Selling a Rental Property

Discussion in 'Property investment and tenants' rights' started by dino, Aug 8, 2018.

  1. dino

    dino Frequent Poster

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    117
    My rental property is now back in positive equity and I have decided to sell it. I lived in the house for 4 years and it has been rented for 9 years. Everything is above board, PRTB, tax, etc.
    I want to sell the house now as the tenant is slow to pay rent and can be difficult. Also, it is in an RPZ so I am getting ~30% less than current market value rent. I also live a long way from the property so not easy to manage. The current tenant is in place for 5 years.
    Am I correct in saying that I need to give 112 days notice?
    I also need to get a statutory declaration. Can my solicitor do this for me?
    I am worried that the tenant will overstay as she has two young kids, is on social welfare/rent allowance and when she ran up arrears a few months ago she contacted Threshold to negotiate that repayment of arrears.
     
  2. Sarenco

    Sarenco Frequent Poster

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    4,959
    The correct notice period is actually 140 days for a tenancy with a duration of 5 years+ but less than 6 years.
    The RTB has a template statutory declaration on their website that you could adapt for your own circumstances but you would need to swear it before a practising solicitor (or somebody else that is entitled to administer oaths).
    I can certainly understand why you are worried. I wish you the best of luck but I think you should steel yourself for some stressful times ahead.
     
  3. Bronte

    Bronte Frequent Poster

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    12,447
    You could be helpful in her leaving by making it easier for her. Try and think of it from her point of view. Firstly she needs a deposit, and without it she will get nowhere. But she clearly has zero money. So I would suggest that you speak to her, tell her unfortunately you need to sell and that you have no problem returning her deposit to her in order to secure a new place when she finds one. (no money handed over until you're sure she's not going to pocket it and stay) Also you should tell her you will give her a good reference if she needs one.

    If need be if I were you I'd be willing to pay her maybe 1 or 2 K to leave, and only give it to her on the day she hands you the keys. With her stuff out. But don't tell her any of this right now. Have it in the back of your mind though.

    You could also offer to help her move her stuff (or pay someone instead).

    As Sarenco said, best of luck.
     
  4. AlbacoreA

    AlbacoreA Frequent Poster

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    2,997
    I think you should be prepared that the client will almost certainly overstay. Accept that it will take longer than you expect to extract from this situation. Don't stress and treat it like a business and a bad debt.

    I don't have to tell you that the tenant will find it impossible to move. a Couple of K (a months rent in some places) will be no incentive. Not to mention as a long term tenant the inertia will be a factor.
     
    cremeegg likes this.