Whether you are an experienced portfolio landlord or single property landlord selling a property with a tenant in situ can be a challenge. A tenant in situ is seen by many estate agents as an issue or barrier.
Belvoir Cambridge see selling with a tenant in situ as an opportunity for both the landlord selling and the landlord investing.
A rental property is a micro business unit and needs to be sold as such. Someone buying the property as a buy to let investment will see a tenant in situ as an advantage if you have managed the property and tenancy well.
Buying a used property with a tenant in situ from a professional landlord shouldn’t be any more of a hazard than buying a used car from a franchised dealer. You could consider asking the buyer to pay a little more to cover guarantees you may be able to offer in conjunction with a letting agent covering a rental default and the heating system.
Checklist to prepare your rental property fo another investor
- Schedule of rents and voids for the past 3 years or more if you have them
- Boiler service and replacement parts history
- Gas inspection and action history
- Electrical inspection and action history
- Energy performance and improvements made
- Schedule of improvements carried out
- Talk to your tenant and agree how you can get the property presentable for sale viewings (inside and garden) – be prepared to incentivise your tenant
- Price the property so it makes for an attractive proposition for an investors
Free Sale Advice and Buy to Let Advice
Terry Lucking is the owner and director of Belvoir Cambridge. Terry is proud to have worked in the private rented sector for close to 15 years with thousands of landlords and tenants.
Terry and his team would be pleased to receive calls or emails from landlords considering selling a property with a tenant in situ. They would also be pleased to receive calls from prospective investors.
Belvoir Cambridge are accredited and regulated letting agencies. They are members of ARLA, Safe agent, Propertymark and the Property Ombudsman. One of the requirements for membership of ARLA and Safe Agent is to have Client Money Protection and all client monies independently audited and accounted for annually.
For more information or to ask Terry a question call 01733 511099 or send an email to terry.lucking@belvoirlettings.com
