Landlord advice needed. Looking to possibly sell

allybhoy

Looking for advice.

I own an apartment that I currently have rented out to tenants who are in the apartment a year (Lease expires in May). The tenants have expressed an interest to remain in the property at the current rate, I have no problem with this as they are excellent tenants, however as property prices are slowly but surely starting to increase I may be interested in looking to advertise and sell the apartment in the next 12 months. I havent looked into this further or advertised at present, nor have I re-signed the lease with the current tenant.

So im just wondering how do I go about this so the tenant is aware of my intentions. Do I inform the tenant that I am happy to sign the lease but make them aware that within the term of the lease (12 months time) that I may sell the apartment. Do I need to draw up a new lease which stipulates this? How would viewings work if there was interest in the apartment and the tenants were living there etc etc? The first thing I want to do is get it valued and see if im still in NE, if im not or im close to it then I would be interested in selling.

Thanks in advance

Sleeper12

allybhoy wrote: »

Looking for advice.

I own an apartment that I currently have rented out to tenants who are in the apartment a year (Lease expires in May). The tenants have expressed an interest to remain in the property at the current rate, I have no problem with this as they are excellent tenants, however as property prices are slowly but surely starting to increase I may be interested in looking to advertise and sell the apartment in the next 12 months. I havent looked into this further or advertised at present, nor have I re-signed the lease with the current tenant.

So im just wondering how do I go about this so the tenant is aware of my intentions. Do I inform the tenant that I am happy to sign the lease but make them aware that within the term of the lease (12 months time) that I may sell the apartment. Do I need to draw up a new lease which stipulates this? How would viewings work if there was interest in the apartment and the tenants were living there etc etc? The first thing I want to do is get it valued and see if im still in NE, if im not or im close to it then I would be interested in selling.

Thanks in advance

You should phone the ptrb. They will tell you where you stand & how to go about informing the Tennant.

A lot of landlord's think that the prtb are only there to look after the Tennants rights but in actual fact they are there to advise both the Tennant & the landlord. They are quite fair.

jlm29

Do you particularly want to put a new fixed term lease in place? If not, my understanding is that you don't have to, and the tenants continue with a part 4 tendency.
You can make them aware that it's a possibility