If you’re landlord selling property (or planning a sale), there are a few different factors that you will need to take into account. What are some of the issues to consider and how can you put these to your advantage? Let’s take a look at three areas to concentrate on in order for you to put your best foot forward.
Understanding the Brexit Impact on London Property
If you’re like many landlords, you’ll be concerned about what effect Brexit has had on the London property market. Now, we should first be clear here and state that not every property will be dramatically impacted. Although recent figures have shown that the value of prime London properties may fall as much as nine per cent, this is only referring to high-value locations. To put this in perspective, Savills estate agency estimates that a prime property worth £4 million pounds could see a potential decline of £360,000 pounds in the coming year. This is why it’s critical to obtain an accurate valuation of the property in question while carefully following the state of the markets in your area.
Are You a Landlord Selling Property with Tenants?
There are many times when a landlord selling property within London may have to sell while there are tenants in the flat or house. This can be a bit challenging, so let’s look at two key points. Before putting the property on the open market, you should always give the tenant an opportunity to buy. Even if this not a possibility, such an action will help to increase goodwill and trust during the sales process.
Keeping tenants in mind, it is always important to know when a Section 21 notice may be required. There are many times when a landlord will wish to get the property back at the end of what is known as an Assured Shorthold Tenancy (AST). This document will inform the tenants that they have a certain amount of time to vacate the premises.
Hints and Suggestions
We should never make the mistake of focusing only on the technicalities. Never forget that the appearance of the property will have a massive impact. Assuming that the tenants have left, you may need to address a few issues to present the property well. Some of the most common actions that landlords will take include:
– Giving the walls a fresh lick of paint.
– Removing old or worn out carpets.
– Removing or re-upholstering existing furniture.
– Cleaning the garden or patio (if applicable).
Above all, we should never forget that a landlord selling property needs to be concerned with much more than logistics alone. Many have made the mistake of focusing only on the rules and regulations. The end result is that while they may be within in the bounds of the law, finding a buyer could be nearly impossible. Feel free to use this article as a checklist in the future. Always recall that understand the local property market and the steps that need to be taken are crucial if you hope to enjoy a successful sale.
