One in five landlords plan to sell, citing increased regulation and less favourable tax treatment as reasons, according to a recent survey by a leading building society.
‘If you have a tenant, a key decision will be whether to sell with them in place or with vacant possession,’ says Tracie Middleton, Solicitor in the Residential Property Team with Pearsons & Ward in Malton (part of Ware & Kay Solicitors). ‘Talking to your professional advisors can help you weigh up all the pros and cons, and plan for the additional things to consider if you want your transaction to go smoothly.’
You can sell your property subject to the existing tenancy, which means your buyer will effectively step into your shoes as landlord. In contrast, if you sell with vacant possession, you must ensure your tenants leave…