Sell A Tenanted Property
in Leicester
- Free Cash Offer
- No Hidden Fees
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Are you hoping to sell your tenanted property in Leicester?
Selling your house can be difficult at the best of times. But when you have tenants living in-situ, finding a buyer on the market can be nearly impossible. You might need to consider an alternative way of selling your house.
Look no further.
Properties are in high demand throughout Leicester, and renting in the city has become increasingly popular in recent times, due to mortgages becoming even more expensive.
By selling your property directly to Sold.co.uk, you can get a lump sum of cash in your bank account within 7 days. You will not have to wait for a property chain, time-consuming conveyancers, price negotiations, or photography – your sale will be quick, inexpensive and stress-free.
So, whether you live in Beaumont Leys, Humberstone, Westcotes, Thurmaston or anywhere else in Leicester: you can count on Sold.co.uk to buy your tenanted house.
Contact us today for a free, no-obligation valuation.
Get a free estimate of your home’s current value
What is Buy to Let?
Throughout Leicester, there are hundreds of Buy to Let properties owned by people in the city. You can get this type of mortgage on any type of property, anywhere in the city, from many of the dozens of banks operating throughout Leicester.
When you get a Buy to Let mortgage, it means that you have bought a property with the sole intention of renting it out.
You will typically only pay off the interest on your mortgage – but once the term comes to an end, you must either sell, remortgage or buy out the remainder of the house.
Buy to Let is popular in Leicester because there is a big market for it. There are three major universities in the city, with well over 60,000 students combined, and many of these students need somewhere to rent throughout the educational year.
Furthermore, the average property price in the city is £298,000, which is often out of reach for someone earning the city’s average salary of £33,579.
Property investors also see a lot of potential in purchasing a Leicester Buy to Let, because the city’s market has a strong track record of improving year-on-year. For example, in the past year alone, Leicester prices have gone up by 7%.
What the buy to let market is like in Leicester
The average rent in Leicester is £1,058 per calendar month, but this figure varies depending on where you live in the city, and what type of house it is. For example, if you want a one-bedroom property, the typical rent falls to £730 per calendar month, while if you’re looking for a four-bedroom house, the average goes up to £1,428 per month.
Areas on the outskirts of Leicester tend to be slightly higher than the city’s average. For example, Birstall’s typical rent is £1,147 per calendar month, while in Oadby, it is £1,140 per month. Elsewhere in the city, neighbourhoods such as Hamilton and Braunstone are marginally below average. For people in their 20s looking for an affordable place to rent, these areas tend to be the most cost-effective.
How to sell a property with tenants in Leicester
The simplest, most cost-effective way to sell your tenanted property in Leicester is using Sold.co.uk.
When you contact us, you will receive a cash offer for your tenanted house within a couple of working days.
We will use our access to 4,000+ data sets for houses and neighbourhoods around Leicester, and may possibly visit your house in-person, to arrive at a figure.
It is then entirely up to you whether you accept the offer or not.
If you decide to proceed, then you can complete the deal within 7 days, or in a timeframe that works best for you. You can also ask for proof that it is truly Sold.co.uk buying your house, and we will
also happily show you proof of funding before completing the purchase.
Sometimes, your agreement can prohibit them altogether, so it is important that you understand your limitations before proceeding.
If you want any more information about your rights as a landlord, you should speak to a legal expert in this area.
Contact us today for a free, no-obligation valuation on your tenanted house in Leicester.
Get a free estimate of your home’s current value
Does having tenants in-situ devalue a property?
Some estimates suggest that selling your house with a sitting tenant, both in Leicester or somewhere else, devalues it by at least 20%. This is because most people on the open market want to live in any house that they buy.
Furthermore, a tenanted property is considered more of a risk, because the new owners might not have power over when the inhabitants move out, what relationship they have with them, or how much rent they are paying.
