New research from the National Landlords Association has highlighted that almost a quarter (24%) of landlords in the UK – approximately 360,000 – came into the market accidentally or unintentionally.
The findings from a National Landlords Association (NLA) survey, which asked landlords why they first entered the buy to let (BTL) market, show that:
11% were by chance, e.g. through inheriting property
5% acquired an extra property, e.g. when they met a spouse
5% intended to sell but experienced difficulties
3% had to relocate for work, either home or abroad
The research also revealed that three in 10 landlords with a single property only breakeven or make a loss.
Carolyn Uphill, Chairman of the NLA, said: “The figures show that there are a significant number of people who find themselves as landlords without ever having really planned to enter the market. It may be surprising to find that so many single-property landlords struggle to make it work, but we often find that this is because so many simply don’t realise what they’re getting themselves into".
For smaller BTL landlords, the BLT "dream" can often turn into a nightmare, mostly through poor tenant selection or management of the property.
If they only have one rental property and it becomes void, the risk is far greater than a landlord with multiple properties where only one is empty.
When things do go wrong, the "accidental" landlord may find that the law is on the tenant's side. For instance, if the landlord has not protected the deposit in one of the three Government approved schemes, they will not be able to serve a Section 21 notice on their tenant to gain possession of the property.
When a rental property tenancy turns sour smaller landlords often don't have the capacity - either time or emotionally - to deal with it. They may have an emotional attachment to it if it is a former home or property of a deceased love one, and this makes it far harder to deal with problems without becoming stressed.
They can feel trapped in a relationship with a tenant that they probably never wanted in the first place.
At times like these, a quick sale of the rental property can be a hassle-free solution.
No need for estate agents (and their fees), viewings, or a long, drawn out sales process.
If the landlord is willing to sell into the "trade" or "cash buyers" market, then a sale can be completed in as little as four days.
In a recent case, we helped a lady who's husband had died suddenly and unexpectedly in a road traffic accident. She was understandably overcome with grief and unable to deal with the rental property he had left behind. She had no direct relationship with the tenants and no idea of how to manage the property. She was too distressed to take over management of the property and felt that the best solution for her was to sell it with the tenants in situ. She got in touch with us and we agreed to buy the property for 85% of the market value. The client was relieved to have a quick outcome to disposing of this property as she found it too painful to deal with, especially as it had been a previous home for her and her husband.
Here at Open Property Group, we will buy any property in England and Wales that is tenanted. We will take over the problem tenant and rent arrears. That means you don't have to worry about serving notice on tenants, void periods, paying standing utilities and council tax. We endeavour to be sympathetic and discrete with all situations that people might find themselves in. With over 30 years combined experience in property, there is little that we have not seen!
We buy any property in any condition in England and Wales. We can act quickly to ensure that you get a guaranteed cash lump sum in your bank account on your nominated day. We can pay your legal fees and take the property "as seen", even if there are rental arrears or refurbishment required.
Have a look at some of our case studies to see the kind of properties we have bought recently.
Our no obligation service is fast and discrete, and, unlike many companies, it is us who will purchase your property, not pass your details on third parties, such as agents or brokers.
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 property or send us an email at info@openpropertygroup.com
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