Sell A Tenanted Property
in Newcastle
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Newcastle, Sell a Tenanted House
Lots of people across the UK want to live in Newcastle. The city is well-regarded for its nightlife, sporting scene and great food – and that’s why over 800,000 people have chosen Newcastle as their home.
The rental scene throughout the city is thriving, too. Even though the average rent in Newcastle has increased by 7.4% in a recent calendar year,
thousands of people still move there annually to enjoy all the great things it can offer.
So, if you own a house in Newcastle, you’re in a strong position.
Unfortunately, having tenants living in-situ can complicate your position slightly. It isn’t always possible to evict your tenants, and most potential buyers on the market don’t want to purchase a house with people still living there. This forces you to explore other options. Selling your Newcastle property to a cash house buyer can be an ideal solution.
Sold.co.uk is a cash house buyer with experience buying tenanted houses in every part of the city. From Jesmond to Arthurs Hill, North Kenton to St Anthony’s and everywhere in between, we can buy your tenanted house for up-front cash, so you move onto the next chapter of your life.
With Sold.co.uk, you can complete the deal within 7 days, and get a lump sum for the property quickly.
Contact us today for a free, no-obligation valuation.
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Selling a Buy to Let Property in Newcastle
When you enter a Buy to Let mortgage with a lender, you are forced to make an important decision at the end of the agreed term: do you buy out the remainder of the house, or do you sell it?
Selling your Buy to Let property in Newcastle can enable you to pay off the remainder of the mortgage, and then move forwards with any profits you have made from the house. Some people don’t want to buy tenanted property – but Sold.co.uk is happy to do so.
You can contact us in Newcastle to buy your tenanted house.
What is Buy to Let?
Buy to Let is when you buy a property with the sole intention of renting it out. Often, you will need to manage your finances carefully so you cover the costs of your mortgage repayments (whatever these may be).
Most people invest in a Buy to Let property as a long-term way of making a profit. By charging the renters more than the mortgage repayments, a sizeable profit can be racked up over the years.
Unfortunately, you are not allowed to live in a Buy to Let house yourself. You must either pay off the remainder of the mortgage or sell it once your agreed term comes to an end.
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How to sell a property with tenants in Newcastle with Sold
You should adhere to all your responsibilities as a landlord when selling your Newcastle property with tenants in-situ. Generally, you should notify them of your intent to sell the house as soon as possible – and you should also give them 24 hours’ notice before any viewings take place.
You should not interfere with your tenants’ belongings while conducting viewings of the house, and you also cannot forcibly evict them from the house during this time.
Ultimately, the renters have a right to live there, and if they want to stay in the house (including while viewings take place) that is their prerogative.
In some instances, you may choose to offer your tenants a financial incentive to move out, but they are not required to accept this. Some landlords also give their tenants first refusal on the option of buying the house – and if they accept, this can greatly speed up the time it takes to sell, since you’ve already got a suitable buyer.
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What to expect from Newcastle’s Buy to Let market
Lots of people rent properties in Newcastle every year – so owning a Buy to Let house could be a worthwhile investment.
Newcastle has a student population of over 42,000, and these people tend to gravitate towards the less expensive parts of the city. Jesmond, Heaton, Sandyford, Shieldfield and Spital Tongues are amongst the most affordable for students, so if you are investing in a Buy to Let property, these neighbourhoods could be a great place to start.
Figures suggest that the most common price range for renting in Newcastle is between £500 per month to £1,000 per month. The median rent is
£950 per calendar month, although the mean figure is slightly higher than this.
There are hundreds of thousands of tenants in Newcastle, so if your house is currently tenanted, you are far from alone. Unfortunately, this does not change the fact that tenanted properties are undesirable – both in Newcastle, and across the rest of the country.
Generally, if you want to sell your tenanted property, you need to always respect the rights of your renters. Your tenancy agreement will provide some insight into what you can and can’t legally do.
You should also expect to receive a below-market rate for your tenanted Newcastle property. Some landlords wait until their renters have moved out before selling or offer them a cash incentive to do so.
Does a sitting tenant devalue a property in Newcastle?
Yes, a sitting tenant devalues a property – both in Newcastle, and elsewhere in the country. Some experts have suggested that it can decrease the value of a house by at least 20%, and possibly more.
Property investors are more hesitant to buy a tenanted house because it comes with certain risks.
Firstly, there may be no ‘end in sight’ for when the tenants are going to leave the property – especially if the agreement gives them the right to stay there indefinitely.
Secondly, a property buyer will not be able to renovate the house as much as they’d like if there are still tenants in situ.
When you buy a house with tenants, you also cannot control their behaviour. Therefore, if the renters are troublesome, or consistently late on their payments, you cannot do anything about it
(unless you have a valid reason to evict them).
