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  • Buy-to-Let

    Selling with sitting tenant?

    Hi

    I got couple of properties with sitting tenant , which I am planning to sell.

    Which are the best estate agents specialising in selling with sitting tenant? This obviously gives a good starting point for the investor as the rent starts as soon as they become owner.

    Thanks in advance!

    Waz

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    Do you mean tenants on an AST or tenants with a different type of tenancy such as a lifetime tenancy?

    Either way, most estate agents will be looking for a property with vacant possession to sell to retail buyers.

    When selling with tenants in situ, you are mostly in the realm of the professional property buyer or selling to other investors, and they will be looking for a discount.

    See - 7 ways of selling an investment property

    New way of buying & selling tenanted property

    A friend of mine is a professional property buyer who specialises in buying tenanted properties for cash.  If you send me the details to vanessawarwick (at) icloud.com, I will forward them on to him to see if he is interested.

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    I dont think there is a specialist estate agent in selling property with a sitting tenant. It will, of course, have to be a cash buyer since it is unmortgageable and the majority of property speculators/dealers will be wondering how much money the tenant will accept to leave - £10k, £20, £30? this will be reflected in the bids your subsequently recieve. My advice would be to stick it in an auction and hope that an inexperienced investor pays you top dollar.

    I deal with several proffessional property investors/dealers and developers who will be interested at the right price. Send me the details and I will aproach them. By the way, they retain me so you don't have to pay me anything.

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    Hi Waz

    As TOZ4 has just stated, there aren't necessarily agents who are specialists in selling with a sitting tenant. Most agents will be delighted to have such a property to sell (in our core areas in the East Midlands and Manchester, we would!). Their bank of investors will be happy to buy a property with a tenant in-situ unless it's on an old-style guaranteed peppercorn rent. But if it's a normal AST and they're paying at/close to market rent, then you have a very saleable asset.

    Thanks, Carl

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    Hi, what area, what price and what rent?

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    Just to confirm, a 'sitting tenant' is one that cannot be evicted and can legally occupy the property until they decide to leave or die.  This is the scenario, right?

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    TOZ4

    That's my understanding. If I saw a property for sale with a sitting tenant, I'd walk away.

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    Yeah, but i would like WaseemKhatri to confirm this is in fact the case. If the property was only fifty quid you would buy it, right? So its all about the price.

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    The status of the tenancy - whether standard AST or life tenancy - will make a huge difference to the price, so Waz needs to be clear on this.

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    Hi, at Vesta we specialise in selling property with tenants in place. More than happy to talk to you WaseemKhatri if you're interested?

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    Every estate agent sells property with tenants in place. Very few estate agents will pass up the opportunity to sell any property.

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