Considering selling your rented property? Watch this ↓
When it comes to selling your tenanted property and releasing your equity, as a landlord you know the issues you are going to have:
The Problem:
In addition to the long timescales involved :
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Current laws favour the tenant. |
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You will need to negotiate with the tenant to vacate the property. It is common to have to pay the tenant to leave and find another property. You will generally be selling your property to a residential buyer who will likely be part of a chain. |
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That chain can fall apart at any time. |
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You will be selling to a buyer who is usually dependant on finance. On average 1 in 5 finance dependant sales have issues and do not complete. |
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You will be liable for utilities, maintenance and council tax until your property sells. |
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Every month that the property is empty and unsold is costing you 1 months lost rental. |
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If the property sells you will have estate agency fees on top of the utilities, maintenance, council tax and lost rental costs. |
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You can see that your asset can quickly become a liability when you want to sell. |
