Sell A Tenanted Property
in London
- Free Cash Offer
- No Hidden Fees
- Sell In Your Own Timeframe
Selling a tenanted property is never easy
No matter where you live in the UK, you need to respect the rights of your tenants, while also getting the best possible value for your house.
Unfortunately, tenanted properties are generally considered ‘less desirable’ on the open market.
This view applies in London, as well as any other city in the UK.
So, when the time comes to sell your tenanted house in the capital, you will need to think through your options carefully. Negotiating prices, arranging viewings around the lifestyle of your tenants, and dealing with additional paperwork is something that many people want to avoid.
Luckily, there is now a much easier way.
By selling your tenanted house in London to Sold.co.uk, you can find a convenient way to offload your property in the city. It doesn’t matter what condition your house is in, what
relationship you have with your tenants, or where you live in London: we can help you.
Sold.co.uk has lots of experience buying tenanted houses in every part of the city. We will give you an up-front cash offer that considers the size and neighbourhood of your London house, as well as the ongoing tenancy contract.
This can give you an excellent solution to selling an otherwise ‘unsellable’ tenanted property.
Contact us today for a free, no-obligation valuation of your tenanted house in London.
Get a free estimate of your home’s current value
What is Buy-to-Let?
Buy-to-let enables you to buy a property and turn it into a source of income. By purchasing a ‘buy-to-let’ mortgage, you agree with the bank that you will not live in the house yourself, and will instead rent it out.
In the city of London, buy-to-let is an extremely popular option for people keen to develop their property portfolio and make a sizeable profit. Tens of thousands of people move into London every year, so there is a large market of people keen to find rented accommodation throughout the city.
Many buy-to-let mortgages are interest-only, which means that you don’t have to pay back the full mortgage – only the interest on the loan. However, you must eventually remortgage, sell the property or pay off the loan in full at the end.
Selling a Buy-to-Let property in London
Selling your buy-to-let property in London is not always easy.
While there were over 70,000 property sales in the capital last year, finding a buyer becomes significantly more difficult when tenants still live in the house.
The offer you can expect to receive for your London property will also vary greatly depending on where it is in the city. For example, in Beckenham the average property price is £568,070, while in Kentish Town it is £906,519.
You should also remember that tenanted properties tend to go for much lower than the ‘typical’ market value – meaning that if you still have tenants living in-situ, you will typically receive at least 15% lower than usual.
Why sell your tenanted house to Sold:
- Complete the sale within 7 days
- No hidden costs
- Sell your house, no matter the circumstances
- Reduce stress
London’s current Buy-to-Let market
For homeowners in the capital city, there are certain areas that are noticeably more profitable for owning buy-to-let property. Homerton, in Hackney, for example, has an average yield of 5.4% and a five-year property price growth of 20%. This demonstrates that investing in a buy-to-let is a smart decision in this specific neighbourhood.
Other areas of London with a rental yield higher than 5.3% includes East Ham, Thamesmead, Upton Park, Abbey Wood and Upper Edmonton.
In general, figures have suggested that the most profitable part of London to invest in buy-to-let is E9 (in the east of the city).
Almost every highly profitable area is in the east or south-east of London. Meanwhile, West London (particularly Kensington, Chelsea and surrounding areas) appears to be the most difficult to make a consistent profit.
According to data from the Greater London Authority, there are approximately 2.7 million private renters in London.
This is almost the same amount of people that own a house with a mortgage in the city – meaning that the rental market is just as large as the homeowning market.
Reach 98% of all active buyers...
Why might someone want to sell a tenanted property in London?
You might want to sell your tenanted house in London for a range of reasons. If you are relocating far away from the city, and no longer want the hassle of owning a house far away, then selling immediately might be your only choice.
If your tenanted property is owned jointly with an ex-partner, who you are now divorcing from, then you may want to sell quickly and make a ‘clean break’.
