Your Guide to Selling a House With Tenants
Selling a house with sitting tenants is never going to be straightforward. Dealing with a buyer with a track record of purchasing properties with tenancies is a huge advantage.
What is a sitting tenant?
A sitting tenant is someone who is renting a property at the time their owner decides to sell it. You can also use the expression “tenant in situ”.
Selling a house with a sitting tenant
Before you sell a house with a tenant you have to take a look at the type of lease you have in place. Depending on the type of contract the tenant has, you may be unable to sell the property vacant until the tenancy expires.
Month-to-Month Agreements
If your tenant is renting on a month-to-month basis, it means that you can give your tenants written notice. After this notice, make sure they have completely moved out of the property.
Termination Clause in The Lease
Check your rental agreement for a termination clause in case you want to sell your home. If there is a termination clause, you can terminate the contract on that basis.
Fixed-Term Leases
The situation becomes complicated when your tenants have a fixed-term lease without an early termination clause meaning you can’t just end the contract. Moreover, sitting tenants have their rights that you must respect. As for you, you have less options and less flexibility as the tenants have the right to stay for the duration of their contract.
What options do I have when selling a buy-to-let property with tenants?
1
Wait
You can wait for your tenants to move out or wait for the lease to expire. But this can take time.
2
Pay your tenant to move out
Paying your tenant for moving out is an option. Depending on the situation, your tenants may or may not agree. It will definitely take some time to communicate. Plus, it could be expensive.
3
Sell to your tenant
You can try to sell your property to your sitting tenants. Unfortunately, as in the case of the above, you have no influence on the decision of your tenants. Also, you have no guarantee that your tenants will not withdraw. Additionally, even if your tenants decide to buy your property, you have no influence on their financial situation. You also don’t know how long it will take for them to arrange cash or credit.
4
Sell with the tenancy
If you must sell the house fast. You have to sell it with tenants.
Selling a property with tenants
Selling a property with sitting tenants may seem difficult, but.. you can still sell it. It is clearly going to involve more effort than selling a house without tenants. Dealing with a professional landlord like Gaffsy will be a huge advantage in the negotiation stage.
Should I notify my tenant of the sale?
Tenants have the right to know about a property change in ownership. If you or someone in your family would be in this situation, you would like to know what will happen. So, you need to talk to your tenants before you put the property on the market!
Sell your property to Gaffsy
The traditional process of selling a home can be complicated and stressful especially with sitting tenants. Selling to property buyers can solve a lot of difficulties. First, you don’t have to worry about how to deal with sitting tenants and what to tell them. Second, it is a quick house sale, and that means you can sell your home at any time for a guaranteed price. We can sell to a timeframe that suits you. A quick sale or a little extra time to get your affairs in order, we work to get you moving.
Take a Free, No Obligatio Cash Offer From Us Today and Get Cash in a Few Days
Benefits of selling your tenanted house to Gaffsy:
- Rapid house sale – We can sell your house fast.
- We will explain the sale process and the transfer of ownership to your tenants.
- Your tenants are free to stay, so you don’t have to worry about failing to complete the contract.
- You don’t have to worry about the sale process.
- You don’t have to pay any estate agent, auctioneer, solicitor or surveyor fees.
- You don’t have to repair the damage caused by the tenancy before selling the property.
- Guaranteed sale on a guaranteed date.
