Selling with tenants in situ at auction is extremely common. It is also generally seen as an advantage to both you and your potential buyers.
To you – because you can sell without disturbing and uprooting your tenants while receiving a rental income until the day the property is sold.
To buyers – Many Buy to let landlords and investors would prefer to buy with tenants in place as they receive the rental income from day one of ownership. This is a great way of increasing a property portfolio or even starting one. By buying this type of property buyers will avoid spending time and money finding new tenants to move in after the purchase has completed.
No, your tenant will remain unaffected throughout the entire process. It is you, as the landlord who will be responsible to inform the tenant of the sale. The tenants deposit will be changed over through solicitors and also the change of the rental income details to the new owner.
If you do choose to evict the tenants beforehand and the property is empty during the take on and marketing phase then you, as the seller, will be liable for covering any mortgage payments, utilities and other expenses without the rental income, up until the day of completion.
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