With a general upturn in the housing market many of the accidental landlords from recent years are now looking to sell. If they have a tenant in place it is a fairly straightforward process that ordinarily requires the landlord to gain vacant possession of their property or at the very least serve the tenant with notice 2 months prior to end of the tenancy.
However, given that many of the buyers for these types of properties are themselves buy to let investors who will simply be looking to rent the house out as quickly as possible the whole process seems entirely unnecessary.
If the property is vacant during the processes of selling/ buying and re letting there can be significant costs incurred to both buyer and seller alike. With the loss of rental income, bills, fees for setting up new tenancies and not least the liability of a property standing empty.
From an investors perspective the advantages are as follows:
You will know exactly what you will be getting each month from the start. Rent will be received from the minute you complete and there will be no loss of rent whilst you find a tenant.
There won’t be any of the setting up fees which are incurred at the beginning of a new tenancy.
Potential teething problems which will most commonly occur at the start of a tenancy will have already been ironed out at the previous landlord’s expense.
With more than 80% or our properties being managed the likelihood is that there will be a strong relationship already in place between ourselves and the tenant making the transition between owners seamless.
The down side could be that the rent may not be a full market rent as landlords will often sacrifice top rent for the sake of continuity and avoidance of void periods (periods when the property is empty and therefore not generating any income) however there is always an opportunity to revisit this at renewal and a skilled agent should be able to advise you on this.
For more information about selling your investment or adding yourself to our growing list of investment buyers who will consider buying with a tenant contact call Intercounty on 0844 8111090