Landlords who want to sell their properties have two choices if there are tenants in situ. If they are good tenants, then it could make sense to sell before the lease is up if another buy-to-let investor is interested. Otherwise, it could be prudent to let the lease run out or give the tenant notice to quit as per the contract before putting the property on the market.

Selling When Empty

It makes sense to let the lease expire, carry out any cosmetic work to make the house look fresh, and then sell it when it is vacant. This means the property will appeal to other landlords as well as buyers looking for somewhere to live. Obviously, the house could take time to sell so you need to factor in for a few months without it earning an income for you. If selling to a buy-to-let investor, make sure you have all the accounts ready to show how much income the property brings in and the expenditure. This could be a deciding factor in whether the investor will go ahead with an offer.

Selling With Sitting Tenants

This also has its advantages if you have a good relationship with your tenants. Sometimes tenants will start to look for somewhere else to live straight away if they know the landlord is selling up. However, if they know you are selling to another landlord or property management company, they may decide to stay put. This has the bonus for the buyer as they already have tenants in situ and the property makes an income for them from the day they buy it.

Buyers will have an added sense of security because they can see the pre-agreed rental figure which guarantees an income without a void period. As the seller, it could be possible to increase the price of the property because of the value that the sitting tenants and their rent will bring.