Property case study: Mr and Mrs W sold a house with sitting tenants

Mr and Mrs W sold a house with sitting tenants

Mr and Mrs W approached Open Property Group in relation to selling a house in Nottinghamshire which was occupied by sitting tenants. The property was let under an assured shorthold tenancy which was holding over on a month-by-month basis.

Mr and Mrs W were looking to raise cash for their retirement, and the respective property was not providing enough income once they took into account typical landlord expenses. These expenses include landlords gas safety certificates, mortgage payments, buildings insurance, management fees, maintenance costs, repair bills and tax bills. All these costs mean that the net sum of money that a landlord receives is far less than the gross (before expenses) figure.

Open Property Group agreed a transaction to purchase the property with sitting tenants. The transaction was quick, hassle free, and completely confidential. Mr and Mrs W received the cash in their bank within the month of their initial enquiry.