UK Landlord Forum / Life

Hi, i have a small number of properties i have owned and let for some years.  They generally are passable but not in great condition, and all my tenants are long term.  I would like to sell, ideally without doing any work (im getting old!) and of course want to get reasonable prices.
Local estate agents are adamant that i need to ask tenants to leave to sell to anyone.  Is this true? Seems unreasonable really as there is a good chance a landlord will want to buy, as they are cheap houses and good for the rental market.
Are there websites for landlords to buy and sell property to miss out the agents and save money?

No web sites, there must be a market.

You can sell with them in place.

In all honesty, I think a decent auction is what you need. Provided they are marketed to the right people, an auction can be a way to achieve your best price, rather than being a last resort.

This means that they can stay, the Agents are keen to get shot as it makes it easier for them, plus allows people to view who need a mortgage.

I buy properties with tenants in place.
Avoids a void period and it makes good financial sense.

There's a little bit of extra legal paperwork to sort out so conveyancing is a bit more complex.

Thanks, I will have a look for auctions.  I did assume prices would be rock bottom, but more research required. 

I had heard the conveyancing was a bit messy with tenants in place,  but that this could be avoided by getting the tenant to vacate just for the day of the exchange.  Not sure if thats the case. 

It another plus of Auctions, they have to complete on time and not rely on Solicitors.

My Dad is selling a 3 flat HMO at the minute and its taken an age, the "cash" buyer turns out to need all his boxes ticked! Duplicitous to say the least! For £800 up front, you can set your own reserve, so if it doesn't make it on the day, you just loose your £800 ish.

It is really the only place you regularly see houses on the market with tenants.

Good Luck.

I don't know where you are but here in SW London the demand from owner occupiers is so great that if you were selling properties with long-term tenants I guess you would end up under selling them by approx. 15% as most buyers would be unable to raise a normal mortgage on them. Your area may be quite different though.

No its the same, through Agency anyway.

Most buyers in Cornwall are from SW London as well co-incidentally!