Other reasons to sell your tenanted house in London include avoiding repossession, paying
off any debts, preventing a chain from breaking down, or selling a probate property that you don’t want to look after.
There may be local conditions that force you to sell your tenanted property, too.
For example, house prices in Kensington have reduced by up to 11% in the past year, so any buy-to-let landlords in the area might want to cut their losses and offload as quickly as possible.
Everyone is talking about Sold.co.uk
How much does it cost to sell a tenanted property with Sold?
When you sell your tenanted house in London to Sold.co.uk, your costs can be kept to zero.
We purchase your property for cash, meaning that we don’t take a commission on the sale. You will have your legal fees covered by us, too, which means that 100% of the final sale price goes directly into your pocket.
There are no hidden costs, as we are committed to complete transparency with all our customers.
Regardless of where you live in London – from Hoxton to Balham, Mile End to Greenford and everywhere in between – you can contact us today for a free valuation of your house.
Get a free estimate of your home’s current value
Frequently Asked Questions About Selling A Tenanted Property in London
Where does Sold buy tenanted houses in London?
- Westminster
- Stratford
- Tottenham
- Finchley
- Brixton
- Bromley
- Ealing
- Harrow
- Wembley
- Barking
- Everywhere in between!
Does a sitting tenant devalue a property?
Yes, a sitting tenant makes a property in London far less valuable. Some estimates have suggested that your house will experience a value reduction of 20% if there is still a tenant living in-situ. The effect on your property’s value can be even higher, depending on the length of the tenancy agreement in place, your relationship with the renters, and how badly they behave while living in your house.
Your sitting tenant may also devalue your property if they have caused structural or visual damage to the house. While it is normal to experience ‘wear and tear’ over the years, if your renter has poked a hole in the ceiling, or has a long track record of breaking appliances, then this will reduce how much a potential investor will pay, too.
You should think carefully before selling your tenanted London house on the open market.
Alternatively, if you want a quick, stress-free and convenient solution, then selling to Sold.co.uk for cash can be a great option. Get in touch with us today for a free, no-obligation valuation.
Is it difficult to sell a property with tenants?
Yes, it is generally more difficult to sell your London property with tenants living in-situ. Most investors consider it more of a risk, and therefore will reduce the amount they offer.
On the other hand, if your tenants are well-behaved and pay on time, some new owners will see them as an asset – especially if the tenancy agreement is not too long or restrictive.
Who buys houses with sitting tenants in London?
Property investors are the most common type of buyer for a tenanted house in London. Not only is the capital city generally considered an excellent place to invest in property, but if the buyer is willing to wait a few years for the tenancy agreement to expire, they could get a ‘bargain’ in the meantime by buying your house at 20% (or more) lower than its usual value.
Over time, if the tenancy agreement is not too restrictive, London tenanted houses can sometimes represent a great investment.
Cash house buyers like Sold.co.uk can also buy your property for cash, and can complete within 7 days of your initial enquiry.
What are the pros & cons of selling tenanted property in London?
Pros:
- The new owner gets an instant source of income
- Keep receiving payments up until completion day
- You can give first refusal to your tenants, potentially speeding up your search for a buyer
- Complete the sale within 7 days by using Sold.co.uk
Cons:
- The value of your house will be reduced
- Finding a buyer on the ‘open market’ will be difficult
- More paperwork is often involved
Get SOLD fast, for cash, today
Read More About Selling a Tenanted Property in London
Moving to London? Find out everything you need to know about the capital here. Selling in London, we cover that too!
We delve into who the best estate agents in London are to get your home sold quickly and easily. Find out how they work and how much they charge.
An extension is often seen as a bit of a luxury expense, the outlay being more expensive than say, tiling your bathroom! Find out the true cost of building an extension here.
Please enter your details below and a member of our team will be in touch to discuss a free valuation for your home.
"*" indicates required fields
By submitting your details, you agree that we may keep this information safely. Our Privacy Policy has further details