Are You Selling With Sitting Tenants? Call Us For An Offer Today
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Selling With Sitting Tenants
Properties that are occupied by sitting tenants are diminishing as each year goes by. They have become more popular amongst property investors over the last decade. They are not really suitable investments for buy to let investors because banks abd building societies will not lend money against them. The reason they won''t lend is because you can''t evict the tenant owing to the special typs of tenancy that they have.
Selling A Sitting Tenant - Save Thousands On Fees
The rent that the tenant pays is minimal compared to a short term tenancy and the rent can''t be increased without an application to the local rent assessment panel. Basically the banks and building won''t lend a penny against them so they are the preserve of cash rich buyers that understand protected tenancies.
Now you will be asking yourself why bother with these tenancies if you are unable to borrow against them? Well the answer is that these tenancies will be priced at around 60% of their vacant value on a good day. The older the tenant the more valuable the the property as the landlord will only be able to sell the house at a profit when the tenant dies or moves out. Don't forgt you will not have to pay any estate agents fees when you sell to our company as we are buyers and not estate agents.
Free Valuations For Sitting Tenants - Call Us With Your Details
Once you know that you have a sitting tenant the next important factor for those of you that are looking to sell is to have the property valued. I would say that the two most important factors that are taken into consideration are the age of the tenant/s and the location of the property. A tenant aged forty living in the suburbs is not going to be very popular.
At the end of the day an investor is only going to make any money when the tenant either dies or moves out. Very few tenants move out because their rent is so low that they will never be able to rent anything else in the private sector for the same rent.
Sitting Tenant Quick Offers Made With Quick Completions
Even if the property is in central London it will not attract much attention if the tenant is not of retirement age. As brutal as it may seem investors just want the house to become vacant as soon as possible. Therefore as we have discussed the age of the tenant is very important. If you are looking to sell a tenanted house and the tenant is 70 years old you can expect to achieve around 60% of the vacant value of the house.
So a flat in London with a long lease that has a value of £400,000 would expect to achieve a figure of circa £240,000. Of course this figure may be higher or slightly lower depending on the condition of the property and whether or not the tenant lives alone. Of course we will consider most sitting tenants so please get in touch with details of your tenancy. We can normally make you an offer very quickly and complete very soon after
Sitting tenant Properties always required - call today for an offer on your sitting tenant!