Selling property with sitting tenant

gambithh

I have a house currently rented a house to an excellent tenant since 2015.
However my circumstances have changed and i now need to sell and put the house on the market.I am elilable for CGT exemption since i purchased in Dec 14.

I would like to advertise the property for sale with a sitting tennant in place,however i know this will most likely be a first home buyer.

As i have never sold a house this is new to me

Can anyone advise me where to start regard what i tell the tennants,regarding selling ,viewings, notice to vacate ,PRTB (if unfortunatly necessary) in the current (Covid) climate.
Any advise welcome.

Gael23

The first step is to serve notice on the tenant, they are entitled to 180 days and I believe that is permitted with Covid restrictions.
If it’s a first time buyer property you haven’t a hope of selling with a sitting tenant because their mortgage will be in the condition of vacant possession

Baby01032012

As above, selling with tenants in situ is a nice notion but in all reality you will not sell the house with them in it. Unless it is the tenants buying it.

With 6 months notice you can’t even contemplate selling at the moment. Make sure you give proper notice, get solicitor to do it as they will have to get you to sign and witness the statutory declaration.

An estate agent is unlikely to take it on without assurance that you have given notice.

Have you spoken to an agent yet?
I imagine selling with a sitting tenant would really limit the people who could buy it and therefore the price.

conical

Why not offer to sell it to the tenant? It’s a more decent way of breaking the news to them that you intend to sell, by at least giving them first refusal. Might even save you an estate agents fee.

DubCount

Selling with the a sitting tenant is a nice idea, but the system makes this madness - no matter how good the tenant is.

Banks require vacant possession before they will extend a mortgage to a potential buyer. Potential buyers looking to live in the house themselves will not want to get involved with the eviction process. This limits your potential buyers to investors who dont require a mortgage. That will knock tens of thousands off the value.

If you need to sell, get some advice and evict the tenant. Nice guys dont win in the Landlord game.

Shiny

We lived in an apartment while it was being sold. They offered us first refusal on it before putting it on the market in fairness.

We did have to regularly clean the place for viewings which was the only annoying part.

MacDanger

Gael23 wrote: »

The first step is to serve notice on the tenant, they are entitled to 180 days and I believe that is permitted with Covid restrictions.

If you give notice today, the clock on the 180 days doesn't start ticking until 10 days after Level 5 restrictions are lifted

gambithh

MacDanger wrote: »

If you give notice today, the clock on the 180 days doesn't start ticking until 10 days after Level 5 restrictions are lifted

Thanks for advise all.

MacDanger are you sure of your statment? If me reenter level 5 does the clock freeze so to speak?

Gael23

MacDanger wrote: »

If you give notice today, the clock on the 180 days doesn't start ticking until 10 days after Level 5 restrictions are lifted

I’m not sure this is correct. I understand that related to evictions but I’m no legal expert