Hi, I inherited a property which is being rented to a lovely family. They are paying under maket value at the moment as my father didn’t want to raise the rent over covid and the financial crisis. (He was a kind man; and was in a care home, with capacity).
I will probably want to sell the property some point in the next 5-10 years. I have no family to leave it too so it’s my retirement fund.
However, if the govt are planning to scrap non fault evictions will I be able to sell? Or should I start the process now. The family are settled in the village, children go to school, they are happy on the home. It would be such a shame to sell it early for all parties. Any advice?
You could always sell the house to another investor with the tenant in situ. Your options will be more limited in terms of the amount of interested buyers but it results in a happy ending for all parties instead of needlessly evicting someone.
Thank you. I did think of that, however the property isnt really right for investors. It’s a bungalow in a small village which is quite remote. The yield is very poor; currently get £700 PCM should be at least £900. Current estate value is £325 ish
There is still likely to be a Landlords option to evict Tenants for the purposes of selling a property.
Thank you for your reply. I have actually asked my MP (new labour MP) this in a letter to her. 4 weeks and no reply!
I wouldnt expect anything useful will come from your MP. We simply dont know what the contents of the Renters Rights bill will be and at the moment there is talk of a hardship test being linked to any eviction grounds for selling. This could mean that if evicting the tenant would make them worse off, a judge could deny you possession.
Your bigger concern at the moment should be that if you dont have the required knowledge of private rental legislation, you could make a simple mistake that costs you £000’s in fines or in the worst cases, your liberty. If thats the case, then I think the risks are too great to just carry on and I’d suggest you either appoint a housing solicitor to evict them now or you find a good agent that will offer you a fully managed service and hand it over to them. The latter option being not without its own risks as the quality of letting agents varies greatly.
Thank you for your reply. I do have an agent and do have the full managed service with them. They were there from the beginning when my father rented out the property…I am also registered with Rent Smart Wales. It is such a scary responsibility being a landlord…
If the property is in Wales, then the Renters Rights bill wont apply as Wales has its own legislation.
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Hi, just as I read your reply the penny dropped and I wondered if Welsh law was different. Thank you!
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