Selling a Property With a Tenant Made Easier

For landlords who need to sell a let property, they may find themselves in a bit of a Catch 22 situation.

Many landlords don’t wish to lose valuable rental income during marketing but many tenants understandably don’t feel particularly inclined to allow lots of viewers around their home.

Whilst most tenants will allow occasional inspections there are reports of some actively trying to sabotage a sale by pointing out problems with the property or simply not answering the door when estate agents turn up.

But NAPB members can help landlords in a number of unique ways…

  1. Because you are coming direct to the buyer, there is no need to have an estate agent visit to value, prepare details, photographs and floorplans saving a potential four visits (and a substantial fee!).
  2. Most of our members will purchase with a tenant in situ, no problem.
  3. The sale is discreet an confidential – no for sale boards or Rightmove adverts to unsettle a tenant.
  4. There will (in most cases) be only one visit from a surveyor.
  5. Because it will be a cash purchase there shouldn’t be fall throughs – the sale, once agreed is finalised.
  6. Landlords keep the rent right up to the day of completion.

So Do Members Really Buy Without Viewing?

Most will. They will rely on old sales or letting particulars and even the property inventory – a reputable firm such as Exact Sussex compile a 50 page report with dozens of internal photographs which give a lot of information to your buyer.

Is There a Downside?

Members won’t be able to pay 100% of market value. Most settle around 80% to 85% but this still works for many landlords once the factor in the convenience, benefit of rent up to the last moment, loss of an estate agents fee and the benefits of releasing equity or losing an expensive buy to let mortgage quickly and efficiently.

Selling to a member may not suit everyone but its well worth getting a no obligation offer as a good place to start. If it doesn’t suit you, just walk away.

Jonathan Rolande

Jonathan Rolande (MNAEA MICBA MARLA) began in the property business in the late 1980’s and is a Director of House Buy Fast and helped to found The National Association of Property Buyers in 2013. He has worked closely with The Property Ombudsman to develop a Code of Practice for Residential Property Buying Companies.