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Sell A Tenanted Property in Edinburgh
We make it possible to sell with tenants in Edinburgh.
- Cash house buyer
- No additional costs or hidden fees
- Your timeline
- Receive a FREE cash offer
Edinburgh, Scotland’s capital city, has many rental properties that offer investment opportunities. It’s not surprising given the range of amenities Edinburgh offers, from education to tourism, and property rentals range from short-term to long-term.
However, the problem arises when a long-term rental property needs to be sold by a landlord. Choosing to sell a tenanted property in Edinburgh can be difficult. You’re left with two choices, either find another landlord or investor to take over the tenancy agreement, or you’ll have to evict your tenant. They’re both difficult options and come with their own positives and negatives.
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How it works
The We Buy Any Home process is designed to be simple to ensure selling a tenanted house in Edinburgh can be quick and easy. Our three-step process involves the following:
Free cash offer within minutes, no legal fees, any location.
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Submit your property information
To get started, you’ll need to complete our online enquiry form. You’ll submit the detail regarding your current buy-to-let property, selling situation and the best way to contact you.
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Speak with our expert team
The next part of the process will feature an experienced member of our buyer team contacting you to produce a cash offer. You’ll have the opportunity to discuss your property in further detail, review your ideal timeline for sale, and ask any questions you may have about the process. Utilising our expert’s in-house market knowledge and the existing market valuations, our team will calculate a cash offer. If you’re happy with the offer, we’ll send it in writing through email or post.
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Final offer and purchase completed
The final steps of the process begin when you choose to accept the offer. There will be some necessary paperwork that needs to be completed. Following this, we’ll send out up to 2 RICS-certified valuers to review your property details. We’ll also appoint a solicitor at this point – This will be of no extra cost to you. Once we have all the required reports back, we’ll be able to issue our final offer. If you accept, we’ll move forward and finalise the sale in accordance with your time frame.
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Free cash offer within minutes, any condition, any location.
Selling a Buy-To-Let Property
When selling a tenanted property, you may come across the term buy to let. This is important as buy-to-let property requires additional consideration when choosing to sell.
The recession and Covid-19 impact have both had a significant impact on financial concerns held by landlords. To reduce financial burden amidst other fears, landlords may now look to sell properties quickly to cash in on any profit in market value. As a result, finding a buyer quickly may be important to these landlords.
Recession and Covid-19 impact
The recession and Covid-19 impact have both had a significant impact on financial concerns held by landlords. To reduce financial burden amidst other fears, landlords may now look to sell properties quickly to cash in on any profit in market value. As a result, finding a buyer quickly may be important to these landlords.
Section 24 Landlord and Tenant Act
Due to major changes in the Landlord and Tenant Act, mortgage interest and other property-related finances are no longer tax-deductible. This results in lower profit margins when renting out a property. As a result, other investment opportunities may provide a higher financial incentive than continuing to rent.
EWS1 Concerns
Due to the Grenfell tragedy in 2017, flats are required to have a formal safety review conducted, the EWS1. Without this review, flat owners risk having their properties given a zero valuation by lenders to potential buyers. However, even with the review conducted, flats with combustible material will need heavy investments to address the issue. This can prove costly to some owners, and selling may be a better financial option. Here at We Buy Any Home, we can buy properties with and without the EWS1 completed and even with cladding present. So get in touch if you’re interested in selling.
Problem Tenants
Another reason some landlords may be looking to sell is due to problem tenants. Sometimes, dealing with tenants who cause damage may not be worth the hassle. We Buy Any Home can purchase any property regardless of condition, with problem tenants and even tenants who refuse to leave. We’re happy to take over existing tenancy agreements, simply get in touch and receive your free cash offer.
Free cash offer within minutes, any condition, any location.
Selling A Tenanted Property in Edinburgh 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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Why are houses sold with tenants?
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Is it easier to sell a house with tenants?
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How much does it cost to sell a tenanted property?
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What areas do We Buy Any Home cover?
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Can you sell a tenanted property in Scotland?
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Can I sell my tenanted property?
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Can a private landlord sell the house you’re renting?
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Can you evict a tenant because you want to sell the property?
If you choose to sell a property with a tenant in situ, you’ll need to find a buyer who can take on the tenancy agreement. The tenant will continue to live in the property and will pay rent to the new owner once it has been sold.
What happens if you sell a property with a tenant in situ?
If you choose to sell a property with a tenant in situ, you’ll need to find a buyer who can take on the tenancy agreement. The tenant will continue to live in the property and will pay rent to the new owner once it has been sold.
Is it better to sell a house with or without tenants?
