Selling by auction

Landlord Discussion Property Investment
1

Hello folks

I own one property which I rented out while living in London. Now I’ve moved to Manchester and want to sell so I can buy up here.

I’ve only had one offer which I accepted but then the buyer didn’t get a mortgage approved as there is a single skin extension. She got an engineers’ report done but then her buyer pulled out.

Now I’m looking at selling at auction as my tenant has given notice and with the new renters’ bill coming in I’ve been told I have to give four months notice and then if I want to sell and the property doesn’t sell, I can’t get another tenant for 12 months. I can’t afford to have the property empty.

I’m looking for info on selling at auction - any recommended auctioneers, (the property is in Southampton), what to look out for, pitfalls etc etc

Many thanks

2

Do you mean that you are giving notice to the tenant after they have given notice to you? If so, why?

3

No I don’t mean that. She has given notice and I now have an empty property as of tomorrow

4

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