Welcome to the most populated and vibrant city in Wales
If you’re looking to offload your buy-to-let property in Cardiff, but the tenants won’t be able to move out in time, don’t despair. Selling a property in the capital city of Wales with tenants-in-situ can be slightly more complicated than usual – and that’s why Sold.co.uk is here to help.
There are currently 616 properties to rent in the city, with thousands more already being let out to tenants. Selling a house with renters in Cardiff that means you’ll need to cross the T’s and dot the I’s when it comes to rules and regulations – but there’s no reason why you can’t still sell quickly.
If you want to get sold in a flash, then a cash buyer is an excellent option. You can avoid tiresome viewings and inefficient conveyancers by getting in touch with us.
You can trust Sold.co.uk to take care of things.
We’re here to help you navigate the process of selling a house with a sitting tenant. We’ve got bags of experience in the Cardiff area and have sold hundreds of tenanted properties in Pontcanna, Roath, Penarth and every other part of the city.
Get in touch with us today for a free, no-obligation valuation.
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What is Buy to Let?
A buy-to-let property is a house or flat that’s bought specifically to rent out to tenants, not to live in yourself. Mortgage lenders provide specific loans for this exact type of purchase: buy-to-let mortgages.
These mortgages are often interest only, so the landlord pays off the interest rather than the capital to increase their yield. If you ever wanted to live in the property yourself, you’d need to let
your lender know so they can switch you to a residential mortgage.
When it comes to selling, the mortgage is simply paid back to the lender, assuming the property price has been maintained or increased in value.
Buy to let mortgages are quite popular in Cardiff, since it is an attractive city for property investment.
What is an Assured Shorthold Tenancy Agreement?
An assured shorthold tenancy (AST) agreement is the most common kind of agreement between a landlord and tenant.
A fixed term is agreed upon between the parties, usually 6 or 12 months. After that, the tenants and landlord can either renew the contract or the landlord can serve two months’ notice to the tenants to leave the home.
Assured shorthold tenancy agreements can have specific clauses around having pets, smoking and subletting. These are pretty standard in these types of contracts.
Tenants can also have break clauses to vacate the property early.
If you’re selling your tenanted house in Cardiff, the new buyer inherits the assured shorthold tenancy agreement that’s already in place. With an assured shorthold tenancy agreement, they may be able to serve the current tenants with a Section 21 notice for eviction.
How to sell a property with tenants in Cardiff with Sold.co.uk
There are some do’s and don’ts when it comes to selling your tenanted property in Cardiff, or else you risk falling out with your renters. Open communication and common courtesy are key to the process going well and getting your property sold without hassle.
You should mentally prepare for a lower offer on your house if you have tenants in place. The average property price in Cardiff is £290k, though Sold.co.uk’s expert surveyors will thoroughly assess your property’s value to give you an accurate estimate of what your buy-to-let property could achieve.
Sold.co.uk has helped to sell tenanted properties all over Cardiff.
Whether you rent to tenants in the city centre, or further afield in Victoria Park, Birchgrove, or Thornhill, our combination of experience and customer service is unmatched.
Contact Sold.co.uk today for a free, no-obligation consultation on your tenanted house in Cardiff.
The pros and cons of selling a tenanted property
If your tenants always pay rent on time and look after the property, other buy-to-let landlords may be looking for houses with good tenants to save them the hassle of finding new ones.
Plus, there’s the added bonus of a buyer not losing out on any rental income if tenants are already in the property. Some buyers may want to minimise their losses as soon as possible, and a tenant in situ avoids the problem entirely.
The rental market has peaks and troughs, so some buyers would prefer tenants that come with the house rather than risking it sitting empty, which can create security issues.
Many buyers are after vacant possession to set the rental price at their preferred rate. Given the average rent in Cardiff is now £1,544 per month, a buyer may be looking to increase the rent now rather than wait until a tenancy agreement ends months down the line.
Having tenants in situ is also tricky with viewings, as you must give your tenants at least 24 hours’ notice for anyone to enter the property. This might put off buyers wishing to move quickly.
If you’re selling a buy-to-let property in Cardiff with tenants already in place, you’re likely limiting the buying market to other investors. This can sometimes take longer to get the home sold, depending on how buoyant the market is at the time. An investor might also try to haggle with you on price more to improve their yields.
