Selling Rental Property

M

Mommah

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I am considering selling my rental property.
It's really not making any money.
In fact I would increase my income dramatically if I just put the equity on deposit.

So any advice about selling with tenants in situ?
One of the tenants is my sister.
 
You should give the tenants the proper PRTB notice, look up their website for the rules. You could come to an arrangment with them to reduce the rent in return for them allowing the house to be viewed at certain times. You will have to have vacant possesion in order to sell. They may even agree to stay until say a week before the sale goes through, especially if you reduce the rent.

What is your arrangement with your sister?
 
Thanks Bronte
Sister is a regular tenant...but also acts as my agent on the house.
 
Well as you may have it on the market a while and seeing as your sister takes care of the property there is no need to drop the rent unless it is requested. You should make them aware of your decision to sell but there may well be another investor willing to keep them there. You only really need to let them know that it is going on the market and that they will get 24 hours notice of any viewings taking place.
 
I bought an apartment once with tenants in place. It turned out very well for all parties. I found out later from the tenants that the previous owner never said to them that he was selling and they did not know that people were viewing their apartment while they were out at work.
 
Bessa said:
I found out later from the tenants that the previous owner never said to them that he was selling and they did not know that people were viewing their apartment while they were out at work.
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Wow some landlords are unbelievable!
Thanks MrMan...I'm reluctant to drop the rent.
Had to drop one room already to get new tenant.
I don't think I've made a penny on the house in the last few years.
It needs painting and recarpeting now. Which sticks in my craw since its not profitable.:rolleyes:
 
MrMan said:
You should make them aware of your decision to sell but there may well be another investor willing to keep them there. You only really need to let them know that it is going on the market and that they will get 24 hours notice of any viewings taking place.
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I think all legal advice would be that you have vacant possession. My advice was where you have problems getting tenant's to allow anyone to view the house and to keep them happy by reducing the rent, always better if you need them to let prospective buyers view to keep them happy.

OP you should paint the place before you do the viewings. A fresh link of paint can do wonders.
 
Bronte said:
I think all legal advice would be that you have vacant possession. My advice was where you have problems getting tenant's to allow anyone to view the house and to keep them happy by reducing the rent, always better if you need them to let prospective buyers view to keep them happy.

OP you should paint the place before you do the viewings. A fresh link of paint can do wonders.
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It may be attractive to an investor to have a tenant in situ. Once you have the house sale agreed you can give notice as that should provide you with the adequate period. As regards keeping tenants happy, give them plenty of notice or restrict viewings to twice a week (if your lucky). Some tenants are good in this situation and sometimes they will be awkward, it depends on your relationship.
 
Well she's on rent allowance and I'll probably have to drop her rent after the last budget! :mad:
 
Sorry Bronte, I don't understand.
Rent Allowance is payable at a maximum.
That maximum has shrunk.
She is on social welfare due to a permanent disability.
Its unlikely she will ever work.
I can't see how I can increase her rent any?
 
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