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Sell A Property with Tenants in Situ in Liverpool

There’s no doubt about it: Liverpool is a desirable place to live. Thousands of renters move into the city every year – which means that, if you are a landlord in Liverpool, it is highly likely that you already have tenants living in your property.

This doesn’t necessarily have to be an issue.

It is perfectly possible to sell your house in Liverpool with tenants still living in-situ. While some people on the market might consider this a negative – such as families who want to buy your place so they can live in it themselves – there are plenty of buyers who will be happy to take your tenanted property off your hands.

Sold.co.uk is a perfect example.

You can contact us if you own a tenanted house in Liverpool that you want to sell quickly, inexpensively and without too much hassle. We will offer a cash sum that enables you to get rid of the house quickly and use the funds for something more useful to your circumstances.

Our experts have experience operating in every part of the city – from Maghull to Woolton, Fairfield to Bootle, and everywhere in between. So, whatever your situation or wherever you live in Liverpool, we are here to help.

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What is Buy-to-Let?

In the UK, a ‘Buy-to-Let’ mortgage is when someone buys a property with the intention of renting it out. Many mortgage lenders offer these to people under the condition that you let out your house to someone else, and do not live there yourself.

You might opt for a Buy-to-Let because you hope that the house will increase in value while you own it, and thus enable you to sell it for a profit further down the line. You will also be aiming for the Buy-to-Let to cover the cost of the mortgage, which means that you make a profit month-on-month.

When your ownership of the Buy-to-Let comes to an end, you can either pay off the remainder of the mortgage or sell it. This is seen as a positive because purchasing a Buy-to-Let does not limit your options – if you want to convert your mortgage to a residential mortgage, there is not usually anything stopping you from doing so.

There is not currently a limit in the UK on the amount of Buy-to-Let mortgages you can have. However, some lenders will have an upper threshold of 6, which means that once you hit this number, you may have to use a different lender.

Most Buy-to-Let mortgages require a 25% deposit in the UK. It is more challenging for first time buyers to accumulate this size of deposit, which is why it is often ‘more experienced’ property owners – and people further along their property investment journey – who purchase Buy-to-Let.

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Sell Tenanted House to a Cash Buyer in Liverpool

In Liverpool, there are over 54,000 households currently renting. This means that there are thousands of landlords with tenants currently in-situ. So, you are not alone if you are navigating the stresses of selling a house with sitting tenants.

Companies like Sold.co.uk can purchase your house up-front with our own cash – which means that we don’t operate in a chain and can complete the sale as quickly as you’d like.

While having tenants in-situ can cause stress and confusion while selling on the open market, a reliable cash buyer can purchase any type of property, regardless of its condition or tenancy situation.

You may not receive the full market value for the house – but you will be able to get it ‘off your plate’ and move onto the next phase of your life.

This can be particularly valuable if your tenants are causing you headaches.

You can contact a cash buyer like Sold.co.uk today for a free, no-obligation valuation of your tenanted property.

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Assured Shorthold Tenancy Agreements in Liverpool

It is very common for landlords to have an ‘Assured Shorthold Tenancy Agreement’ (AST) in place with their tenants. Under this type of tenancy, a fixed term is agreed between the two parties, which gives the renter a set period of time that they can live in the house for. In many cases, this is 6 or 12 months, although it can be longer.

Once the fixed term comes to an end, a landlord can give two months’ notice to regain possession of the property.

You will find that many ASTs have clauses that prevent the tenant from behaving in a certain way – for example, bringing pets into the property or smoking indoors. It might also give the landlord certain rights, such as the ability to raise the rent.

If the tenant breaks any of these conditions, the landlord might be able to evict them – and if the landlord breaks any of them, the renter can potentially take them to court.

When someone buys your tenanted house, they will automatically own the tenancy agreement that you put in place. If it is an assured shorthold tenancy, it may mean that they have the right to evict the tenant from the property with a Section 21 notice.

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Is It Harder to Sell a Tenanted House?

You don’t need to be stressed when selling your tenanted house.

While it is widely agreed that selling your house is more challenging when you have tenants in-situ, there are still lots of options available to you. Cash house buyers make it convenient for you to sell your tenanted property, because they will purchase the house in its current condition.

