There comes a time in every landlord's life when a landlord is ready to exit the market and sell off investment properties.
Sometimes this can be a natural conclusion to an investing life-cycle, but often it can be due to a change in circumstances; Financial difficulty, divorce, retirement, or just tired of the hassle of working with estate agents.
In fact, the most common reasons for landlord's to sell are often quoted as the four D's:
Once a landlord has made the decision to sell an investment property, there then comes the worry of losing the tenant before the property has been sold, and having to market a void property for an indefinite period with no guarantee of when it may sell.
Many tenants, on hearing that the landlord is selling will feel insecure and hand in their notice. Very often, tenants refuse to allow viewings until after they have vacated the property, and they are quite within their rights to do so.
Those that do allow viewings may not keep the property clean and tidy, so it may not show well to prospective buyers.
These are all headaches for a landlord looking to sell. Additional financial worries are that, once the property does become vacant, the landlord is responsible for Council Tax, standing utilities, and possibly increased insurance premiums - not to mention that an empty property can often attract asset theft.
We also recently came across an empty property that had been up for sale for a while. There was a water leak in the house that no one was around to report, and this caused quite a bit of damage that needed to be rectified before any further viewings could take place.
In these kind of situations, the best solution could be a quick cash sale to us. Your tenants need not even know that the property is up for sale!
We will make a cash offer for your property, and, if accepted, take over the tenancy from you in a smooth, quick and hassle free process. This relieves you of the hassle of a sale and puts a guaranteed cash lump sump in your bank account to the timetable that suits the homeowner.
Even if you do get an offer on a tenanted property, it can often fall through or be a long and drawn out process, and you may still end up with an empty property and no sign of a sale. Buyers can be pedantic, and lenders may cause problems about the compulsory tenancy deposit scheme, tenancy agreements, rent arrears or tenant profile.
As landlords ourselves, we are only too aware of the worry of paying the mortgage on an empty property with no rent coming in within the burden of ongoing management and maintenance too.
That is why our cash buying service is specially set up to be efficient and fast. We work with solicitors who work very speedily to get the sale through and we can complete on acquisitions in less than 7 days where required. We have over 30 years experience between us of making this happen and completing on property sales in super-fast time. Our quickest ever transaction was 48 hours, however normal practise is to under-promise, and our ethos is to over-deliver.
So, if you have a tenanted property that you wish to exit, you should at the very least give us a call for a no-obligation offer regardless of the property and condition, tenancy or location.
We are proud to say that we are seeking to raise standards in the "quick sale of houses" sector and we won't try any monkey business like down-grading our offer on the day of completion, as some other less reputable companies have been known to do!
So to summarise .... :
The best points about selling your tenanted property direct to us are felt in your pocket because you don't have to worry about:
* Paying estate agent fees of 2% plus VAT.
* Finding a buyer who's lender will allow the purchase of a property with a tenant. (There is only one lender that we are aware of who allows this).
* You don't have to spruce up your property for marketing and sales purposes. We buy as seen.
* You don't have to suffer a void period while the sale goes through i.e empty property paying a mortgage and ongoing liabilities (where applicable).
* We pay your legal costs.
* We pay for an EPC where you don't have one.
When you take all that into account, it can often be more profitable to sell your property direct to us for cash, rather than trying to sell it on the open market.
Read more at Selling a property with sitting tenants.
The Directors of Open Property Group comment:
"We will consider any tenanted or problem property, no matter what the status of the tenant's tenure. We consider tenants on AST's, Assured, life tenancies, regulated tenancies, or even no tenancy agreement at all. We will also consider a property where the tenant is in arrears on the rent.
We also consider properties in any condition and are not phased by a property that needs a lot of work doing to it to bring it back up to market specification.
You are assured of a genuine and professional service from us and we are happy to chat informally about your situation and how we can help, so please do not hesitate to get in touch".
Open Property Group is a new name in the "quick sale of houses" sector with the mission to raise standards and improve customer experience. Give us a call on 0800 990 3939 to receive a no-nonsense cash offer for your propertyor send us an email at email@example.com
We buy property directly and you won't pay any agent's fees.