Selling an apartment (currently let) - with or without tenants?

R

rabbit

Guest
A friend a had a drink with at the weekend is seriously considering selling his apartment. ( he needs the money for something else ). It is currently let, and there would be little trouble in letting it again should it become vacant. The current tenants are there less than 6 months and agreed at the outset they would move out at a months notice. If the owner of the apartment were to put the apartment on the market, would it be better with or without the tenants ? The current tenants may not be the tidiest of people and naturally enough if people were viewing the apartment it may not be seen at its best.
 
Re: Selling an apartment ( currently let )- with or without tenants ?

I bought an apartment from my brother two years ago. The tenants were still in the apartment when I purchased. My solicitor advised me that it was better for me to buy with the apartment vacant rather than with sitting tenants. Don't ask me why, perhaps a solicitor will post here and explain. anyway, that was my experience.

For your information, my solicitor also acted on behalf of my brother and went out of their way to make sure he acted ethically at all times.
 
Re: Selling an apartment ( currently let )- with or without tenants ?

Sorry to fly off on a tangent, but are you saying your solicitor was acting for both your brother, the vendor, and yourself, the purchaser?

If so, I cannot see how that is possibly ethical, regardless of what they claimed.
 
Re: Selling an apartment ( currently let )- with or without tenants ?

Tenants can terminate a tenancy without giving a reason but must give notice.

Length of tenancy Notice by tenant
Less than 6 months 4 weeks (28 days)
6 months to a year 5 weeks (35 days)
1 – 2 years 6 weeks (42 days)
2 or more years 8 weeks (56 days)

[broken link removed]
 
Re: Selling an apartment ( currently let )- with or without tenants ?

IMO, selling a property with tennants will reduce the pool of potential buyers as it will mainly attracts investors.
An empty property would attract both investors and owner-to-be-occupiers.
 
Re: Selling an apartment ( currently let )- with or without tenants ?

It really is 6 of one and half a dozen of another. I have often bought properties with tenants in place, and the way the market is at present it just may be easier to sell that way. From a vendor point of view it would save on having the palce painted if a tenant in place. Where is the property if I might ask ??
 
Re: Selling an apartment ( currently let )- with or without tenants ?

i reckon it's better without tenants.

If you selling to an investor then they probab;y won't be too pushed.

if u are sellling to an owner occupier then thy may not be so impressed
 
Re: Selling an apartment ( currently let )- with or without tenants ?

Your friend would want to be fairly confident of selling and have funds to cover the mortgage for the period it is vacant. There's a lot of apartments on sale at the moment, but the right price will always attract buyers and an empty apartment might generate greater interest.
 
Re: Selling an apartment ( currently let )- with or without tenants ?

I was told by an estate agent that their are no investors in the market for apartments at the moment so by his reckoning your audience would be owner occupier in which case vacant would be more attractive. I'd ring estate agents in the area and ask their advice.
 
Re: Selling an apartment ( currently let )- with or without tenants ?

Thanks for that. Estates agents vary greatly in their advice though - one said sell it empty, the other said sell it let, etc
 
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