Sell A Tenanted Property
in Sheffield
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Selling a tenanted property is never easy
Between respecting your tenants’ rights, finding a suitable buyer, and getting the deal completed for a reasonable price, there is plenty to think about. Sheffield has also experienced a 28.6% decline in house sales over the past year – so, if you are worried about finding a buyer for your tenanted Sheffield house, you are not alone.
On the bright side, there is no shortage of people keen to live in the city.
With a population of over 550,000, it’s no surprise that over 60 ‘traditional’ estate agencies operate throughout the city.
But what if the high street agencies are taking longer to sell your tenanted house than you’d like?
There is now an easier, quicker, and less expensive way.
Sold.co.uk is proud to have carried out lots of seamless tenanted property purchases in Sheffield.
You can sell your house directly to us for a lump sum of cash, which enables you to avoid tiresome property viewings, price negotiations, chasing up conveyancers and more.
We have a wealth of expertise selling tenanted houses in all areas across the city – from Hillsborough to Fulwood, Beauchief to Broomhill, and everywhere else in between.
Get in touch with Sold.co.uk for a free, no-obligation valuation on your tenanted property in Sheffield.
Selling a house with tenants in Sheffield
In an ideal world, you will ‘keep the peace’ with your tenants in Sheffield. Communicating regularly and clearly can keep them on-side and make your life much easier.
In Sheffield, the average property price is currently £245,799. However, if you have tenants in situ, the offer you receive will be significantly lower. Some property experts suggest that it can knock at least 20% off the value of your house and will take considerably longer to find a willing buyer, too.
Another factor that can impact the price you receive is the type of tenancy agreement you have in-place. In the UK, the most common type of tenancy agreement is Assured Shorthold Tenancies (ASTs).
In this agreement, the contract that you and your tenant signed will impact how rent reviews are carried out, and how much they pay. These factors will influence the ‘attractiveness’ of your property to a potential buyer.
If a Joint Tenancy Agreement has been signed, this may complicate matters slightly because your potential buyer may need to communicate with more people during the transaction.
To avoid the toing and froing of negotiating with buyers on the open market, you can simplify your life by going straight to Sold.co.uk.
You can sell your house to us for up-front cash within 7 days.
It doesn’t matter how badly behaved your tenants are, what type of contract you have in place, what length of lease is remaining and much more – we will make a fair, honest valuation on your Sheffield property.
Sold.co.uk can reduce your stress when selling a tenanted property.
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What is Buy to Let?
When a property in Sheffield (or anywhere else in the country) is purchased as a ‘Buy to Let’, it means that the homeowner intends to immediately rent the property out to tenants. This person will not usually be allowed to live there themselves.
The majority of Buy to Let mortgages are ‘interest-only’, meaning that the homeowner is only required to pay back the interest on the loan.
However, once the term is completed, they must either:
- Sell the house
- Pay off the remainder of the mortgage
- Remortgage altogether
According to online figures, more than 211,000 buy-to-let mortgages were approved by UK lenders in a recent calendar year. Plenty of these were in Sheffield.
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How to sell a property with tenants in Sheffield with Sold.co.uk
It can make your life much easier process to sell your tenanted Sheffield property to a cash buyer.
You will be able to reduce the number of viewings you carry out, and avoid negotiating on price, too. You will be provided with a reasonable offer, and will not be subject to the usual fees associated with the traditional estate agency route, such as legal expenses and commission.
Sold.co.uk is proud to be one of the leading cash buyers in Sheffield.
For a stress-free transaction when you sell a Buy to Let house in Sheffield, contact Sold.co.uk. We operate in every part of the city – from St Paul’s to Crookes, Walkley to Fulwood, and beyond.
Reach 98% of all active buyers...
Advantages of selling
with tenants in-situ
- Keep receiving payments up until completion
- Some buyers will be pleased if they are well-behaved
- You can offer them first refusal, potentially speeding up the process
Disadvantages of selling
with tenants in-situ
- They can cause you difficulty
- It will likely reduce the value of your house
- Finding a buyer on the open market is challenging
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Sheffield’s rental market
Whether you already have a tenanted house in Sheffield, or are considering renting yours out, it is extremely useful to have a full perspective on the rental market in the city.
Currently, the average property in Sheffield brings in £990 per calendar month.
In a recent 14-day period, there has been 224 properties listed on the market for rent in the city.
The amount you can expect to receive in rent payments varies depending on the size of your house, too. For example, a typical five-bedroom property in Sheffield costs £1,772 per calendar month – but this particular size of house only represents a very small percentage of sales in the city.
