How can I get the best value when selling my rental property?
With many landlords now wishing to sell their rental property, we are often asked how to get the best result.
The first thing to consider is the property’s value. The best way to assess this is by contacting your letting agent who should be able to arrange for their sales team to provide you with a guide price without having to disturb the tenants.
If you’re happy with the valuation and you’d like to sell, you should also consider:
· Your tenancy agreement. When can you get the property back? Are the tenants still within their fixed term or is the tenancy running periodically? This affects when you can give notice to get vacant possession.
· Viewings. What does your tenancy agreement say about access and the right to arrange viewings? Most agreements will give you the right to undertake viewings in the last month of the tenancy. Most importantly remember it’s the tenants’ home so you need to handle the matter sensitively.
· Selling the property to your tenants. If your tenants wish to buy the house, we would still recommend you ask your estate agent to negotiate and progress the sale. You should also instruct an experienced solicitor to undertake the conveyancing. The tenancy should end on completion of the property to the tenant.
· Rental income during the selling process. Some tenants will wait for you to give them notice when you find a buyer, whereas other tenants will want to leave the property immediately and find another home – especially if they have children and need security in an area for schools. Be prepared that you may lose your rental income for a while and will need to pay the bills.
For more information and advice on selling your rental property, please contact our lettings team.