Sell A Tenanted Property
in Manchester
- Free Cash Offer
- No Hidden Fees
- Sell In Your Own Timeframe
Sell a Tenanted Property in Manchester
Selling a property isn’t always easy – and when there are tenants already living in your property, things can sometimes get a tad complicated.
In Manchester, there are currently 69,403 households renting the property they live in – which means that any of the landlords that own these places will likely face a few challenges when the time comes to sell. Not only must the rights of your tenants be respected, but having people already living there may cause reluctance from potential buyers.
So, how do you sell a tenanted property in Manchester?
There are lots of legal experts throughout the city who can give ‘generic’ guidance on taking on this challenge. But there are very few organisations who will hold your hand every step of the way, and make sure that you get an excellent deal, while respecting the rights of everyone involved in the process.
That’s where we come in.
Sold.co.uk is here to make selling your tenanted property significantly easier. Our experts have been operating in every corner of Manchester for a long time – from Salford to Stockport, Bury to Oldham. We have huge amounts of experience working throughout the city, and we can use this insight to help you offload your tenanted property.
Get a free estimate of your home’s current value
Reach 98% of all active buyers...
The Challenges of Selling a Tenanted Property
Selling a tenanted property in Manchester is not something to be feared – although you should be prepared for some of the challenges along the way.
Firstly, the rights of your sitting tenants must be respected at all times. With an assured or regulated tenancy, this can sometimes mean that they can leave tenancy rights to their relatives or continue living there indefinitely. In the former instance, the tenant may have relatives living in nearby towns – such as Wigan, Rochdale or Bolton – who would want to move in if they departed. In the latter instance, a tenant who feels settled in Manchester may never want to move out at all.
Sold.co.uk can help you get the legal insight required to find out whether either of these scenarios apply. But in any case, these are all challenges which can be managed, and do not need to stop you selling your property.
Selling a tenanted house will typically reduce the number of people who want to buy your property. Since someone cannot live in the house themselves, it will primarily be investors who show any interest. Furthermore, roughly 37% of Manchester’s population is currently aged 18-34, and therefore these people are unlikely to have the funds to invest in property themselves.
It can also be tricky to navigate the challenges of carrying out viewings on a property while people are still living there. You will need to give your tenant 24 hours’ notice before any viewings – and you probably won’t be able to decorate the property as you’d like.
In some instances, a landlord might offer their tenant a cash sum to move out. This can occasionally be more cost effective, and might be worth considering, as long as you follow all legal requirements.
Get a FREE cash offer for your tenanted property today
Buy-to-Let Properties in Manchester
Buy-to-Let is a popular option for homeowners in Manchester. There are several neighbourhoods which have excellent rental yields in the city – with Salford, Fallowfield and Old Trafford ranking amongst the top four. Property owners who want to get the most ‘bang for their buck’ often pay attention to these neighbourhoods first.
There is a sizeable student population in Manchester, which makes it a hugely attractive place to invest in property, because of the high quantity of renters. Areas such as Fallowfield have a large student population, since so many young people attending both the University of Manchester and Manchester Metropolitan University live there.
So, with demand high in these specific areas, it can offer an exciting opportunity to see your property’s value increase while renting it out, and to perhaps consider the possibility of an HMO.
Manchester property also has a strong track record of increasing in value year-on-year. This increases the likelihood of getting a healthy return on your investment when buying your dream place in the city.
If you are currently considering selling your tenanted property, then it may be because you have already made a sizeable Return on your Investment and want to cash in. Alternatively, you may be looking to expand to another part of the city, or into one of the neighbouring towns.
Whatever your reason for doing so, Sold.co.uk will be by your side every step of the way.
Get a free cash offer for your property now
Why Sell a Tenanted Property?
There are lots of reasons why property owners in Manchester may want to sell their tenanted house.
Some landlords feel frustrated by the legal restrictions they are facing. For example, Section 24 of the Landlord & Tenant Act means that landlords are not allowed to take away mortgage interest and other costs (including mortgage arrangement fees) from their rental incomings before tax. Many landlords are frustrated by this, and it has pushed them towards selling.
