Selling My Tenanted Property – How to Sell Fast With No Tenant Disruption
Selling your tenanted property fast and for a good price is not easy. But if you follow the answers to these questions and are well-prepared, you’ll be able to sell your property quickly and without tenant disruption.
What Should I Do First?
First things first, speak to an agent that is an expert on tenanted property sales. Take advice and establish a realistic sales price and timescale to fully understand how the process will work.
When you are looking for a fast sale of a tenanted property, it’s important to be open to the fact that your buyer may be looking for an element of discount. A Scottish Single Survey will place a value on a property however this is presuming vacant possession and with full open market marketing – none of which you have if you are wanting speed and no disruption.
However, a good property which is yielding well and offering scope for capital growth can make exceptions and achieve fantastic prices!
Should I tell My Tenant That I Am Selling?
We would always advise being open and honest with your tenants, especially if you have built a good relationship with them. The last thing you want is them getting wind of the sale whilst being left in the dark and starting to panic.
The most important thing for your tenant to know is that the sale will have no effect on their tenancy and that you have no intentions of evicting them. If you are clear from the beginning, they are much more likely to be accommodating and help keep the process as smooth as possible.
Happy Tenants + Good Properties = Better Sales Prices!
What Information Do I Need To Provide?
As soon as you have an offer accepted on your property, the buyer’s solicitor will be expecting a number of documents quickly to start their due diligence. Having these prepared in advance will speed up the sale and make the process easier for everyone involved – including you.
They will require the following as a minimum;
- Tenancy Agreement
- Safety Certificates
- Lettings Agent Details
- Tenancy Deposit Scheme Information
If whilst preparing these documents, you discover anything is missing or out of date, make sure you rectify this as soon as possible. Find out more information about Landlord requirements at The SCottish Association of Landlords (SAL) website.
Who Should I Be Selling My Tenanted Property To?
When speed and efficiency are paramount, you want to be targeting reliable and seasoned property investors who will make quick decisions and honour their offer through to completion. This is where using a specialist broker rather than selling on the open market comes into its own. We work with highly experienced and trusted investors and we know their buying requirements. This means that depending on your property, we can quickly align a suitable buyer who we know can act fast and ensure a smooth transaction.
The value we bring is that we often know who is going to buy your property before they have even seen it. Find out more about your buyers on this blog.
I’ve Accepted An Offer, Are Tenant Issues Still My Responsibility?
Yes, whilst you are still in ownership of the property, have your name on the lease as the landlord and benefit from the rental income, the responsibility is 100% yours!
Accepting an offer does not give you the authority to ease off on your duty of care as a landlord to continue to provide excellent accommodation to your tenants and deal with any issues big or small.
What Happens On Completion Day?
On the day the sale completes there are a number of parties involved and a number of moving cogs that turn to bring things to a close.
The lease documents will have been analysed and altered accordingly by the solicitor involved in the conveyancing and also the Lettings Agents representing both parties (this is much easier if the same Lettings Agent is continuing management!), part of this process will be the new owner being named as the landlord and responsibilities no longer lying with the seller.
The Tenancy Deposit will transfer to the new landlord’s chosen Deposit Scheme as soon as possible, it can take a few days to happen.
Rent apportionment should be lined up in advance so any portion of the month’s rent can be allocated accordingly if already received by the seller in advance. This is sometimes handled by the solicitors or after completion by the Lettings Agents.
Overall, the key point is that on completion day, there is no difference or change to the daily lives of the tenants, the seller or the buyer. It is a process that if well prepared for, will happen smoothly and efficiently with no disruption.
The Seller achieves a good sale, the buyer gets a new investment property and the tenant continues to enjoy their Home. Win – Win – Win.
So, What Are The Key Points When Selling My Tenanted Property?
- Preparation is extremely important
- Be open and honest with your tenants
- Use a trusted tenanted property specialist
- Ensure all documents are valid and in date
- Target the right buyers
- Look for the Win – Win – Win scenario!
If you have a tenanted property and are considering selling it, please get in touch with us to discuss your options and how we can assist you. We offer a free, no-obligation consultation and can also introduce you to great mortgage brokers or Lettings Agents, should selling not be the right option at this time.
Our selling platform helps property owners sell their investment portfolio with ease by avoiding the hassle, time and cost of the open market and enabling a fast, reliable and discreet off-market transaction.
This is achieved by a combination of our expertise in portfolio analysis and by knowing our buyers. By doing this, we can quickly establish the key selling points of a portfolio and match these with tried and tested clients who we know will be well-suited to purchase the properties. Find out more here!