We help people streamline their property portfolios as well as assist individuals in selling single lets. Our investment property solicitors are expert at buy-to-let sales, making the process quick and easy to complete.
At some point, you will need to instruct a conveyancer to help with the legal side of selling investment property.
The sooner you do this, the better, as solicitors can help to time, legitimise and take the stress out of your sale. Our expert conveyancers can time the sale of your property so that it coincides with another purchase. In doing this, you won’t lose much, if any, rental income. A solicitor will also take care of all the legal paperwork as well as give you impartial advice on things like tax, prospective buyers and what to tell your tenants. As full-service solicitors, we can do all of the above and even solve landlord and tenant disputes to recover unpaid rent and fees for damage if the worst-case scenario happens.
We help many different clients to sell investment property — from individuals selling their only buy-to-let to property pros gearing towards retirement. Whatever your situation, we’re here to help. Our smart-thinking, plain-speaking solicitors make the entire process of selling an investment property simple so that you’re free to focus on the future.
Selling an investment property is a similar but slightly longer process to selling your main residence. You’ll need to notify your mortgage lender (if you have one) when you decide to sell and ask them for a settlement figure or a balance. You’ll also need to let them know if you want to transfer the mortgage or pay it off with the sale proceeds.
Next, you’ll need to decide what to tell your tenants and figure out what type of buyer is likely to be interested in your property as a result. As with any property sale, you’ll want to make sure the property looks its best, perhaps giving it a lick of paint as well as redecorating if possible.
In the midst of this, there will be plenty of paperwork that your solicitor will help you to fill out. If someone shows interest in your property, you will go through the usual exchange and acceptance process.
An average property sale can take anywhere from four to six weeks to complete. However, selling an investment property can take longer. The speed of your sale depends on many factors, including whether tenants are in situ, the buyer’s property chain and complications with mortgage lenders. So many things can influence a property sale, such as the desirability of the property’s location and the economic climate. As such, it’s impossible to give a broad answer to this question.
There’s no right or wrong answer to this question. Asking your tenants to vacate and keeping your tenants in situ both have advantages and disadvantages. Selling a property with tenants can offer an immediate, guaranteed income to a buyer. However, uncooperative tenants can slow the pre-sale process if they don’t agree to viewings or make it difficult to redecorate. Selling with tenants also wipes out a portion of the buyer pool with no interest in being a landlord. Yet, selling directly to a landlord can often be a simpler, more streamlined process. Usually, you’ll need to rely on your tenants’ goodwill to arrange access during the sale period. So, a general rule of thumb is to hold on to good tenants and politely let go of the rest.
Investment property solicitors, also known as conveyancers, take care of every conceivable legal aspect of a sale. As with selling any property, there is a minefield of forms to fill out before you can progress to the next stage. A solicitor will help you to navigate this, as well as offer impartial advice as you go. Having a conveyancer on hand will speed up the process of your sale and give you peace of mind as you whittle down your property portfolio.
It’s always worth seeking legal counsel before making any bold moves with your property portfolio. The first chat with us is free and allows you to discuss your property plans and learn how we can simplify the sale of your investment property.
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