What can you do if your landlord decides to sell?

You’re settled in your home and happy there, then your landlord tells you that they are planning to sell it. What can you do?

Firstly don’t panic. There are several options open to you and we will walk you through them in this blog.

 

Buy

If you are in a position to be able to purchase the property from your landlord then you are in an excellent position. Having the existing tenant purchase the property is beneficial for both your landlord and for you. Your landlord will be able to continue receiving rental income up until the date of sale and they will not have to spend any time marketing the property. You will not have to move home or deal with viewings and your tenancy deposit will be returned as soon as the sale is completed. An extra bonus is that as you have been living in the property you will know it well so there won’t be any nasty surprises!

 

Move

If you are not in a position to buy or simply do not want to buy the property then you will need to start looking for somewhere new to live. Whilst this can be unsettling try to view it as an opportunity to have a fresh start in a new home. Approaching your search for a new home with a positive outlook can help make the process less upsetting.

Your first step is to find out the timescale that your landlord is working on. Then you need to decide whether you will choose to stay in your current property until it is sold or if you would prefer to set your own timetable by choosing to move sooner. Please do give us a call on 01306 884635 to find out about the properties that we currently have available or that will be becoming available soon.

 

Sitting Tenant

If you would like to stay in the property ask your landlord if they would consider selling the property with you as a sitting tenant. That means that the only thing that will change for you will be your landlord’s name on your tenancy agreement. This situation can benefit you as you will not have to move. It will also benefit your landlord, as a property for sale with a sitting tenant can be very attractive to prospective landlords as they will be able to start collecting rent as soon as the sale completes. Your landlord will also benefit from being paid rent up until the date of completion.

 

WE are always happy to give advice on any of these options to both landlords and tenants in Dorking so if you would like to discuss your next step please do give us a call on 01306 884635
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Are you ready to take the next step?

Are you ready to sell, or need some advice? Are you struggling to sell or only planning to sell a little further in the future? Whatever your situation, we are here to help.