Extreme amounts of legislation, changes to tax rules, more stringent energy standards – landlords are being hit hard. These demanding regulations are, unsurprisingly, prompting more property investors than ever to quit the market. Do you want to sell but have sitting tenants (also referred to as regulated tenants, protected tenants and rent act tenants)? Don’t worry, as there’s a ready-made sales solution waiting.
The only way is exit
Research by Propertymark has found that landlords are leaving the sector in droves. Its analysis showed that 94% of landlords who took their property off the rental market went on to sell up, while half of the rental properties sold in March 2022 have not returned to the private rented market.
Selling when the need is urgent
There are options available to landlords wanting to exit the buy-to-let sector immediately but these are limited for those who have sitting tenants. If the sitting tenants break their tenancy agreement, the landlord can start the eviction process but this isn’t a quick fix – far from it. If the tenants are law abiding, they may be protected to the point where they can’t be asked to leave. Ultimately, if you are a landlord with sitting tenants who is losing money or faith in the system, you’ll want to sell as soon as possible.
Sidestep the tricky issue of sitting tenants
Unfortunately, properties with a sitting tenant are highly unlikely to find a buyer on the open market and the only realistic option would be to sell to another private landlord. As an added complication, a new landlord will find it almost impossible to obtain a buy-to-let mortgage on a property with sitting tenants, as lenders deem these renters as a bad risk.
An alternative buyer for properties with sitting tenants is an investor. Open Property Group is a professional property investor specialising in the purchase of houses and flats with sitting tenants, and you can start the sales process now with a no-obligation cash offer.
Selling direct to Open Property Group allows you to release any equity locked in the property within seven working days, if required, and move on with your life with minimal stress. The sale can be conducted discreetly, without viewings and ‘for sale’ boards, and your tenants will not be disturbed or be asked to vacate their home. As added bonuses, you won’t have to serve a repossession order or make good the property as we’ll buy ‘as seen’.
Sell with sitting tenants now
Open Property Group will buy a property with any type of tenant in place. We offer a quicker route to a sale than the open market and our sales process starts with a guaranteed cash offer. Contact Open Property Group now to sell your buy-to-let.
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