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Are you an 'accidental landlord'? Sell your property with tenants. Mon, 28 Apr 2014 11:49

Although the housing market has been looking a little better in several regions during recent times, than at the height of the economic slowdown, there are still many 'accidental landlords' - people who have been forced into renting out their properties due to being unable to sell. Although such money can be useful in covering those household bills and mortgage payments, it's understandable that you may want to more quickly sell your property with tenants.


Some of the reasons for the 'accidental landlord' phenomenon include the property market leaving homeowners unable to sell their property at the desired price, the house not being in a sought-after neighbourhood, the property requiring extensive repair work, maintenance or refurbishment and/or the house lacking basic amenities, or perhaps a problem property such as a trying to sell a flat with a short lease, or legal or strucutral problems.


Faced with these problems, becoming a landlord has its attractions, but you may be deterred by the complex nature of the home rental process. Not only do you need to find the right tenants and chase up any rental arrears, but you'll also need to keep the property well-maintained and ensure your complete compliance with buy-to-let legislation - particularly health and safety policies which include onerous terms such as periodic gas safety and electrical checks. 


It doesn't help that in recent times, mortgage lenders have been scrutinising 'accidental landlords' for an opportunity to take more money from their pockets. Perhaps you haven't notified your mortgage lender that you have started renting out your home, either because you didn't realise the need to or because you were attempting to avoid a forced switch to a buy-to-let mortgage.


The latter type of mortgage tends to be more expensive than the usual residential equivalent, given the greater risk that lenders consider buy-to-let landlords to represent. If you are forced to make a switch, your repayments may be steeper and there may also be an administration fee associated with changing to another deal.


Understandably, these issues may increase your urgency to sell your property with tenants, which is where a cash home buyer like Dream House Buyer can be useful. We can make a guaranteed cash offer for your property, and we have extensive experience of buying properties with sitting tenants. A transaction with us could be completed within days - just get in touch with us to find out more.

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