Sell A Property with Tenants in Situ in Liverpool
There’s no doubt about it: Liverpool is a desirable place to live. Thousands of renters move into the city every year – which means that, if you are a landlord in Liverpool, it is highly likely that you already have tenants living in your property.
This doesn’t necessarily have to be an issue.
It is perfectly possible to sell your house in Liverpool with tenants still living in-situ. While some people on the market might consider this a negative – such as families who want to buy your place so they can live in it themselves – there are plenty of buyers who will be happy to take your tenanted property off your hands.
Sold.co.uk is a perfect example.
You can contact us if you own a tenanted house in Liverpool that you want to sell quickly, inexpensively and without too much hassle. We will offer a cash sum that enables you to get rid of the house quickly and use the funds for something more useful to your circumstances.
Our experts have experience operating in every part of the city – from Maghull to Woolton, Fairfield to Bootle, and everywhere in between. So, whatever your situation or wherever you live in Liverpool, we are here to help.
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Rental Market in Liverpool
According to recent figures, there are over 54,000 households currently renting in Liverpool.
The average rent in Liverpool is £841 per month, according to the most recent figures. When you are looking to rent out your property in the city, or are considering selling your tenanted house to live as a renter yourself, that is the average monthly cost that you will be looking at.
Your monthly rental fee will vary depending on where you live in the city, and the size of your property, however. For example, the average rent in Bebington is significantly below this number, while the average rent in Crosby is higher. You can also expect to pay more for a detached or semi-detached house, in comparison to an apartment or a terraced property.
Frequently Asked Questions about Selling A Tenanted Property in Liverpool
Is it better to sell a house with or without tenants?
It is usually more convenient to sell a house without tenants still living there. Most property investors see a house as ‘less valuable’ if tenants are in-situ. However, you may have no other choice than to sell a tenanted property, and it is still perfectly possible to do. Some investors might even see in-situ tenants as being a positive thing because it gives them an instant source of income as soon as they buy the house.
Why are houses sold with tenants?
You may decide to sell your house with tenants in-situ because you are unable to legally evict them from the property. In this instance, if you are unable to wait for the tenancy agreement to end, it might make more sense to sell the house with tenants still living there. In this instance, you will need to respect the rights of your tenants throughout the entire process.
Is it easier to sell a house with tenants?
No, it is generally considered to be more difficult to sell a house with tenants. This is because a tenanted house is viewed as more of a risk by both property investors and mortgage lenders.
Some homeowners decide to wait until the tenancy period comes to an end, or perhaps even offer their tenant a cash incentive to move out before they decide to buy. However, Sold.co.uk makes it easy for you to sell your tenanted property.
Is it more expensive to sell a tenanted property?
It is not necessarily more expensive to sell a tenanted property, than it is a house without tenants. The rates involved with conveyancing, estate agent commissions, and any other associated costs do not tend to increase.
Can I sell my tenanted property?
Yes, you can sell your tenanted property. As long as you follow all the necessary procedures and respect the rights of your tenant(s), there is nothing to stop you from selling the house.
Keep in mind that it might be slightly more difficult to sell a house with tenants in-situ, and some homeowners get around this by slightly reducing the asking price.
Can you sell a property with a sitting tenant in the UK?
Yes, you can sell your property with a sitting tenant in the UK. There are certain requirements you must meet while going through this process however, such as giving them 24 hours’ notice before any viewings take place.
Can you evict a tenant because you want to sell the property?
You cannot evict your tenant unless you have a valid reason for doing so – and selling the property does not fall under this category.
Your tenancy agreement needs to have come to an end, or you need to get a court order which shows that you have a valid reason to evict them. Examples of valid reasons might include failure to pay rent or breaking the terms of your tenancy agreement.
If you fail to follow the correct procedure to evict your tenant, it is a criminal offence, and you can be taken to court.
How much notice do I have to give a tenant if I want to sell my house?
The amount of time that you need to give your tenant will usually be outlined in the tenancy agreement. In many ‘typical’ cases, this is 60 days, but this figure can vary slightly.
Who rents in Liverpool?
Liverpool has thousands of people renting in the city. Every year, over 70,000 students move to the city to study at one of the major universities6. There are also thousands of people who move into Liverpool every year – including young couples looking to raise a family, people looking to advance their career opportunities, and even those in their 60s, 70s and 80s who want to enjoy their retirement.
How much does it cost to sell a tenanted house in Liverpool?
When you sell your tenanted property to a cash buyer like Sold.co.uk, it will not cost you anything. We take care of all legal fees and don’t charge a commission on your sale. The entire price goes straight to you.
Read more about Selling a Tenanted Property in Liverpool
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