privately rented properties throughout the UK, it's understandable that many landlords would be looking to sell their property, or restructure their portfolio in some way. However, it's also understandable that the landlord would want to maintain rental income from the property up to the point of completion, and as such it makes financial sense for them to look to sell the buy-to-let property with tenants in situ.

So What Traditional Routes Are Open To The Landlord Looking To Sell Their Tenanted Property?
In recent years, the landlord would have contacted their local estate agent to value their property and market it via their traditional channels such as the property portals. As such, the typical response from the traditional estate agent was for the landlord to request the tenants to move out of the property, thereby allowing the estate agents to sell with vacant possession. However, this can slow the process down considerably, especially when the tenants have an extended tenancy agreement in place. In addition, it's worth considering that approximately 1 in 3 property purchases fall through, resulting in the entire process starting over. This can be an expensive process for the landlord with a now vacant property, having to pay the additional council tax and utility bills on top of mortgage fees.

So How Does Portfolio8 Differ?
Here at Portfolio8 we specialise in selling properties with tenants in situ (sitting tenants), as we feel this offers the best solution for both the existing landlord, the potential new landlord and as importantly the tenants.

The Existing Landlord
The current landlord will benefit from selling a property with tenants still in place, and subsequently paying their rent. They will not be subject to the additional costs such as council tax on the vacant property.

The Potential New Landlord
The new landlord will benefit from purchasing a property with an existing tenant in place. This avoids any additional new tenant find fees to deal with immediately after purchase.

The Tenants
We believe that the tenants are in fact the most important part of this process, and as such open and transparent dialogue with them is key to a successful sale. With many tenants having rented their properties for an extended period of time, it is important to be respectful of this, as this often helps create a smoother process especially when it comes to viewings etc.

Where Do We Market Your Property To Investors?
Once we've collated all the relevant marketing materials, we would look to promote your property across all the major UK property portals including Rightmove, Zoopla and Prime Location. We also have an exclusive agreement to promote Portfolio8 properties across the Pure Investor and Portfolio8 websites. We believe we offer the best possible marketing coverage for any investor looking to sell a tenanted property in the UK.

If you're currently considering selling your buy to let property, and are currently considering your options, why not give Portfolio8 a call on Tel: 0161 537 2727 or email us on enquiries@portfolio8.co.uk to get a free of charge, no obligation quote on your property? We look forward to hearing from you!

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