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Sell a house with a tenant still in occupation Wed, 29 Jan 2014 22:02

When landlords come to sell a tenanted property, they have a dilemma.

If the sitting tenant learns that the property is to be sold, they may hand in their notice, causing a void period for the landlord to pay the mortgage while awaiting sale of the property.

An empty property now also incurs a council tax liability and can also attract crime and asset theft.

The tenant may also refuse to allow viewings of the property.  It is within their rights to do so as, all tenants on an Assured Shorthold Tenancy, are allowed to expect "quiet enjoyment" of their rental property.

However, a tenant in occupation limits the number of people a property can be sold to because most buyers will be using mortgage finance, and most lenders require vacant possession before allowing mortgage funds to be drawn down.

Furthermore, a tenant does not have a vested interest in selling the property, and may not cooperate by making sure the property is clean and tidy for viewings.

Even if the tenant does cooperate, selling a property in the winter is not the best time to show it in its best light.  Dark and gloomy days can make the rooms seem dreary and any views enjoyed by the property will not be able to be appreciated by prospective buyers.

For all of these reasons, landlords should consider selling a tenanted property to a cash buyer, who will simply take over the tenancy.

This means that the landlord does not have to experience any of the following costs which would eat into his profit if he went the traditional sale route and waited for a market value offer:

1.  Estate agents fees of 2% plus VAT.

2.  Potential void periods and mortgage payments where applicable.

3.  Council Tax on the empty property.

4.  Increased insurance costs for an empty property.

5.  Dilapidations caused during the tenancy that would need to be put right through deposit deductions.  The remedial works would also need to be undertaken before marketing the property for sale, thereby delaying the start of the marketing.  (See point 2 above).

6. Utility bills which are due as a standing charge whilst the property is vacant.

As a cash buyer with funds standing by, Dream House Buyer would simply purchase the property "as seen" for cash and take over the tenancy.

If you add up all the costs above, not to mention all the hassle of viewings and trying to sell a property, and worrying about the sale falling through, then selling for cash can start to look like an increasingly attractive option.

Founder of Dream House Buyer Richard Hill comments:

"As landlords ourselves we understand what's involved in selling a property and that speed may be of the essence.

We can make a decision within 24 hours, giving landlords a clear understanding of what their property could achieve as a cash sale so that they can decide if this is the best route for them to take.

We can complete in any time frame to suit the landlord, and the landlord can pass the financial risk of the property on to us very quickly without worrying about "spooking" the tenant or experiencing long void periods while waiting for the property to sell.

We've designed our service to be quick, easy, professional, and hassle free so that those looking to sell a tenanted property can move on quickly without the usual worries associated with such a sale".

Our video explains our service in less than 2 minutes:

Dream House Buyer is a family owned property company that considers all types of property, and we buy property with sitting tenants too. We will make an instant cash offer for any property in the UK, regardless of the size, location, condition or value.

We will buy any property that you might consider a problem - including property with sitting tenants, flats with short leases, problem tenants, unmortgageable and structurally damaged property.  We also buy ground rents and portfolios. If you think we can help, then please invite us to make you an immediate cash offer for your property.

Contact us on 0800 1577 497 or email us info@dreamhousebuyer.co.uk

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