I need to sell my investment property unexpectedly but it’s currently tenanted and the contract doesn’t expire for another six months. There’s no break clause either. I have spoken to a couple of agents and have had conflicting advice about the best way forward. What can I expect to happen if I sell?
Dear Buy-to-let Landlord
On first reflection, this seems like a big headache. But there are options that are open to you and worth exploring.
The first and easiest is to try selling to another investor who will be happy to purchase the property with the current tenant in occupation.
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Most savvy investors would not have an issue with this as it is actually a very cost effective way of buying.
They receive rent from day one with no void period to take into consideration.
However, given you need to sell quickly you may not have time to wait for that type of buyer along.
So, widening the net would mean looking at a buyer purchasing to occupy the property themselves as a home.
To pursue this type of buyer, firstly have a chat with your tenant if you have a good relationship with them.
Explain the situation. If you’re lucky they might be looking for an out themselves or would be open to a rental discount and assistance in finding another place.
You’ll need to be up front with your buyer too – letting them know that the property is rented but the tenant has agreed to vacate earlier by arrangement. It can’t be guaranteed but it’s better than nothing.
Dawn Sandoval is the owner of Dawn Sandoval Residential in Canary Wharf .