Selling a Buy-To-Let Property
As an investor there are many options when it comes to selling your buy-to-let property, covered at length in this guide.
Your top questions when selling buy-to-let property
✅ What properties are considered buy-to-let homes?
Any house or flat that you purchase and own but have no desire to live in, and instead want to use solely for renting out to people so they can live in it, in exchange for paying you a monthly or annual amount of money, is considered a buy-to-let property. You’ll find that there are some additional hurdles with trying to sell this type of home compared to a private residence.
✅ Is it prohibited to sell a buy-to-let home with tenants?
No. There are no such restrictions on selling, either through regulation or legislation. You are allowed by law to attempt to find a buyer for your buy-to-let house or flat, regardless of whether it currently has tenants or is vacant. Just note that if there are tenants in the property, you might find there are more requirements you’ll have to follow to respect the tenants’ rights.
✅ Should I repair physical flaws with my buy-to-let home before selling?
The answer for this will depend entirely on your budget and desired timeline for selling. If your buy-to-let home has a fixable problem, such as damp or dry rot, you can calculate whether you have the time, money and effort available to address it before selling. Alternatively, you could still get a fast sale without fixing the issue by contacting a quick home buyer.
✅ How long will it take to find a buyer for my buy-to-let property?
There are no guarantees with selling a home, but you expect it to take just a few short weeks on average if you sell the buy-to-let property to a fast buyer like LDN Properties. An auction can take at least a few months to complete all of the steps of the process. And selling through an estate agent might take even longer, possibly even more than a full year before finding a buyer.
✅ What fees will I have to pay when selling my buy-to-let home?
Whether or not you will be required to pay commission for the sale of your buy-to-let property depends on which method you choose for finding a buyer. Estate agents will charge you fees often based on your home’s sale price, auctioneers will make you pay commission often based as a percentage of the sale price, and fast buyers never charge any fees.
✅ What assurances do I have that I can trust a fast buyer when selling my home?
Trustworthy quick home buyers, like LDN Properties, belong to a third party entity called The Property Ombudsman (TPO), which writes policies that are crafted to protect owners against scams in the fast buying industry. Ask companies whether they are registered with TPO, and avoid those that cannot prove their membership, because they might be fraudulent.
✅ I have tenants at my buy-to-let property, can they stay under a new owner?
Yes, this is one of the simpler ways to handle the sale of a buy-to-let house or flat that currently has tenants with any amount of time left on their rental agreement. Some buyers will agree to purchase your home and take on the role of being a landlord for the existing tenants, and the new owner will commit to following the terms of the agreement you reached with the renters.
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