If you are planning to sell your house with tenants in Sunderland, things can get a tad complicated due to tenants and the leasing agreements. In today’s post, we discuss in detail the nuances of selling your house with tenants.
The most important thing to remember when selling your house with tenants in Sunderland is transparency. As soon as you decide to sell, let your tenants know so they stay prepared. If your tenants wish to continue with the lease, you can try to find a buyer who does not mind buying a house with tenants. If you handle the paperwork correctly, the transition should be extremely smooth and ideally, your tenants should not even feel any difference. But finding such a buyer might take longer. If you want to sell due to a cash crunch or if the property is incurring a loss, you may want to sell it faster.
Selling to Investors:
Selling to investors should be the first choice as this eliminates the listing, marketing, cleaning and showing of the house. Cleaning and showing can prove tough with tenants leaving in the house. If you sell directly to an investor, you skip all of these activities and the tenants might prove to be an added advantage. The buyer gets immediately cash flow without the need for cleaning and/or renovation.
Uphold Your Tenants’ Rights:
Tenants have certain rights in Sunderland you should be conversant with the tenant’s rights. First of all, if you are looking to vacate the property, ensure that you are giving enough notice to your tenants and in the proper manner. Your leasing agreement must have a clause allowing you to terminate the contract early. As long as you follow the legal guidance and the clauses in the agreement, it is not that difficult to sell your house with tenants in Sunderland.
Incentives can Ensure Cooperation:
If you plan to sell your house through an agent, your tenants’ cooperation is paramount. The cleaning, listing, photographing and showing requires their help and support. Not to mention, all of these activities cause great inconveniences to the tenants. To get them to bat for you, you can offer financial perks or incentives such as reduced rent for the period of selling the house. Payments for cleaning and even the first month’s rent at their new home. Such small financial gestures ensure their complete support which allows for the sale to go through smoothly.
Try Selling to Your Tenants:
Apart from you, your tenants are the only people who know more about your house. Sometimes they might know more than you! Not to mention the emotional attachment they may have developed with their home and the community nearby. Selling house to a tenant is fairly common in Sunderland since it saves a ton of money, time and effort. Before you approach an agent or listing service, reach out to your tenants.
Respect Your Tenants:
Many Sunderland owners think that as the owner of the house they can take any decision without keeping the tenants in the loop. However, that is not the case. When you have leasing agreement in place and tenants are staying in the house, it is their home. Keeping them involved in the discussion and taking their input can go a long way in seeking their cooperation. Treating them with utmost respect will make the sale go smoother, especially the showing of the property.
Wait Till the Lease is Up:
If you can hold off on the sale for some time, it is better to wait until the lease is over. Then you can cordially let the tenants know your plan with the property. In case you are dealing with long-term tenants, letting them know ahead of time and providing them with a longer notice period than required will ensure an amicable solution. In case you want to take the help of a Sunderland agent and list your property, the sale can take a few months anyway which should be ample time for your tenants. Once the house is vacated, you can show around with ease and flaunt the benefits without any clutter.
Despite there being a lot of challenges, it is possible to sell your house with tenants in Sunderland. Most of the times the issues begin with your relationship with the tenants. Keeping an amicable friendly relationship with them make things go extremely smoothly. Always follow your selling plan, keep your tenants informed and follow the law and you can get it done without much hassle.
If you need help to sell your house with tenants in Sunderland, give us a call on 0191 486 2386 or click here. We can help and guide you with solid information and guidance over the phone or email.
About Richard Mews
Richard has 31+ years of property experience, has been Chairman of several regeneration committees and has helped more than 600 homeowners and landlords get easy, stress-free personal solutions for selling their property. Richard’s goal is to give you unbiased help to receive a quick house sale, even if that means not working with him.