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Sell a Buy-to-Let Property in Leeds

Thousands are people across the north of England are keen to move into the city centre and enjoy all the exceptional things that Leeds has to offer. From a buzzing nightlife to plenty of great high streets, and lots to do and see around the city, you will almost never be bored living in Leeds.

It’s no surprise, then, that thousands of new people rent in Leeds every year.

You are far from alone if you currently own a house in the city that is being rented. It can often seem like an attractive idea to sign a long-term tenancy agreement and guarantee a longstanding source of income – especially with the average monthly rent in the city recently rising to £1,269.

However, it isn’t always possible to evict your tenants – and they are not obligated to accept any cash incentives to move out. In this instance, selling on the open market may no longer be an option.

That’s where Sold.co.uk comes in.

You can sell your tenanted property in Leeds directly to us for a lump sum of cash. We will make an honest, fair valuation that considers all the factors of your property sale, including the tenancy agreement, condition of the property, monthly rent payments and more. It is then entirely up to you whether you accept our offer or not.

You can contact us about buying a tenanted house anywhere in Leeds – including Armley, Headingley, Oakwood, Chapel Allerton, Hunslet, Beeston and everywhere else in between.

Get in touch today for a no-obligation valuation.

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What is Buy to Let?

Buy to Let has become increasingly popular in Leeds over recent years. Major lenders such as the Leeds Building Society are offering excellent deals to people keen to invest in this area – and that’s why more and more people are considering investing in a Buy to Let in the city.

Buy to Let is a type of mortgage offered by lenders in Leeds, and across the rest of the country, which means that the property is bought with the sole intention of being rented out. The buyer will not live in the house themselves and will usually only pay back the interest on the loan.

Buy to Let is an excellent way to make a hefty profit for property investors.

If the rent you charge is higher than your interest-only repayments, then you can make a sizeable amount of money, while the value of your house goes up at the same time, too.

Once the Buy to Let term is over, you will need to either sell the house, pay off the rest of the loan, or remortgage.

What the buy to let market is like in Leeds

The average rent for a property in Leeds is currently £1,269 per calendar month. If you own a house in the city and want to rent it out, this is the amount that you can make on a ‘typical’ property.

Over half of the houses rented in Leeds over the past year are one- or two-bedroom properties,

which brings this average monthly payment down significantly. By contrast, if you want to rent a five-bedroom house (which equates for 57 transactions in Leeds over the past year) the average cost is much higher, at £1,608 per month.

Leeds has a thriving student population, and this contributes to the number of people renting in the city. Between the University of Leeds, Leeds Beckett University and Leeds Trinity University, there are over 69,000 students in the city, and all of these people need a place to rent on a yearly basis. Some of the most common areas to do so include Headingley, Hyde Park and Woodhouse.

Over the past year, there has been 515 flats rented in Leeds, compared to 557 houses.

How to sell a property with tenants in Leeds with Sold.co.uk

There’s no need to feel nervous if you’re selling a property in Leeds with tenants in situ. You have every right to sell the house – you just need to make sure that you respect your renter’s rights, too. It is generally in your interest to get along with your tenants during the selling process, as they can sometimes make your life very difficult.

Most people buying houses on the open market want to move into a property that they purchase. This means that finding another method of offloading your house in Leeds is required.

Sold.co.uk is a cash house buyer that can take your Leeds tenanted property off your hands. We will make a fair offer on your property, taking into account the tenancy agreement, the behaviour of your tenants, where your property is in the city, and more. You then have total control over whether to accept the offer or not.

Your house can be sold in 7 days by getting in touch with us and all the funds will be in your bank account 24 hours later.

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A landlord’s rights when selling a house with tenants in Leeds

You should pay careful attention to your tenancy agreement when working out what you can and cannot do while selling a tenanted house. In Leeds, there has been hundreds of claims made over recent years by tenants who have felt their rights were violated by their landlord.

You do not want to be in this position, too.

