We deal with hundreds of clients a year both buying and selling their buy-to-let investments, so we like to think we know a thing or two about the process of both.
When it comes to selling your buy-to-let property, certainly with tenants, the process can become complicated and messy if you’re not dealing with experts or specialists in the market.
We also find that many of our clients inherit properties through family and aren’t entirely sure how to sell the property to release the equity in it.
Again, these are all areas that we’re experts on, so there are a few tips and pieces of advice we can offer when selling your buy-to-let property.
We also appreciate that many landlords sell buy-to-let properties in order to release equity as quickly as possible due to the property being a notoriously illiquid asset, however, we know how to speed the process up.
Speak to the experts about selling your buy-to-let property
It kind of goes without saying, but we know that so many of our clients approach us with regards to selling their buy-to-let property after having extremely frustrating experiences elsewhere.
First and foremost, selling a property can be a stressful process anyway, so it makes little sense to go about it either on your own or via somebody who doesn’t know what they’re doing.
You need somebody you can trust, and who can take the stress away from the selling process, and that’s why we’ve been so successful so far, so before you look to start the process, our advice is to find somebody you can trust to help you out.
Get your paperwork together
Okay, so if you’ve decided you need to sell up then there are a few things you’ll need to find in order to make the process as smooth as possible.
Firstly you’ll need the property deeds to show you own the property, as well as whether it’s a freehold or leasehold property.
Freehold properties mean the property owner also owns the land the property is on, whilst leasehold properties tend to pay a small fee in ground rent per month or year to whoever owns the land that the property’s on.
Secondly, you’ll need to find the tenancy agreement of any tenants that are currently living in the property. It’s important to know what terms were agreed upon, the length of the tenancy and the terms for renewal.
Sell where people are looking
Selling buy-to-let property, especially with tenants already in the house, can be tricky because not everybody is looking for that type of property, and nor do they have the money or mortgage arrangements sorted beforehand.
At yieldit, we ensure that the buyers on our site are looking specifically for these types of properties and that they’ve got arrangements in place to be able to complete a transaction relatively quickly.
If you’re considering selling your buy-to-let property, why not request a free valuation today? We work with property investors from around the world who understand that buy-to-let investment is a business and don’t want all the fuss that comes with selling a property on the high street.
