If you’re a current landlord looking to sell their property your existing tenants may be stopping you from selling your house and moving on. Whether you are selling your property to reduce your portfolio or improve your cash flow, the good news is that Open Property Group can buy it off you without affecting the rights of your tenants. It would usually be impossible to sell your property until the expiration of a tenancy agreement if the building has tenants, but as a property investment company Open Property Group are able to purchase the house for cash and continue renting it.
For landlords considering the question of whether selling a property with a sitting tenant is legal, a cash buyer such as Open Property Group is the ideal solution. With the backing of cash reserves for investments in property, the company is in a position to take the house off your hands and allow the existing letting to continue. There will be no need to worry about whether you are breaking the law or disrupting your tenants’ life because they will be able to continue living in the property as before.
When it comes to selling a tenanted property, the most important thing to note is that your tenants have rights and cannot just be evicted to facilitate the selling of your house. Traditionally, this meant that landlords would have to wait for the tenancy contract to end but now property owners can also sell their home while those renting it are still living there. As mentioned above, a professional cash buyer with the financial backing and a long-term outlook such as Open Property Group is able to buy the house and continue with the existing tenancy agreement.
If you’re asking yourself, “can I sell my house with a tenant in it?” – You should consider the following issues. To begin with, selling through estate agents often requires waiting for the contract to expire, conducting viewings, and a period during which the property may not earn you income. While most tenants are responsible and considerate, some may damage the building thereby lowering its value. In addition, a property that stays vacant for too long can also become susceptible to vandalism or theft, further depreciating its selling price.
Another major obstacle to selling property with tenants is that most banks will only approve mortgages for properties that are vacant and the house may also require higher insurance premiums while it is empty. Luckily, these issues can be avoided by selling to cash buyers like Open Property Group, as the sale is secured without the need for a mortgage and tenants will continue uninterrupted.
Upon completing the sale of a house with a tenant in it, the buyer assumes the role of landlord for the people living in the property and they have to respect the existing contract. This is a situation that is harder to achieve through using an estate agent for example as this may end up affecting your Landlord Obligations and tenants. Requirements for selling your house with tenants also include viewings, which would disrupt the living arrangements of those renting, which is why a cash buyer would be the best way to go.
In addition, if you’re looking for how to sell a house with tenants then consider the fact that a cash buyer will allow you to avoid many other issues as well. Tenants are not legally bound to allow viewings unless agreed in the contract, and those who do may not present the house in the best way for it to sell anyway. This could impact your ability to sell or result in lower offers due to the condition of the property which will affect the sale price. Open Property Group are professional investors, so buy the property, rather than a domestic purchaser who may be led by superficial factors, such as décor or tidiness.
Open Property Group are reputable buyers and property investors that have the funds to help ease the worries of selling your house with tenants. By contrast, other methods of selling include issues such as limiting the number of potential buyers or losing your rental income from the house for an extended period. Selling rented property to Open Property Group means landlords immediately eliminate the stresses of finding an agent to act as mediator as well as receive cash quickly. Another advantage is that there is also no need to conduct viewings of the property and the existing tenancy agreement will continue to be respected by a cash buyer who can afford to wait.
We have seen that selling a property with a sitting tenant does not have to mean breaking the law or inconveniencing your tenants. By selling rented property to a cash buyer, landlords are able to ensure the existing tenancy agreement is respected to completion while avoiding a range of issues associated with other selling methods. Open Property Group is therefore a great way and viable alternative of how to sell a house with tenants for landlords looking to quickly reduce or diversify their portfolio. Get a quote today.