Your renters do not have to comply with house viewings, unless your contract specifically says otherwise. However, there are a few things you do have control over, including:

How much you sell for
Who you sell to
When you sell
What the terms of your sale are

In general, you should ensure that your tenants are not ‘intruded upon’. However, what this looks like varies from contract to contract, so if you want tailored advice for your situation, contact a legal expert in Leeds who can support with this.

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The pros and cons of selling a property with tenants in Leeds

These tenants can make for a rich income for potential landlords. Many of them stay in this accommodation for several years and require minimal upkeep. They often have guarantors to cover their rent should they lose their income.

A lot of renters in Leeds are young families and working professionals. They are usually looking for slightly more expensive rental accommodation. This rental market can be a gold mine for landlords as these tenants are more likely to stay for long periods and keep from damaging the property beyond normal wear and tear.

All these factor in positively when considering selling a tenanted property in Leeds.

From the perspective of a seller, tenants in situ will continue to give you an extra source of income right up until completion day. This can act as a safety net if the deal falls through because you will keep receiving your rental payments until the house is no longer yours.

In some instances, selling with tenants can speed up the process, too. If you offer your renters first refusal on the property, and they decide to buy it, then this can save you months of time and money searching around Leeds for a new buyer. In theory, your life will be made a bit simpler by selling straight to your existing tenants.

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Sell Property with Tenants in Situ

A sitting tenant, or a tenant in situ, means that you are selling your property with that tenant/s still contractually entitled to live there. You are effectively passing on not just the property but the contract for the people living within it to the buyer.

Selling a house with tenants in Leeds can be a daunting prospect. It may be that you need to free up cash by selling the property, but you have tenants living in the house with a contract. It is illegal to evict tenants in order to sell the property, but it is absolutely fine to sell the property to a new owner with the tenants still living there.

Selling a tenanted property in Leeds can actually be a great move for you, your tenants and the buyer. It means that you will continue to get rental payments up until the sale, and that your tenants can stay inside their home with minimal disruption.

They do not have to look for a new home and can stay at the same rent with the same contract. It is also great for a buyer, as the new landlord will start receiving payments straight away once the contract goes through. It also means that if a sale falls through, you still have the income from your tenants to fall back on.

When you sell a property with sitting tenants, there are extra factors to consider than when selling with vacant possession (an empty Buy to Let). Having more people involved in the process can create disruption, and potentially make for a difficult sale. That’s why Sold is here to make the sale as fast and smooth as possible.

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FAQs on Selling a Tenanted Property in Leeds

Is it legal to sell with tenants in situ in Leeds?

Yes, you can sell your house in Leeds with tenants in situ. You should respect their rights at all times, as they may be able to take action if you don’t.

Is it difficult to sell a property with tenants?

It is usually more difficult to find a buyer for a tenanted house in Leeds, or anywhere else in the country, because it is considered a riskier investment by potential purchasers. Often, on the open market in particular, a buyer will want to live in a house themselves – and this will turn them away from a tenanted house.

Selling your tenanted house directly to a cash house buyer, like Sold.co.uk, can make your life significantly easier.

Can you evict a tenant because you want to sell the property in Leeds?

No. You need a legitimate reason to evict your tenant, and wanting to sell your house in Leeds does not count as one. They must have been late on payments, or broken your tenancy agreement in some way.

Some landlords offer their renters a cash incentive to move out before selling, but they are not required to accept this.

Who buys houses with sitting tenants in Leeds?

Property investors are often interested in buying tenanted properties in Leeds, because they can buy them at a significantly reduced rate. These people may then wait until the tenants move out, and then sell the house on (untenanted) at a significant profit. Alternatively, they may simply try to increase the amount of rent that their tenants are paying them.

Why might someone want to sell a tenanted property in Leeds?

In need of cash immediately – perhaps due to financial difficulties
Relocating to somewhere outside of Leeds
Facing repossession
It is a probate property that they no longer want
Negative relationship with the tenants

Who rents in Leeds?

Thousands of people move to Leeds every year, and many of these can only afford to rent in the city, rather than buy. Renting is particularly common for young people in their late teens and early 20s, as well as young families who are only just starting their life in the city.

Sell A Tenanted Property
in Leeds