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Selling my rented house - confused about timescales

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Author Topic: Selling my rented house - confused about timescales  (Read 61 times)
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Posts: 1

I like property

« on: September 02, 2020, 11:48:29 PM »

Hi all and thanks in advance for any help and advice
I moved in with my partner 5 years ago and have been renting out my house since then.  I've owned it since the 1980s.
We took early retirement (late 50s) a couple of years ago and it was always part of the Plan to sell my house to fund us until our pensions kick in.  We have had the same tenants since 2016 and they have not caused any problems.  We did tell them a year or so ago that we were planning to sell the house in the Spring of 2021.  Now however, with the Government stamp duty incentive scheme and a change in some personal family circumstances, I am keen to sell earlier than planned.
My tenants are on a SPT since their initial AST ended in October 2017.  I believe that previously we had to give 2 months notice but now under the Coronavirus Act it is 3 months - is that correct?
Also, I have read as much as possible but I would still like clarification regarding the process.  Can I simply send a letter giving notice and asking if they are willing to vacate on an agreed date (as relations have always been good) or should I complete and send a Form 6A to make the process official?  I am keen to do the right thing as they are a young family and have been good tenants, but I would like to get the property back asap so I can carry out any repair work required and get the house on the market
Thanks for any assistance in this
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« Reply #1 on: September 03, 2020, 10:40:25 AM »

Crikey... that all sounds so misguided to me... don't you think a property slump is more likely to be heading our way? As a result of Covid-19 I mean? It was in the news today that Lenders are restricting good mortgage products radically... increasing the hurdles FTBs will need to jump through to be accepted... it was something like - 6 months ago there were 700 mortgage products on the market with a 10% deposit requirement, today that has fallen to 60 products... your house could be empty and languishing on the market for months and months... unless you're willing to drop your pants on the price... isn't it wiser to be patient and let your Tenants continue?

Maybe hit your existing Tenants with a modest rent increase... to help you out a little bit?

Anyway, notice periods appear to be changing all the time nowadays... https://www.bbc.co.uk/news/business-53851945 ...think in terms of months and months and months and it will likely be a changing feast.
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