There may come a time when you want to sell your rental property and free up some cash. If you have tenants, this can make it harder. You may have to give them notice, and if they have been in the home a long time, it may cause them distress. However, there are steps to take that can make it less difficult. We discuss selling a property with tenants in the article below.
Selling With Tenants in Situ
The term for having tenants in a sellable property is known as having tenants in situ. If you manage to find another landlord who wants to buy, this can be an advantage. They will not have to go through the time, effort, and money required for locating a new occupant. If you can give the tenant great references, it also mitigates some of their risk. It also means that if you are on a buy-to-let mortgage, you don’t have to pay it while a sale goes through. 
Demand for these properties from independent landlords can change. This can depend on mortgage rates, legislation, and the rental market. There are companies that can assist in selling a house with tenants by providing cash offers. In fact, they can have a transaction turned around in as little as 7 days. With a guaranteed sale on every property, they are the perfect solution for any landlord who wants to sell and needs liquid cash quickly.
Selling Vacant
Selling a vacant property is ideal, though it can be harder. This is because you have more people in your pool of buyers. People who want a house to live in won’t buy with a tenant in situ. This means evicting your tenants, which can prove a little more troublesome. You can start by waiting until their contract ends, then giving them plenty of notice about the sale and the need to find new accommodation.
Another advantage of this is that you control the property through the sale period. You can fix any problems, decorate, or make any renovations. All of this helps prepare it for sale.
Possible Problems and Fixes
The only possible problem that may occur is if the tenants refuse to leave the property. However, most of the groundwork will have been done in advance. A good relationship with the tenant always helps. Give them plenty of notice about the sale and update them with any possible changes, such as potential offers. They may even want to inquire about buying the property themselves, which would also be ideal for you. You won’t have to pay estate agent fees.
However, it may be that the situation is more complex. It’s important to have a strong understanding of your legal documents, as well as both your rights and the tenants’. You will need all the documents from the start of the tenancy, including the contract and any utility certificates. If they registered the deposit with a local or national scheme, then make sure you have the documents for that. 
With all these in place, you have done everything a landlord can do. By giving the right notice period, and understanding your rights and range of options, soon you should have the house sold.
