Agony Agent is here to help!
25th February 2020
Q: I need to sell my BTL urgently, but it is tenanted. Help!
A: You may have to sell the property with the tenant in situ, if your assured shorthold tenancy is still within its initial fixed term, whether that be 6 months or 12 months. So, you’ll have to check your tenancy agreement for confirmation.
If this is the case, we suggest that you speak to the agent selling the property, and ask them to see if they will sell the property with the tenant in situ. The new owner may be happy to take on a tenanted property, if they are buying as a BTL.
If, however, you’re outside your fixed term and your tenancy agreement permits you to, just serve notice on the tenants. Before you give notice, it is important that you explain the reasons why; you may find that the property takes a while to sell, so it is a good idea to explain to your tenants that they can stay up until point of exchange. This may give the tenant a bit more time to search for a new home, all the while you are still being paid a rental income.
If you need any other lettings guidance, please do get in touch.