Buy-to-let properties are also now subject to a whole host of new regulations which landlords must follow.
The UK Government has become stricter on energy efficiency, which could potentially force some landlords to carry out expensive changes to their property. Some of the legislation surrounding electrical certification and selective licencing has also grown more complicated.
Issues relating to ESW1 are rearing their head on occasion, so if you own a leasehold on a tenanted flat, it could cause you headaches if the building’s freeholder refuses to pay for a safety review.
Rising legislation, and other economic challenges, means that not everyone wants to hang onto their house. In this instance, as the leading online estate agency in Manchester, Sold.co.uk is committed to helping you achieve a convenient way to sell your property.
Reach 98% of all active buyers...
Assured Shorthold Tenancy Agreements in Manchester?
If you have an Assured Short Tenancy (AST) agreement on your Manchester property, you are far from alone. Thousands of houses across the city have this exact same arrangement, and selling your property without hassle in this instance is far from impossible.
While it is important to be aware of your tenant’s rights while selling a house in Manchester, you should also be mindful of your rights, too. Under an AST, tenants do not have all the power – and there are certain things they must follow, depending on your contract.
Firstly, tenants are still required to pay rent throughout the sale process. If they stop paying rent for whatever reason, you may be within your rights to start an eviction process.
Secondly, if your tenant decides to end the tenancy agreement early without giving you sufficient notice (and without the possible existence of a ‘Break Clause’), then if you change your mind about selling it, they may be legally required to cover your costs in re-letting the property.
Keep in mind that it is always desirable to maintain a friendly, communicative relationship with your tenants – and when the time comes to sell your property, it is helpful if everyone works together.
If you feel nervous or a bit overwhelmed by some of the steps involved with selling a tenanted property in Manchester, an estate agency partner like Sold.co.uk can hold your hand every step of the way, to make sure that your tenant’s rights aren’t being violated, and neither are yours.
Talk to our team of expert valuers for a cash offer
The Cost of Selling a Tenanted Property in Manchester
When you decide to sell your tenanted property in Manchester, you must keep in mind that the fee you receive for it may be slightly less than if there weren’t tenants in-situ.
Despite this, selling a tenanted property in Manchester is no more expensive than anywhere else in the UK. Furthermore, due to some property-related services being slightly less expensive in Manchester compared to down south, it shouldn’t cost you an arm and a leg.
Some potential buyers will offer less for your property because there are tenants living there. Alternatively, if you choose to sell to a cash house buyer in Manchester, you will receive a price slightly lower than the typical value you’d get when selling on the market.
Finally, if you hire a solicitor who charges by the hour, there could potentially be a few more complications of selling a tenanted property, which causes your bill to go a tad higher. You should ask the firm about this before deciding – as not every company will charge more.
Believe it or not, selling a tenanted property does not necessarily need to be more expensive than selling any other type of property, but there may be some challenges you need to manage. Sold.co.uk can help you achieve this in a quick, hassle-free way.
Explore All The Ways to Get Sold in Manchester
Frequently Asked Questions About
Selling House A Tenanted Property in Manchester
Is it better to sell a house with or without tenants?
If your tenants are problematic and making life difficult, it is better to sell your property without anyone living there. However, if everyone gets along and communicates clearly, there is no reason why selling a house with tenants needs to be any more stressful.
Can you evict a tenant because you want to sell a property?
If you want your tenants to leave a property, you must always follow the correct procedure. The details of your tenancy agreement will often dictate what you can and can’t do, and a legal expert can provide guidance in this regard.
Sometimes, a landlord will offer their tenant a financial incentive to leave, but they are not required to accept it.
How much notice do I have to give a tenant if I want to sell my house?
The terms of your tenancy agreement will dictate how much notice you need to give them. Often, it is 60 days, but this can vary.
While carrying out viewings, you must give your tenant 24 hours’ notice before each one.
Get a free estimate of your home’s current value
Read More About Selling a Buy-to-Let House in Manchester
If you’re considering selling your home, you will be striving for the best possible price and at SOLD.CO.UK we aim to help you find it.…
You may have stumbled across your dream home and are desperate to get an offer put in to secure it. Property can move fast, so…
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