Selling a buy-to-let property can sometimes be a more complicated and thus, slower, process. The exact length of time will depend on whether you are selling it as vacant or tenanted and how you choose to sell the property.
How Easy is it to Sell a Buy-To-Let Property?
Is it better to sell a buy-to let as tenanted or vacant?
If you have tenants living in your buy-to-let, it is important to let them know that you are planning to sell. You will need them on side when showing the home to prospective buyers and conducting viewings.
Selling a tenanted property means that your target market will be other landlords who are looking to have a source of income from the offset. This means that you have a limited demographic and there is also sometimes a lot of administrative work to get through before selling.
If you sell a vacant property without existing tenants, you could put your property on the open market which broadens your target market and could lead to a higher selling price. If your target market is someone who is buying the property to live in it, it is possible that you will need to make some changes to the property before putting it on the market. Remember to factor this in when thinking about how long it will take to sell your home.
What is the Quickest Way to Sell A Buy-To-Let Property?
If you are selling to an investor, it is usually quicker than putting your property on the open market. This is because buy-to-let purchases usually involve more experienced buyers who are familiar with the process. In addition, when selling to investors, there are usually fewer property chains involved and also less emotion-based which is generally a faster process. However, it is true that when selling to an investor there is usually additional admin to factor in which can take time such as the tenancy agreement, Right to Rent records, safety certificates and inventories.
Is it Quick To Sell A Buy-To-Let Property
If you are desperate to sell your buy-to-let property fast, and want to evict your tenants before selling the property, you will need to follow the break clauses and contract terms laid out in the tenancy agreement.
You could choose to wait to sell the property until after the contracted period, or you will need to come to an agreemet with the tenants in order for them to move out – this could potentially involve financial compensation if they agree to move out early. The tenants can name the conditions.
If you are coming to the end of a tenancy period, have your tenants on a ‘rolling’ contract or have a specified break clause, you can serve a no-fault eviction with a section 21 notice. This gives tenants a two month notice period in which they will need to vacate the property.