Some property owners also consider having tenants in-situ as a positive, because it means that they get an immediate stream of income when they take over your house. If the area is notoriously hard to find suitable tenants in, or if the new owner is satisfied with the terms of the tenancy agreement, they may be slightly more open to the idea.

You can also sell a tenanted house at auction, which is a route that some homeowners in the UK go for.

While you cannot control the price that your house sells for via this route, it will enable you to cash in quickly and get the property ‘out of your hair’. It is not uncommon for property owners to offer tenants a cash incentive to move out. While you cannot force your renters to do so, it might be worth a try to avoid the hassle of selling with tenants in-situ.

If you want a free valuation on your tenanted property in Liverpool, to find out how much Sold.co.uk could buy it for, then contact us today.

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Rental Market in Liverpool

According to recent figures, there are over 54,000 households currently renting in Liverpool.

The average rent in Liverpool is £841 per month, according to the most recent figures. When you are looking to rent out your property in the city, or are considering selling your tenanted house to live as a renter yourself, that is the average monthly cost that you will be looking at.

Your monthly rental fee will vary depending on where you live in the city, and the size of your property, however. For example, the average rent in Bebington is significantly below this number, while the average rent in Crosby is higher. You can also expect to pay more for a detached or semi-detached house, in comparison to an apartment or a terraced property.

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Frequently Asked Questions about Selling A Tenanted Property in Liverpool

Is it better to sell a house with or without tenants?

It is usually more convenient to sell a house without tenants still living there. Most property investors see a house as ‘less valuable’ if tenants are in-situ. However, you may have no other choice than to sell a tenanted property, and it is still perfectly possible to do. Some investors might even see in-situ tenants as being a positive thing because it gives them an instant source of income as soon as they buy the house.

Why are houses sold with tenants?

You may decide to sell your house with tenants in-situ because you are unable to legally evict them from the property. In this instance, if you are unable to wait for the tenancy agreement to end, it might make more sense to sell the house with tenants still living there. In this instance, you will need to respect the rights of your tenants throughout the entire process.

Is it easier to sell a house with tenants?

No, it is generally considered to be more difficult to sell a house with tenants. This is because a tenanted house is viewed as more of a risk by both property investors and mortgage lenders.

Some homeowners decide to wait until the tenancy period comes to an end, or perhaps even offer their tenant a cash incentive to move out before they decide to buy. However, Sold.co.uk makes it easy for you to sell your tenanted property.

Is it more expensive to sell a tenanted property?

It is not necessarily more expensive to sell a tenanted property, than it is a house without tenants. The rates involved with conveyancing, estate agent commissions, and any other associated costs do not tend to increase.

Can I sell my tenanted property?

Yes, you can sell your tenanted property. As long as you follow all the necessary procedures and respect the rights of your tenant(s), there is nothing to stop you from selling the house.

Keep in mind that it might be slightly more difficult to sell a house with tenants in-situ, and some homeowners get around this by slightly reducing the asking price.

Can you sell a property with a sitting tenant in the UK?

Yes, you can sell your property with a sitting tenant in the UK. There are certain requirements you must meet while going through this process however, such as giving them 24 hours’ notice before any viewings take place.

Can you evict a tenant because you want to sell the property?

You cannot evict your tenant unless you have a valid reason for doing so – and selling the property does not fall under this category.

Your tenancy agreement needs to have come to an end, or you need to get a court order which shows that you have a valid reason to evict them. Examples of valid reasons might include failure to pay rent or breaking the terms of your tenancy agreement.

If you fail to follow the correct procedure to evict your tenant, it is a criminal offence, and you can be taken to court.

How much notice do I have to give a tenant if I want to sell my house?

The amount of time that you need to give your tenant will usually be outlined in the tenancy agreement. In many ‘typical’ cases, this is 60 days, but this figure can vary slightly.

Who rents in Liverpool?

Liverpool has thousands of people renting in the city. Every year, over 70,000 students move to the city to study at one of the major universities6. There are also thousands of people who move into Liverpool every year – including young couples looking to raise a family, people looking to advance their career opportunities, and even those in their 60s, 70s and 80s who want to enjoy their retirement.