I was looking for some advice regarding selling a rental property.
We have rented to the same person for 7 years now but due to changes in circumstances we are looking to sell the property.
I imagine the tenant wouldn’t be in a position to buy it, but this is something we will put forward to them.
How much notice do we have to give to the tenant in terms of a move out date, we aren’t in a rush to sell but we want to ensure the tenant is given amply notice.
i would be telling them now Plenty of notice
I agree. I would probably take the s21 notice around there and explain the situation face to face. I would leave the notice period at the standard 2 months, but explain that I would be flexible and allow them time to find somewhere decent.
You could try selling it with the tenant in situ, if it’s likely to be an investment property for someone else. I’ve bought a couple with sitting tenants and both worked out well. Saves a lot of void periods/council tax etc for the purchaser. And you get rent up to completion.
There’s also some talk about reduction in CGT on selling this way, but not in place yet.
When I read questions like this I think that perhaps landlords ought to be compelled to undergo some training and pass a simple examination before entering the business. I mean, this is such basic stuff. I wonder how many landlords have ever read any of the legislation.
If you’ve not got anything helpful to say, I wouldn’t bother responding
I had been considering selling with tenant in situ as they agave been great throughout the tenancy! It’s not something we’ve done before but definitely something we should consider more seriously.
With the current market give them 2 months notice but be flexible as there’s not much about and it may be difficult for them within their budget. So two months,wait then put it on the market.
We all have to lean. Don’t be mean
Two people have now criticised me for commenting that perhaps landlords ought to be compelled to undergo some training and pass a simple examination before entering the business.
I think I was right, and I reject the criticism.
Renting properties which are going to be peoples’ homes is not something to be undertaken lightly or in ignorance. I understand that many landlords have only one rental property and many are “accidental” landlords who have ended up in the business because of circumstances rather than by deliberate intent. But I still think that if you want to be a landlord you ought to learn the basics, because you are responsible for one of the most important things in your tenants’ lives - their home. The original poster did not even know how to terminate a residential tenancy, and I said that this is basic stuff. Well so it is, and I say they ought to have learned it when they became a landlord.
There are lots of activities in life which you can’t undertake without training because if you don’t know what you are doing you might hurt someone. I think that renting residential property is one of these. I think there should either be a simple course which you have to pass before becoming a landlord - or you should have to employ someone who has passed the course to manage your properties. I am not suggesting that landlords should have the same level of qualification as solicitors. But I do think they should know the basics.
Johan1 - your answer is completely wrong. You obviously don’t know the rules. Are you a landlord in the UK?