You cannot forcibly evict your tenants in Leicester, or anywhere else in the country, without a legitimate reason to do so. Unless they have violated the terms of your tenancy agreement – for example, by refusing to pay, or causing severe damage to the property – you will likely need to sell your Leicester house with them in-situ.
A cash house buyer like Sold.co.uk can help you to do that. Contact us today for a valuation.
Explore All The Ways to Get Sold in Leicester
Why are so many properties in Leicester tenanted?
Leicester is a very desirable city that lots of people want to live in. In the heart of the East Midlands, it is well connected to neighbouring cities like Birmingham, Nottingham, Coventry and Derby. Meanwhile, if you want to drive south to the capital city of London, it is less than three hours away.
There is a large student population in Leicester, due to there being three universities in the city, which explains the high numbers of renters. The average price of houses in Leicester is also higher than the neighbouring cities of Birmingham, Northampton and Nottingham, which may also contribute to people being forced to rent, rather than buy.
Is it better to sell a house with or without tenants?
You will receive a better offer on your house in Leicester if it does not have any sitting tenants. This is why some homeowners wait a bit longer for a tenancy agreement to finish, and their renters to move out, before selling a property.
Alternatively, some people offer their tenants a cash incentive to move out, although they aren’t required to accept this.
Generally, property buyers see an untenanted house as a ‘clean slate’. They can update it however they like, rent it out to whomever they wish, or even choose to live in it themselves. There are endless opportunities when a property is empty – which is why you may struggle to sell with tenants in-situ.
The pros & cons of selling a property with tenants in Leicester
Selling your Leicester house with tenants in-situ enables you to maintain a consistent source of income, right up until completion day. You will also be able to offer your new owner an immediate income once they take over the property – which can save them the hassle of finding new tenants themselves.
On the other hand, property investors see in-situ tenants as a ‘risk’ because they don’t have a prior relationship with them, don’t have control over how much rent they pay, and may not be able to evict them anytime soon.
Meanwhile, a tenanted house prevents someone from living in the property themselves. This is the main priority of most people buying a house in Leicester – so, unfortunately, your house will be much less attractive to these people.
Frequently Asked Questions About Selling A Tenanted Property in Leicester
Is it legal to sell with tenants in situ in Leicester?
Yes, you can sell your Leicester house with tenants in situ. You should make sure their rights are respected at all times, however.
How much notice do I have to give a tenant if I want to sell my property?
The sale may come as a shock to the tenant, so try to explain your reasons for the sale as it could go a long way in making the eviction process amicable and pleasant for all involved. Be polite and respectful as being told you need to leave your home, can be a distressing conversation for a tenant and one that needs to be handled with care.
Also, it is crucial to know your rights and theirs in order to follow the legal process correctly and efficiently to make the process easier for the tenant and buyer.
How much does it cost to sell a tenanted property?
Selling your Leicester house with tenants in-situ is not necessarily more expensive. Depending on the situation, there may be more paperwork to carry out, meaning that if your conveyancer charges by the hour, it could increase the sum racked up.
If your conveyancer charges as a percentage of your property’s value, then this will impact the price you pay. For example, the average house in Leicester costs £298,000, which means that if your conveyancer charges a 0.5% fee, you will pay £1,490.
A fixed fee is another common method of charging for conveyancers – and this figure tends to be between £1,000 and £1,500.
There are dozens of great conveyancers throughout Leicester, so you should contact these firms directly for a price quotation. Keep in mind that there may be additional add-ons to the cost, such as search costs, land registry fees, a valuation fee and more.
Can my tenant refuse viewings to my Leicester home?
You should check your tenancy agreement for what your tenant can or cannot do. Sometimes, they have a right to refuse viewings, in which case you must adhere to this.
Can you evict a tenant because you want to sell the property?
No, you must have a legitimate reason for evicting your tenant from your Leicester house – such as late payments, damage to the property, or the end of a tenancy agreement.
Read More About Selling a Tenanted Property in Leicester
Discover our area guide to Leicester: find everything you need to know about selling a home in the area, and essentials for moving to there.
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