Who rents in Cardiff?
The average age of a renter in Cardiff is 32, so there are plenty of young professionals, couples and growing families renting in the capital. Average rent prices have increased by 6.5% in the last year, which is an investment opportunity for landlords.
With almost 34,000 students enrolled, Cardiff University ensures the city is home to many students looking to rent nearby campus.
Landlords and investors are always searching for suitable properties that might fit the bill as student accommodation.
Cardiff is also much cheaper than other parts of the UK to buy a home, but city centre living is still relatively expensive. With the average property prices in Cardiff currently at £240k, the high mortgage interest rates are putting many first-time buyers off taking the plunge.
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Average figures for rental properties in Cardiff
Cardiff is the capital city of Wales and attracts people from all walks of life thanks to its easy transport links, vibrant cultural scene and excellent university.
Outside of the city centre are some lovely neighbourhoods like Llandaff, Penarth and Roath,
filled with independent restaurants and bars, good schools and green space.
Two-bedroom properties are the most popular rentals in Cardiff, with these homes achieving an average of £1,499 in rent. One and three-bedroom homes are neck-and-neck in second and third place, with a one-bedroom rent averaging £1,267 and a three-bedroom home costing £1,804 on average.
Depending on which part of Cardiff your rental property is in, rental yields could be higher or lower.
Grangetown is on the cheaper end of the rental scale in Cardiff, as well as Roath, with its proximity to Cardiff University.
Cardiff has the lowest levels of homeownership in Wales at 58.3%, and nearly a quarter (24.3%) of households also rent privately in the city. It’s clear Cardiff is the beating heart of the Welsh rental market, which should make things easier if you’re looking to sell your buy-to-let home.
Get in touch with Sold.co.uk for a free, no-obligation valuation on your tenanted Cardiff property.
Sell a house with tenants to a cash buyer
If you’re worried about endless back and forth with your tenants over viewings and don’t want a drawn-out sale, you could consider a cash house buyer for your tenanted home in Cardiff.
A cash buyer can be found on the market, but they’re fairly rare as most homeowners need a mortgage to buy a house – which takes time and can add extra stress if the mortgage lender pulls their offer.
Don’t leave your property sale up to fate – take control with Sold.co.uk.
A home-buying company like Sold.co.uk can make the process as speedy as 7 days, on average. We’ve bought houses all over Cardiff, no matter their condition or if tenants are already in the home.
Plus, we don’t take commissions like a traditional estate agent, and we’ll cover your legal fees, too – so you can keep more of the proceeds in your bank account.
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Read More About Selling A Tenanted Property in Cardiff
Frequently Asked Questions about Selling a Tenanted Property in Cardiff
Is selling with tenants in situ in Cardiff legal?
It’s legal to sell a tenanted property in Cardiff as long as you’re careful about the legalities. There are several ways to go about it, such as putting it on the open market with a high street estate agent, using an online agency or having a cash buyer snap up the home.
How much does it cost to sell a tenanted property?
Selling a tenanted home in Cardiff is no more expensive than selling another property, though you may need to accept a lower asking price to get the house sold. A traditional estate agent will add extra fees, but our online selling agency doesn’t charge a commission – and we cover your legal costs.
Is it easier to sell a house with tenants?
It’s generally considered a harder sell to get tenanted houses sold – both in Cardiff, and elsewhere in the country. That’s because the new owner is fairly limited in what they can do with the property.
Can you evict a tenant because you want to sell the property in Cardiff?
You can only evict your home’s tenants if the correct procedures are followed. That means a Section 21 notice can only be issued once the rental agreement has ended. Wanting to sell your Cardiff house isn’t a good enough reason to evict tenants, but you can offer them a financial incentive to break their tenancy early.
How much notice do I have to give a tenant if I want to sell my Cardiff house?
A standard notice period for either party is 60 days, though check the terms of your rental agreement if you’re unsure of how much notice you need to give. You’ll also need to give tenants 24 hours’ notice for every viewing that takes place at the Cardiff house.
Who buys houses with sitting tenants in Cardiff?
Sold.co.uk is a leading cash buyer in the Cardiff area that can help you move on quickly with your life. If your tenanted property has become more hassle than it’s worth, or your circumstances have changed, we can buy your home in cash in as little as a week.