Sell a house with tenants in Middlesbrough.
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Sell A Tenanted Property in Middlesbrough
Over the last decade, the number of privately rented homes in Middlesbrough has increased by around 5%. But recent government changes to landlord responsibilities and taxable profits have pushed many buy-to-let investors out of the market. Likewise, high mortgage rates and resulting lower incomes, have discouraged or even prevented some landlords from continuing.
If you’re in the same boat and need to sell your rental property quickly, We Buy Any Home can help. Whether you have a vacant Marton Road student let or you want to sell a house with tenants in Middlesbrough, look no further. We can buy your Boro home in Linthorpe, Berwick Hills or elsewhere in just 7 days, regardless of its condition. And with or without tenants!
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What is buy to let?
Buy-to-let properties are homes purchased with the intention of renting them out in order to generate a profit. Landlords often have more than one house in their portfolio. This is often the case in Middlesbrough, as many buy-to-let investments offer a healthy yield of 7.5- 9.5% thanks to the lower-than-average house prices. However, with profitability at an all-time low across the industry, this still may not be enough for some.
Thankfully, Boro house prices are holding steady for now. In fact, the average sale price is now around £10k higher than two years ago. The only problem is that buy-to-let properties are often more complicated to sell – and the process tends to take longer too. So what’s the best way to go about selling a property with tenants in Middlesbrough? Let’s take a look…
How it works
Sell with tenants in Middlesbrough: How the process works
Free cash offer within minutes, no legal fees, any location.
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Go ahead and leave the paperwork to us
If you proceed with the sale, you can rest assured as we do the legwork on your behalf. This includes arranging an independent solicitor to produce the legal documents, booking a surveyor and any other tasks as needed. There are no fees for this service and you’ll receive the full amount quoted in as little as 7 days – unless the survey highlights a major issue.
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We’ll call you within 24 hours to discuss the offer
After your initial enquiry, our cash buying team will contact you via phone within 1 working day. During the call, we’ll ask you some further questions before issuing a formal, more precise offer in writing. We can also answer any queries you have before leaving you to mull it over.
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Let us arrange the sale for a date that suits you
Ready to sell your tenanted house in Middlesbrough via We Buy Any Home? Great news! Just let us know your preferred completion date and we’ll get everything arranged. This includes the legal paperwork and survey, and transferring the tenancy agreement – all in as little as just 1 week! Better yet, every sale is 100% guaranteed – something estate agents can’t promise.
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Serve your tenants notice and repossess the property
The first approach involves initiating the legal process of evicting your current tenants to regain possession of the house. You’ll need to give them sufficient notice, generally at least 60 days, to allow your tenants ample time to secure alternative housing. The specifics should be outlined in their rental agreement, including the minimum time they have the right to live there.
Fixed term contracts are usually at least 6 months long and you’ll have to wait until it ends to evict your tenants. Unless, of course, they violate the terms of their agreement by damaging the property or missing payments.
This can add a considerable amount of time onto the selling process – far from ideal if you’re looking to sell quickly. Similarly, tenants have a right to ‘quiet enjoyment’ of the property, so you’ll need their permission to carry out viewings.
However, if you’re willing to wait and have accommodating tenants, you’ll gain access to a wider pool of Teesside buyers. That being said, you won’t be able to make improvements to boost your property’s saleability until it becomes vacant. Yet another potential delay to the process where you’ll lose out on rental income while still paying the mortgage!
Sell your Middlesbrough house with a tenant in situ
Meanwhile, when you sell a tenanted property in Middlesbrough, you’ll only attract interest from fellow landlords. And though this will make your house harder to sell, there are also some great benefits to selling with sitting tenants. First of all, landlords are always on the look out for reliable tenants, but they’re not always easy to find. With that in mind, if you’re able to supply a property with them already in place, it will much more attractive to investors.
