If you have occupying tenants within your flat but you’re planning to sell it even if the tenancy agreement isn’t finished yet then you should consider these factors.
If the buyer is willing to purchase your property with the tenants still occupying the place then there’s nothing to worry about, or the buyer maybe be willing to wait until the timeframe of tenancy is over. However if at any circumstances that you really need to sell the property “vacant” then a deal can be made between you and your tenants, by proposing a deal to terminate the tenancy earlier and offering them a level of compensation in exchange. You can also try to reduce the rent, inorder to give them incentive to cooperate during the selling by keeping the place neat and tidy for viewings.
Today, selling a property with the tenants in it is possible, although the selling process is different from selling a vacant property. “Vacant possession on Completion Sale” is usually used for vacant properties being sold, on the other hand if you’re selling a property with occupying tenants then the contract must include a term stating that the property being sold is subject to tenancy. It is possible that selling a rented property with tenants in it is complicated, still you can always consult your conveyancer or solicitor to assist you to make the transaction run smoothly.
The things you need to bear in mind when selling a rented property is getting a copy of an Assured Shorthold Tenancy and making sure it is added to the contract. A copy of the inventory or documents that shows the condition of your property should also be laid out to the buyer. All details about every relevant deposit protection scheme must also be handed to the new buyer or landlord. Introducing your current tenants to their new landlord is also necessary to let them know where their payment for the rent goes. If you handled issues with your tenants before the selling then you need to tell these things to the new landlord for them to be notified.