Selling rental property

[Sipe]

Hi

We are hoping to sell our apartment which is currently rented. It has been rented out for 5 years with the same tenants for the past 2,5 years.

The rental income does not cover the costs and the price has finally returned to our purchase price.

Can / should we sell with the tenants living there?

We are now based in mainland Europe so non resident. A agency takes care of the property. Do we have to use the same agency to sell ththe property if the tenants are living there?

Thanks for your advice
S.

 

[The Horseman]

Hi

We are hoping to sell our apartment which is currently rented. It has been rented out for 5 years with the same tenants for the past 2,5 years.

The rental income does not cover the costs and the price has finally returned to our purchase price.

Can / should we sell with the tenants living there?

We are now based in mainland Europe so non resident. A agency takes care of the property. Do we have to use the same agency to sell ththe property if the tenants are living there?

Thanks for your advice
S.

Unless you are selling to a cash buyer you will need vacant possession to sell as no financial institution will give a mortgage to purchase a property with sitting tenants.

You are not required to use the same agency to sell.

Your tenants may refuse to leave and make it difficult for viewings etc. With the rental situation in Ireland at the moment tenants are reluctant to leave properties and will overhold etc. It can take up to a year to get a tenant out of your property even going through the proper procedures. The Govt is anti landlord and is doing everything in its power to ensure tenants are not left homeless.

 

[Thirsty]

..you will need vacant possession to sell as no financial institution will give a mortgage to purchase a property with sitting tenants.

If it's being sold as a buy-to-let investment, this is not the case; if anything having a good proof of rental enhances the investment.

OP can give notice to tenants stating intention to sell. Tenants may indeed act the maggot, but if they haven't done so to date, they are unlikely to do so now. You'll just have to cross that bridge when you come to it.

 

[The Horseman]

If it's being sold as a buy-to-let investment, this is not the case; if anything having a good proof of rental enhances the investment.

Did not realize a financial institution would give a buy to let mortgage with sitting tenants.