It would depend on your circumstance. Selling a house without tenants is easier to allow for refurbishments, viewings and for a larger pool of interested buyers. However, if you use a cash house buyer like We Buy Any Home, then you can sell with or without tenants.
Why are houses sold with tenants?
Houses are sold with tenants to allow new buyers or landlords to begin benefiting from rental income straight away. This allows their investment property to provide returns almost instantaneously.
Is it easier to sell a house with tenants?
This would depend on the target market. To an audience of buyers interested in buying a property as an investment or Buy to Let, then it is likely much easier to sell. However, if potential buyers are more interested in living in the property themselves, this can be difficult. However, a cash house buyer like We Buy Any Home can purchase with or without tenants, making it easier.
How much does it cost to sell a tenanted property?
If you choose to sell to another landlord or a cash house buyer like We Buy Any Home, it won’t cost you anything extra – in fact, you’ll continue to receive payment until the property is sold. Should you decide to sell on the open market, you may lose the rental income and have to pay for estate agents, solicitors and other expenses.
What areas do We Buy Any Home cover?
We Buy Any Home is available across Edinburgh. Wherever your property is located, we’re interested in buying. Simply get in touch to receive your free cash offer.
Can you sell a tenanted property in Scotland?
Yes, you can sell a tenanted property in Scotland as long as the tenancy agreement in place is followed. You can use a cash house buyer like We Buy Any Home to sell your tenanted property quickly and easily.
Can I sell my tenanted property?
Yes, as long as you follow the tenancy agreement and ensure you maintain your tenants’ rights, you won’t have any issues.
Can a private landlord sell the house you’re renting?
Yes, but your rights as a tenant are protected by the tenancy agreement, which means you can continue to stay until the agreement expires.
Can you evict a tenant because you want to sell the property?
Yes, but you would have to give them adequate notice. This notice period would be 84 days’ notice, and If the tenant has lived there for less than six months, it would be 28 days.
Get a free cash offer for your home in Edinburgh
Selling a property with tenants in Edinburgh
You have two options if you need to sell a buy-to-let with tenants in situ. Either find a landlord or sell to a regular buyer. Each has its own pros and cons. Here is how it works.
Selling to another landlord
- Receive rental income until the selling date
- The tenant can continue living
- It can take time to find a buyer
If you choose to sell your tenanted property to another landlord, you can let your tenant continue staying in your property, which means you continue to get rental income until you manage to sell. How it works is that the new landlord will take over the tenancy agreement after purchase, which means the tenant doesn’t have to leave. However, finding another landlord or investor can be difficult and may take time.
However, with We Buy Any Home, we can take over existing tenancy agreements and act in a landlord capacity for your tenant. So if you need a buyer to sell your house with a tenant in Edinburgh, contact us now.
Sell your property to an average market buyer
- Larger buying pool
- Can carry out refurbishments and viewings
- Costs more
- The tenant needs to be evicted
The second option is to sell your property to a regular buyer. To do this, you will have to activate the Section 21 notice of your Assured Shorthold Tenancy Agreement as a no-fault eviction for your tenant. This will give your tenant 84 days’ notice to find another property; it will be 28 days if the tenant has lived there for less than six months. Once the tenant has left, you will be free to carry out refurbishments and get the property listed for viewings on the open market.
This option costs more, takes longer and also puts your tenant in a difficult situation; however, if you’re unable to find a landlord to take over the agreement, it may be your only option. If you need a faster process, whether you have tenants or not, we can purchase your property. Get in touch to receive your free cash offer.
Assured Shorthold
Tenancy Agreement
The Assured Shorthold Tenancy Agreement gives your tenant the right to exclusive use and enjoyment and provides a minimum term for which the tenant can stay without fear of eviction. This can make it difficult to sell a property while the tenant is still living there. Especially in the following scenarios:
Viewings
Potential buyers on the open market and even some landlords may require multiple viewings before choosing to purchase your property. This can infringe the assured shorthold tenancy agreement as you would be disrupting your tenant. That is unless you have a good relationship with your tenant who doesn’t mind.
At We Buy Any Home, an in-person viewing is not needed to make a cash offer on your property. Once you’re happy with the offer, only then would we request to complete a valuation.
Refurbishments
Another factor that most buyers will look for is the condition of your property. After long periods of daily use, you’ll need some form of refurbishment to get the property ready for sale. With tenants still living there, this will be difficult to do, especially in relation to the assured shorthold tenancy agreement.
We Buy Any Home buys homes and flats regardless of condition. Small cosmetic issues are not our concern, as our valuations rely on market value rather than property as it exists. If you’re ready to save time and money in your property sale, get in touch today for a free quote.
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