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Sell a Tenanted Property in London

Need to sell a tenanted property? 

Being a landlord is a large responsibility and can create a whole list of questions when considering how best to handle the sale of the property. Situations like this can be extremely delicate as you look for an undisruptive solution for everyone involved. 

This doesn’t have to be as complicated as it sounds. Selling a tenanted property is often the best choice, avoiding serving notice and creating unnecessary tension. 

Now is the time to act. If you have a buy-to-let property in London and are ready to sell it fast, complete our “Get a cash offer” form, or contact us at 0800 774 0004. 

Get a cash offer for your buy-to-let property today.

Get a free cash offer for your house in London

How it works

We provide a simple and efficient process that thoroughly guides you through the sale of your London rental property. Here’s how it works:

Free cash offer within minutes, no legal fees, any location.

  • Complete your enquiry form

    Tell us about your buy-to-let and tenanted situation. No visits are required, ensuring a quick and hassle-free resolution.

    We will then thoroughly review the property details. We use proprietary valuation software linked to our database of comparative values to provide you with the most accurate value of your property in today’s market.

  • Receive your offer

    Within 24 hours of receiving your request our team of experts will call to offer you the best deal for your property.

    We’ll discuss the best options for your property and your needs including tenants, timings, and funding in order to ensure we’re aligned with your goals for sale. This is your chance to have any of your questions answered so you can be confident about your property sale. 

  • Sit back and relax

    Now comes the easy part.

    Once you’ve accepted your offer and completed the paperwork, we’ll get the ball rolling:

    1. We’ll appoint an independent solicitor to act for you – All expenses paid
    2. We’ll organise for up to 2 RICS-qualified surveyors and valuers to assess your property – All expenses paid
    3. We’ll finalise our offer based on their feedback and that of our in-house trusted legal team

Free cash offer within minutes, any condition, any location.

What is a Buy-To-Let Property?

A buy-to-let property is any home or flat purchased with the intention of renting this out to tenants. Regardless, the actual owner of the property will not be occupying this home.

In return of occupation, tenants will make rental payments, typically used to subsidise any running costs such as mortgages, ground rent and management costs.

Most tenancies will be under an Assured Shorthold Tenancy agreement (ASTs). This is a legally binding contract for almost all tenancies, whether they are for a fixed duration or periodic. Whilst not a legal requirement, they help resolve any potential disputes or misunderstandings further down the line.

There are many regulations in place to safeguard landlords and tenants, it’s best to refer to Government guidance for the full details, yet this does mean that selling a tenanted property must be carefully handled to avoid any repercussions.

Free cash offer within minutes, any condition, any location.

Selling A Tenanted Property in London FAQ's

Selling your property with tenants doesn’t need to be complicated. The new owner will effectively take over the tenancy agreement, keeping the tenants in place and honouring the agreement. This will involve a transfer of the deposit and the tenancy agreement.

What happens if you sell a property with a tenant in situ?

Selling your property with tenants doesn’t need to be complicated. The new owner will effectively take over the tenancy agreement, keeping the tenants in place and honouring the agreement. This will involve a transfer of the deposit and the tenancy agreement.

Is it better to sell a house with or without tenants?

It’s tricky to give a definitive answer here. Some buyers may see the property as a great investment with tenants in situ providing a quick and easy investment. However, you may find that other factors such as yields, tenancy duration and price impact decisions making the property less desirable. 

We Buy Any Home can offer a solution regardless of the situation, avoiding any concerns you may have.

How Much Does it Cost to Sell a Tenanted Property?

Using the open market means you could incur typical agency, conveyancing costs and survey costs. Using a home-buying service can alleviate these costs but mean selling slightly below market value. 

It will also be the responsibility of the new landlord or agent to arrange for the deposit to remain protected and for the new agreement to be drafted. 

What Areas in London Do We Buy Any Home Cover?

We Buy Any Home can help in all locations where you are looking to sell a tenanted property in London. From popular boroughs such as; Kensington, Richmond, Camden, Isle of Dogs and Wandsworth to those much further out; Sutton, Kingston, Dagenham and Hillingdon! Get in touch to discuss your unique situation.