The average rental yield in Sheffield is currently 4.2%, considerably higher than the national average of 3.6%.
The rental market in Sheffield is improved considerably by the fact that there are two main universities in the city: the University of Sheffield and Sheffield Hallam University. These two combined bring more than 60,000 students to the city every year – and most of these people need a place to rent.
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Reasons you might want to sell a tenanted property in Sheffield
While a tenanted property usually sells for less on the open market, there are some circumstances where the house owner has no other choice.
Firstly, you may sell a tenanted property if you are in immediate need of funds.
Perhaps you have debt that must be paid within a few weeks, or you are facing repossession.
In this instance, accessing a lump sum of cash immediately can be vital, and selling your house to a cash buyer can make this happen.
Tenanted properties are sometimes sold if they have been inherited as a probate property, and the new owner does not want the hassle of becoming a landlord – especially if they do not live close to Sheffield.
If two people are going through a divorce, then they may want to ‘cut ties’ on any properties they own jointly together.
Another reason may be because your relationship with your current tenants has deteriorated, but you have no means of evicting them.
Looking after the house may become more problem than it’s worth, and ‘cutting your losses’ could be the best solution.
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How much does it cost to sell a tenanted property in Sheffield?
You can sell your tenanted property in Sheffield completely free of charge by using Sold.co.uk. We will buy the house directly from you, while covering all your legal fees, so you don’t pay a penny.
In Sheffield, you should contact several independent estate agencies and conveyancers to find out how much it would cost you on the open market. If a conveyancer charges by the hour, for example, it may cost more when your house is tenanted, as there can sometimes be more paperwork involved.
Contact us today for a free, no-obligation on your Sheffield tenanted house.
Frequently Asked Questions about selling tenanted property in Sheffield
Is it legal to sell with tenants in situ in Sheffield?
Yes, it is completely legal for landlords to sell with tenants in situ in Sheffield. As long as you respect the rights of your tenants, including providing sufficient notice about the house being sold, you are well within your rights to sell it.
Is it difficult to sell a property with tenants?
There’s no doubt that selling a property with tenants may be a difficult process, but with the right guidance and support, it is possible.
Generally, buyers on the open market will be reluctant to purchase a house with tenants in-situ, unless the price is significantly reduced. This is because most people want to move into a house that they buyer.
On the other hand, you can sell your house within 7 days by using Sold.co.uk. Your relationship with the tenants, the contract in place, or anything else has no impact on our ability to guarantee a sale of your property.
Can you evict a tenant because you want to sell the property in Sheffield?
If a landlord wishes to sell their property and wants to evict their tenant to do so, perhaps to maximise the amount of money received or to make the process quicker and easier, they will be required to follow the correct procedures.
It’s important to note that UK law does not consider selling a property as a ‘sufficient reason’ to evict a tenant. They must have violated your terms in some way, such as refusing to pay rent, or causing severe damage to the property.
How much notice do I have to give a tenant if I want to sell my Sheffield house?
The notice period you must give to a tenant if you choose to sell your property while they are still living there will be written within your rental agreement. In most cases, this figure is 60 days.
If you are at all in doubt, it is wise to seek the guidance of an experienced legal expert who can ensure everything is done correctly.
Can my tenant refuse viewings to my Sheffield home?
It depends on the terms of your contract. If the agreement states that your renters can refuse, then they are well within their right to do so. If not, you may be able to carry out viewings anyway. You should seek specific legal advice on your situation.
How long before a tenant becomes a sitting tenant in Sheffield?
A sitting tenant is a renter who still lives in a house in Sheffield (or anywhere else in the country) while it is being sold. So, as soon as a homeowner puts the property on the market and the tenant is aware of this, they automatically become a sitting tenant.
Who buys houses with sitting tenants in Sheffield?
More often than not, the people that purchase houses with sitting tenants in Sheffield are property investors, or those looking for a Buy to Let property to make additional income.
What happens if you sell a property with a tenant in situ in Sheffield?
If you are to sell a property with a tenant in situ, you may find that the process is more challenging than if you were selling a non-tenanted home. You may experience disagreements with your renters, for example.
How many estate agencies are there in Sheffield?
Online data suggests that there are currently 62 estate agencies actively operating in Sheffield. Sold.co.uk is proud to provide an alternative to these companies, however, with our cash buying service that can purchase your tenanted property in any condition.
Why rent in Sheffield?
Sheffield has lots of great features that attract thousands of people every year to rent there. Not only does it boast two excellent universities, but it is an affordable place to live, and is well-connected to other cities like Manchester, Leeds, and Nottingham. There are plenty of live events in the city every year, for people of all ages to enjoy.
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