In an ideal world, you will sell your house in Newcastle without tenants still living there.
If you cannot get around the situation, you may be forced to sell the property while tenanted.
Sold.co.uk can buy the house directly from you for a reasonable cash offer. Get in touch today for a no-obligation valuation.
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A landlord’s rights when selling a house with tenants in Newcastle
As a landlord, you have a right to sell your Newcastle property whenever you wish – although you should give your tenants sufficient notice before doing so.
Your tenancy agreement will dictate whether viewings are permitted in the house, and whether your tenants are required to comply. You should also review the tenancy agreement to get a clear sense of your other rights – for example, what reasons must be provided if you want to evict your renters, or whether you are legally required to give your tenants ‘first refusal’ before the property goes to market.
If in doubt, you should get professional legal guidance to get a clear sense of what you can and cannot do. Alternatively, if you want to sidestep the hassle of selling a house on the market with tenants, then you can sell directly to Sold.co.uk for cash.
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Pros & cons of selling a property with tenants in Newcastle
Selling your Newcastle property with tenants living in-situ offers any new owners an immediate source of income. If your house is being purchased as an investment opportunity, this can be valuable to any new owners, because it saves them the hassle of finding new tenants themselves.
If you choose to sell your tenanted house to a cash buyer like Sold.co.uk, then this can unlock other opportunities for you, too. Our cash house buying service means that your sale can be completed within 7 days – and this enables you to access the funds more quickly, while simultaneously avoiding the stress and costs of a drawn-out selling process.
A third advantage of selling a tenanted house in Newcastle is that you keep an additional source of income (i.e. the rent payments from your tenants)
right up until the completion date.
On the other hand, tenanted houses tend to sell for less, meaning that the profit you make from the sale will be reduced.
For example, while the average property price in Newcastle is £210,000, yours would sell for less than this if tenants were still living there (and it was an ‘average’ property).
If you do not choose to sell to a cash house buyer, then it may also take you longer to find a suitable buyer. This is because the number of people interested in buying your house will be far fewer.
As a third downside, there will be additional paperwork involved with selling a tenanted house. You may need to provide details of the tenancy agreement, and/or the renter’s deposit. This additional work can increase your costs (unless your legal fees are covered – an option that Sold.co.uk offers) and potentially the time it takes for your sale to be completed.
Frequently Asked Questions About
Selling A Tenanted Property in Newcastle
Is it legal to sell with tenants in situ in Newcastle?
Yes, you can sell a property with tenants living in situ. However, you may find it more difficult to get a suitable buyer – and reducing your price may become necessary.
Can you evict a tenant because you want to sell the property in Newcastle?
You can only evict your tenant if you have a legitimate reason to do so. Examples of this include failure to pay rent, or major destruction/damage to the property. You cannot evict simply because you want to sell the house.
How much notice do I have to give a tenant if I want to sell my Newcastle house?
The amount of time you are required to give your tenants will usually be outlined in the tenancy agreement. In many cases, it states that you need to give 60 days’ notice, but you should check your specific contract to be sure.
Can my tenant refuse viewings to my Newcastle home?
It depends on your tenancy agreement. If permitting viewings is mentioned in the contract, then your tenant may be required to go along with you – or else be evicted. However, if viewings are not mentioned in the agreement, then your tenant may have a right to refuse.
How long before a tenant becomes a sitting tenant in Newcastle?
A sitting tenant is someone who still lives in your property, while you are trying to sell it. A lifetime sitting tenant (as indicated via your tenancy agreement) may have a right to live there for their entire life, for example.
Who buys houses with sitting tenants in Newcastle?
Property investors are the most common buyers for tenanted houses. These people sometimes don’t mind there being tenants currently in-situ, as it enables them to get a cheaper price for the house, and receive an immediate income once they take ownership.
What happens if you sell a property with a tenant in situ in Newcastle?
Lots of ‘typical’ buyers on the market may not want to buy a tenanted house. In this instance, a property investor may be the best type of buyer to sell your house to. You will need to accommodate the rights of your tenants throughout the selling process, though. You should speak to a legal expert if you need guidance on how to do this.
Why might you sell a tenanted property in Newcastle?
You might sell a tenanted property if you need an immediate influx of cash and cannot afford to wait until the end of the tenancy period. Common reasons for a quick sale of your house might be to help with any financial difficulties, to fund an early retirement, or because you are relocating.
How much does it cost to sell a tenanted property?
Selling a tenanted property is not necessarily more expensive than selling a house without tenants. However, there will be more paperwork that you need to provide evidence of – so it may be slightly more time-consuming.
Read More About Selling A Tenanted Property in Newcastle
With prices continually rising and high demand for properties in the area, estate agencies in the city of Newcastle are the local experts that can help see your next sale or purchase through to completion. Read on to find the best estate agency for you.
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