In Britain, we are a nation who has a great love affair with the property market, but like all great love affairs, it’s not without its headaches. Selling property can often be a tiresome and daunting task. However, with the likes of Open Property Group, there are several groups out there who will take all the stress away and make the process as simple as possible.
Selling property can be hard enough to begin with but selling a property with a sitting tenant can bring out a whole number of problems, and few property owners are unaware of how to sell a house with tenants. Tenanted property often refers to a house with a genuine sitting tenant under a secure tenancy, complying with the Rent Act 1977. This means that the tenant has the security of tenure, so effectively they can live in said property for the rest of their life. Under the Rent Act 1977, that tenancy can often be succession meaning they can pass on the tenancy to their spouse or next of kin, so long as they have been living with them for over two years prior to their death.
Due to those regulations, landlords and property owners often ask themselves “Can I sell my house with a tenant in it” and they can be surprised when the answer is simply, yes. Open Property Group are professional buyers and offer a guaranteed, hassle free selling route. Selling any property can be complicated and even more so with tenanted property. Open Property Group can have the transaction completed within 14 days, rather than 14 months it may have taken you to sell it via traditional methods. We buy property throughout England and Wales and use a national network of surveyors, thus have a wealth of experience in selling homes. You deal directly with us so there are no middle men or estate agents to deal with and what’s more, we have cash funds to purchase your property and can provide proof of the cash reserves.
When it comes to selling a property with a sitting tenant, we specialise in purchasing these assets, specifically long term regulated tenancies. As it’s a property that is unmortgageable, there is no high-street lending on a regulated tenancy. Traditionally, a high-street lender will only lend on an assured shorthold tenancy – this is typically between six and 12 months. As the properties are unmortgageable, there tends to be a very limited market for them, which is where our expertise come in. They boast a lot of experience in the valuation of regulated tenancies and as we are long-term investors, we’re happy to hold on to the property and aren’t obliged to sell the tenanted property in question. We have the freedom to add it to our portfolio of long-term tentative property. The property is income producing until the reversion and this is often at the point of death of the tenant, or until they voluntarily decide to move out.
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