Belvoir Peterborough are a specialist in selling tenanted rental property. This process is often beneficial for the parties involved as the vendor doesn’t miss rental income throughout the sale and the buyer purchases a ready-made investment.
In previous articles we have looked at the process of buying a rental property with tenants in situ. In the below article we interviewed a client about his experience as a vendor of a rental property.
GH: So you sold your property in Elena Road in December. What made you want to sell the property?
KB: I decided to sell for a few reasons; the fixed rate on the mortgage was coming to an end which meant that the repayments were going to go up by 75%. I knew Remortgaging was an option but I had seen some new apartments for sale in the city centre that I thought would make great investments so essentially I decided to sell the existing property to buy one of the apartments.
GH: What made you decide to sell the property tenanted?
KB: At the time of deciding to sell we were in the process of evicting the tenant as they had stopped paying rent. Once the property was vacant, I would be left paying the mortgage while the property was on the market, and would be losing money. Belvoir found a new tenant who was ready to move in, so that I could still receive rental income while the sale was going through.
GH: Was the sale affected in any way by the fact the property was tenanted?
KB: I think it was a positive thing that it was marketed as tenanted because it was then targeted at an investor market. I was lucky that the right buyer was found very quickly.
GH: How was the sales process overall?
KB: The sale was completed really quickly, the property went on the market on a Friday in November and there was an offer by the Monday. The sale took just four weeks to complete and I was really pleased by the work done by the Belvoir Sales team.
GH: Were there any problems during the sale?
KB: when the tenant had been evicted, the property was in need of some redecoration so the buyers asked for the price to be reduced by £1,000.
GH: Overall would you say it was a good experience and would you recommend selling tenanted property to other investors?
KB: I think it’s especially beneficial for landlords who are on a buy to let mortgage because you still receive rent to cover the mortgage repayments throughout the sale process.
If you are interested in selling rental property, the Belvoir Peterborough Sales team will be happy to help. Call them today on 01733 511099.