Landlord House Sales in Leeds
Lemon Lettings & Sales also handles landlord house sales in Leeds if, for some reason, you want to sell your rental property. And with us, you benefit from our usual great value rates.
Our landlord house sales fees are 0.9% – that’s over 0.5% cheaper than the average estate agency fee of 1.42% in July 2018 according to Which.
If you’re a Leeds landlord considering house sales, you can choose to sell with or without the tenants in place. There’s no right or wrong answer; it depends on your situation, the state the property is in, and the buoyancy of your market. At Lemon Lettings & Sales, we know the Leeds area inside out and can advise you of a recommended course of action.
Should I Evict My Tenants To Sell My House?
If your rental property needs some repairs before you sell it, a fresh coat of paint, or replacements of worn items such as carpets, having no tenants will give you time to make your property look more desirable. The nicer it looks, the easier it is to sell your rental property – and you could even achieve a higher price.
If you’re a landlord in a fast-moving area, it may be better to sell your rental property without the tenants, as you may be able to achieve a higher price.
If your property is empty it will appeal to people who want to buy their own home, as well as those who want to buy to let. Maximising your audience in this way is likely to increase your chances of selling. So it is worth considering in a difficult market.
Conversely, if the market is slow and it can take months to sell, you may prefer to keep your tenants so that you can continue to have an income whilst you wait for a buyer.
How Do I Evict My Tenants To Sell My Rental Property?
If you choose to evict your tenants before your house sale, under an assured shorthold tenancy (AST) you give them a ‘Section 21’ notice. This gives the tenant two months’ notice that the tenancy is to end. You don’t need to give a reason, but it can help maintain a good relationship with your tenant if you do. Remember your property is at their mercy until they leave.
Some ASTs protect tenants for the first six months so you need to check the agreement if your tenants haven’t been in the property for long.
If the tenant doesn’t leave by the specified date you will need to apply for court proceedings. Be careful of delaying proceedings to preserve your rental income if your house hasn’t sold yet. Possession proceedings usually have to be started within six months of the date the Section 21 notice was given.
What Are The Benefits Of Selling A Property With Tenants In It?
The main benefit to landlords of house sales with sitting tenants is that you maintain your income whilst you wait to sell your house. This is especially helpful in a slow market.
If your target audience is other landlords, having tenants in situ is usually a key selling point. This is because the new owner doesn’t have to furnish it or find a tenant after they’ve bought it.
There is unlikely to be any impact on the sale as the contract will specify that the property is to be sold with sitting tenants and include the tenancy terms and rent.
How Do I Sell A Tenanted Property?
A tenancy contract will usually state that in the case of the landlord selling the house, tenants must allow viewings. It may also specify the notice that needs to be given before each viewing. It’s typically one or two days. Arrange the viewings for ‘sociable’ times, and keep your tenants sweet or they could leave.
You will need to ensure there is a valid gas safety certificate and that furniture is fire retardant.
The process for transferring the tenant’s deposit to the new landlord depends on which deposit scheme used. However, both the insured and the custodial schemes are simple to transfer.
The new landlord then just needs to notify the tenants that the old landlords’ interest has now passed to them.
Lemon Lettings & Sales can take care of everything involved in landlord house sales for you. We charge just 0.9%.