Get a free cash offer for your home in London

Selling With Tenants

It’s a significant decision to sell with tenants, conducting this in a respectful and considerate manner for all should be the main priority. Whilst you do have a few options available, it’s worth assessing the best choice for you and your timeframe.

Selling To Another Landlord

Whilst easier said than done, finding another landlord to inherit the tenancy has its benefits. They’ll have the responsibility to maintain the legal agreement created which will result in minimal disruption for all involved. New tenancy agreements will need to be signed, however, this transfer can be easily done as other tenancy terms are expected to be upheld.

Finding a prospective landlord is another matter. With rising property costs in London, landlords may find that the yields are less than desirable with better opportunities coming from property development and other avenues.

Selling To A Regular Buyer

Historically this was a common option available to landlords. Buyers could purchase properties with the intent of serving a Section 21 notice to the existing tenants, getting occupation in line with the agreement. This is no longer an option. Following the abolishment of the Section 21 notice, buyers will need to wait for the tenancy to end or have evidence of a breach in order to serve a Section 8 notice.

You’ll have a larger number of available buyers with this option, however, timeframes will deter a large quantity. This is even before the considered risk of having to engage with the courts to assist with the eviction process if tenants choose not to leave.

Selling To A Home Buyer Service

There is another way. At We Buy Any Home, we can purchase properties regardless of the situation. You’ll have our guarantee that we’ll uphold the tenancy agreement creating as little disruption as possible for all involved, landlords and tenants.

Our expert team have been involved in countless buy to let purchases, you’ll have peace of mind knowing that we’re able to take on this responsibility. Either continuing to rent the property ourselves or selling onward to investors eager to expand their portfolio.

Assured Shorthold Tenancies (ASTs)

Before setting off and taking the next step. Understanding the common types of tenancy agreements will help make this an easier transition. Most tenancies in London will be an Assured Shorthold Tenancy or AST. If all of the following apply, the tenancy will likely be an AST: 

  • You’re a private landlord or housing association
  • The tenancy started on or after 15 January 1989
  • The property is your tenants’ main accommodation
  • You do not live in the property

If your agreement fits with the above, tenants have the right to remain in the rental property for the agreed fixed period of time which should be outlined within the agreement.

It’s worth noting that if you rent out a room or have a lodger, this would fall under a licence which has slightly different rules surrounding eviction.

Read more about Selling A Tenanted property in London

View all articles
Assured Shorthold Tenancy: Everything You Need to Know
Tenants’ Rights When Landlords Sell Property
7 Ways to Relieve the Stress of Being a Landlord 
Will Cash House Buyers Kick Out My Tenants?
What Happens When a Leasehold Expires?
Freehold vs Leasehold: the Different Types of Home Ownership
Is It A Good Time To Sell A House?
Joint Tenants vs Tenants in Common, What’s the Difference?
Is It the End of the Buy to Let Boom?

Free cash offer within minutes, any condition, any location.

Selling a Buy-To-Let Property

Unsure on where to start with selling a tenanted property? 

Rental properties in London continue to be in high demand. With rents increasing by 16.1% year on year in the nation’s capital, supply cannot keep up with the demand fast enough. The average property is currently rented out for £2,343pcm, and these premium costs are causing London to fall behind other areas in England as renters find themselves priced out of potential moves.

This is great news for landlords, although we can appreciate that circumstances change. In London, the average sold price was £757,245 over the last year.

For landlords who bought these properties a significant time ago, it’s highly likely that your equity will have increased significantly, with growth from 2019 exceeding 11%.

With now looking like the prime time to consider selling, understanding the potential risks is crucial. On average, properties in London take 132 days to reach a sale. Timing this incorrectly could leave a considerable financial burden on your shoulders. In addition to this, vacant properties run the risk of vandalism, insurance premiums and other incidents which require watchful eyes. 

To add further pressure on landlords, regulations enforced by the Government restrict your options. After scrapping Section 21 evictions, landlords can no longer opt for no-fault evictions. This is predicted to be the tipping point for many landlords across London. There’s no need to stress, you’re not alone with your concerns.

Free cash offer within minutes, any condition, any location.

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