Secondly, if your tenants want to remain in the property but can’t afford to buy it themselves, transferring landlords could be best for everyone. You’ll continue earning right up until the house sells and you won’t need to redecorate it ready for marketing.
Your tenants won’t need to find somewhere new to live and a new landlord will benefit from guaranteed rental income.
But, with the average Boro property taking 88 days to sell – and buy-to-lets even longer – how can you speed up the process? Well, the good news is that We Buy Any Home offers assured sales on tenanted houses across the town. From 3-bed semis in Nunthorpe to small flats off Cargo Fleet Lane, give us a try. We can even help you sell a tenanted Middlesbrough property with problem tenants, structural issues or interior damage. Apply for a free cash offer today.
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Selling A Tenanted Property in Middlesbrough FAQ's
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What happens if you sell a Middlesbrough property with a tenant in situ?
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Can I sell a tenanted property in Middlesbrough?
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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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How much does it cost to sell a tenanted property in Middlesbrough?
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How much notice do I have to give a tenant if I want to sell my house in Middlesbrough?
If you decide to sell with tenants who hold a current AST, this will be transferred to the new landlord. They will have to honour the existing contract and allow the tenant to live there under the previously agreed terms until it expires.
This includes not increasing the rent or serving an eviction notice before their right to live there ends.
What happens if you sell a Middlesbrough property with a tenant in situ?
If you decide to sell with tenants who hold a current AST, this will be transferred to the new landlord. They will have to honour the existing contract and allow the tenant to live there under the previously agreed terms until it expires.
This includes not increasing the rent or serving an eviction notice before their right to live there ends.
Can I sell a tenanted property in Middlesbrough?
Yes, you can sell your Boro property to another landlord with tenants in situ. Or you can give your tenants notice to leave, then list the vacant house in the hope of attracting more buyers. But to guarantee a sale, you’ll need a reliable cash buying service like We Buy Any Home.
Is it better to sell a house with or without tenants?
If selling via the traditional estate agency route, you’ll likely have better luck selling without tenants. This is because tenanted properties only garner interest from other landlords, narrowing the number of potential buyers. However, with We Buy Any Home, you can choose either option depending on which is most convenient.
Why are houses sold with tenants?
There are several reasons you might choose to sell your tenanted property in Middlesbrough without evicting its current residents. Firstly, if you have good tenants who always pay on time, this will increase appeal for other landlords. Secondly, you won’t have to make any changes to the property before selling it, saving you time and money. And finally, you’ll earn rental income for longer, as you won’t need to list a vacant property for (potentially) months.
How much does it cost to sell a tenanted property in Middlesbrough?
With We Buy Any Home, you can sell your tenanted house completely free of charge! There are no hidden fees and we don’t take a commission, like most agents do. Instead, we’ll provide a true market offer of around 80-85% of your property’s value with no deductions.
How much notice do I have to give a tenant if I want to sell my house in Middlesbrough?
When selling a tenanted property in Middlesbrough, you’ll need to give your tenants at least 2 months’ notice before eviction. And if they have additional time left of their tenancy agreement, you’ll have to honour that too.
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What is an Assured Shorthold Tenancy Agreement?
Assured Shorthold Tenancy Agreements (AST) are a common type of rental agreement between a private landlord and their tenant. They typically include the start and end dates of the tenancy, the amount of rent to be paid and other relevant details.
ASTs are designed to protect both parties, granting rights and outlining responsibilities. For example, the landlord must maintain the property to keep it in good condition for the tenant. Once the contract ends, the landlord can take back possession of their property if they wish.
However, the tenant will have security of tenure for the agreed-upon term. Before selling a buy-to-let property in Middlesbrough, you’ll need to check whether your tenant has a valid Assured Shorthold Tenancy Agreement. If they do, you must honour their right to reside in your rental home until it expires.
You’ll also have to give them at least two months’ notice before eviction if you decide to sell without tenants. If they want to stay in the property and you’re happy to sell to another landlord, their AST can simply be transferred over.
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