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Sell a Tenanted Property in Leicester
Concerned about how to sell a tenanted property and create as little tension as possible?
Perhaps you’ve been renting out your property for a considerable amount of time and circumstances have forced your hand, requiring you to sell. Creating as little disruption as possible should be the priority, yet this only creates added pressure on top of the already growing list of responsibilities.
Initial conversations with estate agents will warn you of the complicated regulations and the severe penalties for misconduct. But what if there was a way to avoid all this unnecessary tension?
We can help. If you have a tenanted property in Leicester and want to sell it fast to cash home buyers, 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 Leicester
How it works
We take great satisfaction in offering a straightforward, thorough process. So that you understand what to anticipate, we’ve divided this process into three simple steps:
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Complete your enquiry form
Give our knowledgeable staff all the necessary information about your property and your predicament. Don’t bother decorating your house. This can all be done over the phone, making for a quick and stress-free resolution.
Utilising our tried-and-true appraisal programme to determine the essential value of the property in the present market, we will undertake an extensive study on the property and the neighbourhood.
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Receive your offer
You won’t have to wait very long. You’ll speak with a member of our staff within the next 24 hours who will provide the best offer for your home and then follow up with it in writing for your consideration.
This decision is important. To guarantee we can deliver the greatest outcome for you, we’ll coordinate your aims with our staff. Additionally, now is the time to address any pressing queries and allay any worries.
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Sit back and relax
It’s time to relinquish command.
We’ll start the process after you’ve confirmed your offer and finished the paperwork:
- We will designate a neutral attorney to represent you, with all costs covered.
- We’ll set up for up to two RICS-qualified valuers and surveyors to evaluate your property – all costs covered
- Based on their input and that of our own, reputable legal staff, we will then finalise our offer.
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What is a Buy-To-Let Property?
Owning a house or apartment with the goal of renting it out to tenants, where you will get money to help with any operating costs, is the simple definition of a buy-to-let property.
Buy-to-lets are vital to the housing market, offering a more cost-effective and time-sensitive solution for people seeking housing. With over 34,000 tenancies in the East Midlands (ONS), it’s evident to see how important these are to the housing market.
Traditionally, most tenancies in the UK will be an Assured Shorthold Tenancy Agreement or AST. Creating a legally binding contract between landlords and tenants, which set out the duration, rent and any other terms for a tenancy. You may find not all tenancies will have an AST as they’re not a legal requirement, yet they do resolve any disputes if there are any disagreements about the responsibilities of either party.
There are numerous laws in place to protect landlords and tenants; for a complete list, consult government guidance; however, this does mean that selling a rental property must be done properly to prevent any ramifications.
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Selling A Tenanted Property in Leicester FAQ's
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What happens if you sell a property with a tenant in situ?
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Is it better to sell a house with or without tenants?
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How much does it cost to sell a tenanted property?
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How much notice do I need to give a tenant if I want to sell my house?
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How much capital gains tax do I pay when I sell my rental property?
If you plan to sell a property with the tenants in situ, you’ll need to brush up on your administration. Transferring the tenancy agreement, deposit and handing over all required documentation (PAT, EPC etc.) to the new owner.
What happens if you sell a property with a tenant in situ?
If you plan to sell a property with the tenants in situ, you’ll need to brush up on your administration. Transferring the tenancy agreement, deposit and handing over all required documentation (PAT, EPC etc.) to the new owner.
Is it better to sell a house with or without tenants?
Both methods have their benefits. You’ll find that selling without tenants opens up the door to more prospective buyers and potentially a higher price. However, selling with tenants can be a faster alternative.
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?
By using the open market, you run the risk of paying standard agency, conveyancing, and survey fees. While using a house buying service can reduce these expenses, selling a little below market value is required.
The new landlord or agent will also be accountable for making arrangements for the deposit to be safeguarded and for the creation of the new agreement.
How much notice do I need to give a tenant if I want to sell my house?
Following the abolishment of the Section 21 notice – if you want to sell a tenanted property, you must adhere to the tenancy agreement and you cannot serve a no-fault notice due to the abolishment of Section 21 notices.
How much capital gains tax do I pay when I sell my rental property?
Any realised gains from the sale of your investment property will be subject to capital gains tax. Once you’ve deducted the value of estate agent fees and other costs, you will be subject to either a 18% tax reduction or 28% depending on your income. If higher than £50,000 per annum. You’ll be subject to the top bracket.
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Selling With Tenants
If you’re still exploring the options to sell your tenanted property, you have a list of available options. Being aware of the benefits and limitations of these methods will help you make the best decision possible for your situation.
Selling To Another Landlord
If you can find a landlord who is happy to take on the responsibility and receive the rental payments from day one then this can be a smooth transition for all involved.
With this, there is a considerable amount of paperwork that would need to be completed. Signing new agreements and transferring the deposit under the new owners’ name. Not only this, the pool of prospective buyers is limited. With rising property costs in Leicester, 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
Selling on the open market opens the door to a larger pool of buyers as some will purchase with the view of living in the property. This could result in an increasing sold price with the added competition but you’ll need to ensure you follow the right procedures and adhere to notices to get to that stage first.
Historically, buyers could serve 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. This can add months to the overall sale process. Not only disrupting the buyers’ plans – but also yours.
Selling To A Home Buyer Service
Using a home buyer service is an alternative that is rising in popularity. We can buy a tenanted property regardless of the situation and have our guarantee to maintain the terms of the tenancy to avoid any bad relations with your tenants.
Our expert team has over 300 years of combined experience within the property industry. We know that dealing with tenants can often be a delicate matter and our team are best placed to help you navigate the regulations for a mutually-beneficial agreement.
Assured Shorthold
Tenancy Agreement
Ahead of using a home-buying service, ascertaining the type of agreement you have is vital to minimize any delays. As covered above, most tenancies in Leicester will be AST.
You can use our checklist here to confirm this yourself if not already known:
- You manage housing for individuals or a housing authority.
- The lease began on or after January 15, 1989.
- The house serves as the primary residence for your tenants.
- You don’t reside in the house.
If all of the above apply, we can confidently say the agreement will be an AST. In some circumstances such as lodgers or room lets, this may differ. With an AST, the regulations set out by the government need to be met and this will cover the grounds for possession.
Read more about Selling A Tenanted property in Leicester
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Selling a Buy-To-Let Property
So what’s the best way to navigate the sale of a tenanted property in Leicester?
Now is a great time to sell a tenanted property. Sold prices in Leicester have never been higher, rising by 15% across the past 3 years to an average of £266,416. Additionally, rents have increased by 9.5% year on year which means landlords are exceeding the highly-sought after 5% yield.
Yield is a representation of the strength of the investment – The average yield in Leicester is around 6.0% which is great news for Leicester landlords. Maintaining this growth will be vital for prospective investors, but Leicester has one of the slowest rates of growth compared to other areas in the country. So the question is, would this put off potential buyers?
As an alternative, you could sell the tenanted property following the end of the contract. This will open up the pool of prospective buyers significantly, but after scrapping Section 21 evictions, landlords can no longer opt for no-fault evictions. As a result, landlords will have to wait a significant amount of time to get the vacant property back in their possession but at this point, it may be too late.
Either way, you’ll be met with significant mortgage and tax implications which have to be considered. Whilst you have a number of available options, maintaining good communication and generosity towards your tenants will pay off in the long run.
Free cash offer within minutes, any condition, any location.
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