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This is the situation:
I have a flat that I let out to students that I now want to sell (and have been trying for the last 18 months, accepted 2 offers but both fell through, once in the day of exchanging contracts 😡🤬)
The flat is currently let until September but the tenant wants to leave in June, as that when his course finishes, so I am marketing it as for rent from July, at the same rent, so as the current tenant can get out early and everyone is happy.
Had an offer to buy the other day, chap has 3 other flats in the same complex, seems to know his onions.
Had a new tenant enquire about the flat for taking it on in July, at the advertised £650pcm, wanting it for 12 months.
Asked the buyer if he was on with that, buyer says he’d rather I didn’t take it, as he wants to come in, make some changes, and then let it in line with his other, very similar, properties at £850pcm (I’ve never managed more than £700, though I suspect now, that is due to the letting agent wanting to get his percentage form the letting...****s)
My question is, am I obligated to try and find a tenant to replace the outgoing one? Or is it a case of sorry suck it up son, you signed a contract. if you’re lucky the new owner might let you off (I hope to complete the sale ASAP, ideally pre tax year end) in June so he can do his thing.
In that case do I tell the prospective tenant, sorry, flat is no longer available and hope the buyer doesn’t pull out before exchanging (again)
Or accept the new tenant, knowing the mortgage is paid for another year, and hope the buyer doesn’t pull out, but it’s not the end of the world if he does. (Had another offer from someone else at the same time, but they were flaky)
The goal is to sell the flat, for a deposit on a proper house for MrsTH and me.
WWSTWD?
I would take the new tennet then when you know the sale is going through issue a section 21 and evict him.
Read up about how to do a section 21 and what the pre-reqs now so you set it up right.
Re: getting the exsisting tennet to paid you out depends what the contract says and if you cam be ar55ed persuing them for the dosh.
I would take the new tennet then when you know the sale is going through issue a section 21 and evict him.
Sounds like a particularly shitty thing to do, as he will have paid agents fees etc. Homie don’t play like that.
I would take the new tennet then when you know the sale is going through issue a section 21 and evict him.
Then you'd be a complete ****.
If the new buyer wants to make changes and up the rent then he'll want it empty. You certainly don't want to go getting new tenants in. Sounds almost perfect for you already. Sale will take a few months and once it's done the current tenant will be due to move out. Only issue is if the sale falls through, but it'll be more likely to sell to someone else if it's empty even if that means taking a hit on the rent for a few months
Yeah, I could just let the tenant go in June with no penalty, knowing That even if the falls through it will def let again (it’s been empty for a grand total of 3 months in 5 years)
Actual sale process *should* be pretty quick, as no chains, finance agreed etc.
Just worried it will fall through again.
Did the tenant originally agree the longer let but changed his mind?
I am of the "don't be a dick" persuasion here. I might charge his something to cover the shortfall - maybe a months rent but not the whole lot and I would NEVER get another tenant in expecting to evict them in a couple of months. thats bang out of order.
Yeah, tenant signed up in sept for 12 months, now wants to leave in June at the end of his course (I assume he knew that when he signed for a year.)
Thing is, this might not be my problem if the flat sale completes before he leaves.
No advice particularly but I have a student doing the exact same thing. Signed up for 12 months but leaving early when his course finishes. Can't be bothered to pursue as it lets easily but worth noting for future risk.
Do some short term let’s air bnb style until sale completes?