Selling a tenanted property
I have one property in Manchester which is tenanted and I would like to so sell it but keep the tenants renting. How do I go about this?
Selling A Tenanted Property Without Losing TenantsIt's a very common situation where people would like to sell a property but they have tenants in situ that they don't want to lose.
It's a very common situation where people would like to sell a property but they have tenants in situ that they don't want to lose, be it for sake of retaining the income while the property's on the market or just not disturbing the tenants.
This is fine, there are plenty of landlords who will look to purchase property that's already let, however, I think it should be made clear that you will be reducing the potential catchment of buyers that you have.
Of course you won't be able to sell to first time buyers or to people wanting to occupy the property with their own families. So, in view of that, generally prices of property with tenants in, is a little more depressed than a vacant property.
So, you will need to bear that in mind. But on the plus side, you will retain your rental income right up until the moment that you complete.
So, it's a situation you need weight up for yourself.