AT XTREME PROPERTIES Ltd
Sell A Tenanted Property
At Xtreme Properties Ltd, we specialize in purchasing buy-to-let properties, including those with sitting tenants. You might be asking, “Can I sell a house with a tenant in it?” The answer is absolutely yes.
We’re here to assist you through this process. It's crucial to respect and comply with the rights of your tenants when selling a tenanted property. Understanding the legal requirements is essential for a smooth transaction.
Our team of industry experts at Xtreme Properties Ltd has extensive experience in investment property sales. Having successfully purchased numerous buy-to-let properties, you can trust that your property sale is in capable and knowledgeable hands.
Am I Able to Sell a Tenanted Property?
Sell your property to a regular buyer
You can sell a tenanted property to a regular buyer who plans to live there, but this can be complex. If you have an Agreed Shorthold Tenancy agreement, you must serve a Section 21 notice and wait for it to expire before completing the sale.
At Xtreme Properties Ltd, we can buy properties with tenants in place. We honor existing tenancy agreements, ensuring your tenants remain unaffected. Many properties we purchase continue as buy-to-lets, either sold to investors or rented out by us.
Sell your property to another viable landlord
One significant benefit of selling your property to another landlord is that your tenants won't have to move out. The assured shorthold tenancy agreement you have with your tenants can be seamlessly transferred to the new landlord.
The new owner will be required to honor the existing terms for the remainder of the tenancy. Another benefit of selling to a landlord is that you won't lose out on rental income in the lead-up to the sale.
Selling a property with problem tenants
Some landlords want to sell their buy-to-let properties due to problem tenants. These tenants may refuse entry to prospective buyers, behave unreasonably, or leave the property in poor condition, making it hard to sell.
At Xtreme Properties Ltd, we purchase properties with problem tenants and will buy your property regardless of its condition.
Free cash offer within minutes, any condition, any location.
Why Sell a Tenanted Property?
Due to this legislation, landlords are no longer able to deduct mortgage interest and other finance costs (including mortgage arrangement fees) from their rental income before taxation. This change has left many landlords financially strained and keen to sell their properties.
In an effort to eliminate “slumlords,” the government has introduced new regulations to enhance standards in private renting. Stricter energy efficiency requirements, electrical certifications, and selective licensing have increased the costs of renting out properties, thereby reducing profit margins.
Many landlords opt to sell their rented properties to free up their investments. With the financial impact of the COVID-19 pandemic affecting many, it is expected that more landlords will seek to sell off their portfolios in the aftermath.
Since the Grenfell Tower tragedy in 2017, it is mandatory for buildings with cladding or other fire hazard features, such as wooden balconies, to undergo a formal safety review if they are over a certain height.
If you own a leasehold on a tenanted flat, selling may be difficult due to cladding issues. The freeholder may be unwilling to pay for the safety review or might charge you for it.
The situation can be even worse if your property is in a council-owned building, as councils rarely cover costs for the benefit of a private leaseholder. However, since Xtreme Properties Ltd buys with its own funds, we can purchase flats with these issues.
Whatever your reason for selling, at Xtreme Properties Ltd, we can buy buy-to-let properties in as little as 7 working days.
What is an Assured Shorthold Tenancy Agreement?
Any prospective buyer will likely want to view the property before making an offer. However, allowing viewings may breach the tenant’s right to “Quiet Enjoyment” – their right to live undisturbed.
Unless the agreement states otherwise, you can’t conduct viewings without express permission from your tenants. The ease of this depends on your relationship with them.
At Xtreme Properties Ltd, we don’t require viewings to purchase your property, which is why many landlords choose our service.
Before selling a property, some homeowners choose to refurbish to attract buyers. This might involve a fresh coat of paint or more significant work like refitting a kitchen or bathroom.
However, landlords are limited in the improvements they can make when selling a tenanted property. The tenants’ right to “Quiet Enjoyment” means you cannot complete any work without their permission. The complexity of this depends on your relationship with the tenant and the disruption caused by the refurbishments.
At Xtreme Properties Ltd, we purchase homes in any condition, so you don’t have to worry about updating fittings and fixtures. We can buy the property directly from you, with tenants in situ.
Trying to sell a tenanted property through an estate agent or on the open market means you can’t control who will purchase it. There is no guarantee that the buyer will be another landlord. If a buyer wants to live in the property, your tenants might have to move out. The time this process takes depends on the tenancy agreement terms, and a long notice period could deter the buyer.
At Xtreme Properties Ltd, we offer a guaranteed sale for tenanted properties. We don’t require you to terminate the tenancy, so you don’t have to disturb or uproot your tenants to make the sale.
Sell Your House Fast
Popular Areas We Buy Houses Quick for Cash
We can buy your house fast wherever you across England, Scotland, and Wales.
- Aberdeen
- Bradford
- Birmingham
- Bolton
- Bristol
- Scarborough
- Sheffield
- Swansea
- Wigan
- Cardiff
- Doncaster
- Edinburgh
- Glasgow
- Leeds
- Preston
- Stoke
- Nottingham
- Wolverhampton
- Manchester
- Middlesbrough
- Leicester
- London
- Liverpool
- Milton Keynes
- Sunderland
- Rotherham