Are you looking to exit from your Cambridge investment property but not sure what to do about your tenants?
Belvoir Cambridge are pleased to offer a unique solution that will make the selling process smoother and less stressful for all parties: sell your property to another investor and let your tenants remain in the property.
The Seller’s Perspective
As a landlord looking to sell your property it is important to take the needs of your tenants into consideration. You must verify what type of tenancy they are on and how long they have left; if the tenancy is soon coming to end it may be worth waiting until it is time for them to move out before you sell.
If the tenants have just started a contract, or are on a long term contract and they would rather stay put, then selling in situ is a great way of keeping all parties satisfied. For you, this means you keep your tenants on side, and they will continue to pay you rent until the sale has completed.
The key to keeping all parties happy, is finding a suitable buyer who is looking for a property with tenants in situ. You will have to sell to an investor who isn’t intending on living in the property. Belvoir have a network of landlords, many of whom would be interested in purchasing a property with tenants already in place; we can market directly to this contact database and find a potential buyer.
The Tenant’s Perspective
If the tenant is settled and sees the property as their home, the thought of their landlord selling can be an unsettling and concerning time. As a landlord you want to keep your tenant happy so that they cooperate with sales viewings and work with you to try and sell the property.
Selling the property to another investor means that there will be very little disruption to the tenant and they can continue to treat the property as their home. It is important to keep communicating with the tenant during the sale; at the beginning of the selling process, verify regular times when they will be free so you know when you can conduct viewings without causing them too much inconvenience.
The Buyer’s Perspective
For those who are interested in property investment, buying a property with tenants in situ is attractive, and as there are now approximately 1.6 million buy-to-let investors in Britain, it won’t be hard to find the right buyer.
Property with sitting tenants is attractive to investors because they will receive rent soon after completion and won’t have to spend time and money finding new tenants. This type of property will appeal to investors looking for an easy addition to their portfolio or for new investors, looking to try out the experience.
Selling in situ is the win-win solution for investors looking to part with their property. Belvoir have plenty of experience in this area and have successfully paired many landlord-sellers with investor-buyers, resulting in a successful sale.
If you would like to explore this solution for your property please get in touch. Call us today on 01223 352225