4 Ways to Sell a Tenanted Property
If you’re the owner of a tenanted property, learn how some simple tips during the selling process can make it much easier to attract a quick and competitive offer from a buyer.
Your top questions when selling a tenanted property
✅ Which types of properties are considered to be tenanted?
Tenanted properties are typically those where you are the freehold owner of a house or flat and the land on which it was constructed, but you do not live in the home and instead rent it out to someone who lives there for a set number of months and years, and they pay you a regular rent. Unlike a leaseholder, a tenant will not have any legal ownership right to the property.
✅ What are my legal duties when selling a tenanted property?
It’s important that you fulfil all of your statutory requirements and other responsibilities as the owner of a tenanted property, and this includes informing your existing tenant that you intend to sell them home, so that they have the chance to make an offer to buy it if they want. You’ll also need to provide sufficient notice if you need to evict a tenant to make a sale happen.
✅ How can I make my tenanted home more appealing to buyers?
You can create the appearance of a more-valuable property by cleaning the interior and removing and clutter, and improving the look of the exterior through steps like replacing missing roof tiles or giving window ledges a fresh coat of paint. Be sure to let your tenant known when potential buyers are visiting the property, so that they can clean it before such viewings.
✅ Do I need to fix physical flaws with my tenanted home before selling?
If there’s a major structural problem at your property, for example widespread subsidence, then you may need to think about whether to spend money, time and effort on resolving this before you sell. The problem can make some buyers view your home as less valuable and therefore worth a lower offer, but note that you are not required to fix such issues before selling.
✅ Will I need to pay fees when selling a tenanted property?
You won’t have to pay any commission when selling your tenanted home if you get in touch with a zero-fee quick buyer like LDN Properties, or you sell without any help. But you will have to pay commission to an auctioneer or an estate agent if you use them to sell your house or flat, and this fee will increase your costs because it’ll be taken out of the final sale proceeds.
✅ How quickly will I be able to sell my tenanted house or flat?
The timeline for selling will be dependent on the method you use for seeking a buyer, with the fastest option sometimes being a quick home buying company like LDN Properties. You can expect to be waiting many months or longer if you decide to instead sell on your own, with an estate agent or trying your luck with a property auction.
✅ If I use a quick buyer to sell my tenanted home, how do I know they're honest?
You can ask the company if it is registered with The Property Ombudsman (TPO), a third-party entity that writes rules to guard owners from fraud in the quick buying sector. Genuine TPO members, like LDN Properties, must adhere to these policies, giving you peace of mind.
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