Advice - Selling property as Buy-To-Let

gemg1471's picture

i own a gorgeous cul-de-sac property in Manchester (M28 POSTCODE).It's tenanted with a great rental income but i want to sell as i now live in Plymouth-too far away to manage it. How do i go about selling it as a buy-to-let as i want the existing tenant to remain? I have no idea&estate agents dont want to know!

Advice would be appreeciated!

Thanks,

bordercollie's picture

Why not get a survey done on it and put it in the paper. You could may be write it up as it is an excellent Buy To Let Property and write in to the sale that it has a good paying tenant in it.

I don't see why an estate agent could not put the picture on there display saying that it is a good rental property as I am sure there must be someone out there looking for a second property that they can ren out.

Darrell

View answers to similar questions

This content is aggregated from other web sites. Please see our terms of use.
  • Changing to Buy to let mortgage advice?

    Hi there! hopefully someone can help! and thank you in advance for your answers

    My partner currently has a property on a regular mortgage (this mortgage was a tracker but it has now gone onto base rate as tracker expired in October....note it is interest only).

    The opportunity has arisen for us to purchase a property with my parents who have decided to sell their home. We originally thought...right...we will sell ours too and then buy together. BUT we then thought there is the option to keep our house and rent it out.

    My parents will have at LEAST £200k equity, most probably more but they will be putting in half of whatever the house we buy is and we are looking at properties around the 400/450k mark.

    So the question is, can me and my partner change the mortgage at our current house to a buy to let mortgage and then get another mortgage using my parents equity as our downpayment.....so if we were to get a property for 400K we would put down 200K cash and then be getting a 200k mortgage.....

    Our current property is worth about 200k and there is a mortgage of 165.

    Also note that it is just my partner that is on the mortgage at the moment but we will be changing it to both of us for the new mortgages.

    I hope this makes sense

    Thank you again
    Also we had a rental evaluation - we can get 850 unfurnished for the house
    thank you for your response Sarah. I am just looking for general advice from this site, obviously if i was to go ahead with it soliciters and mortgage advisors would be involved but i just wanted to find out if anyone knows the basics to see if it is possible for me to do this x
    As you will be purchasing another property, you will need to instruct a solicitor. I work for a solicitor who deals specifically with conveyancing and my advice is to make an appointment to discuss this whole issue, buying the property with your parents and changing your existing mortgage to enable you to rent the property with your solicitor. They can give you the appropriate advice and take your instructions from there. This is a far more sensible and reliable option than taking advice from people here; your solicitor will know exactly what's what, how to go about this and may correspond with your mortgage provider on your behalf.

    You also say that you're intending to have your mortgage amended so that it is in your joint names. When you speak to your solicitor about amending your existing mortgage so that you can rent out your property, then you may as well ask them about amending the mortgage so that it is in your joint names. You will also need to correspond with the Land Registry over both of these issues as well, since the property will be registered there under the terms of the existing mortgage, and your partner's name but again, it is possible to get your solicitor to do this on your behalf. I'm pretty sure that the Land Registry do not charge for amending the Proprietorship Register to include joint names, so you hopefully don't need to worry about that. I'm not sure how much it would cost to register a change to the mortgage, unfortunately.

    Sorry for the edit, I just asked someone in my office who generally deals with slightly more tricky aspects of conveyancing - and they say that basically this is perfectly possible for you to do, but that your mortgage repayments will go up in price.
  • Should I buy property in Leeds city centre?

    I have been saving for a house deposit since graduating from uni 2yrs ago and have £15k saved up. I'm in a good job with a decent wage (about £27k) but I don't enjoy it and I also despise my hometown! The job that I would love to apply for is based in Leeds, I don't have any friends or family there but I love the city and would be willing to make the move instead of staying where I am and being miserable :) However when I have looked into it the major problem seems to be where to live. I could only really see myself living in the city centre, obviously this means an apartment. I don't fancy renting as I have a decent deposit and see renting as a waste of money. But I can't help thinking buying an apartment in Leeds city centre would be a bad idea - would I struggle selling it in years to come since the supply of such apartments is so high there? The research I have carried out talks mainly about buy-to-let but I can't find any advice about buying for personal use. Any advice useful!
    Sorry - when I say I have no friends or family in Leeds but love the city I should probably clarify I have visited frequently and spent a lot of time there with an ex who lived there so I do know it fairly well..
    Rent; make the move and buy when the market had settled. You'll probably need more than £15k as well - that may cover the deposit, but not the stamp duty, moving fees, any furniture that you may need etc.

    Also; as you say, property in Leeds City Centre is particulalry vunerable at the moment because of all the flats that have been built - so be careful. YOu might also get a bargain....
  • property development: a few questions!?

    Just looking for a little advice as im soon looking to buy my first property. Im 22 and looking to move out (still living at home with parents) and start making some money at the same time. Would like opinions as to the best route to go down buy to sell or buy to let or a combination of both. Im favouring the idea of buying a property to live in whilst i renovate it then to sell on for a profit increasing in value each time. The main reason i favour this idea is i understand that you dont pay tax on income generated from selling your primary home. Is this still the case if you renovate and sell a couple of propeties a year? Also how do you finance the costs of renovating a property as i have relatively low credit rating as i havnt had to obtain much credit in the past. Any advice will be greatly appreciated.
    Cheers for your answer Simon, i currently have £27,000 as deposit i plan to save another £1,000 then with a 80% mortgage it gives me £140,000 to spend. Its just financing the work im going to struggle with. I considered putting down less of a deposit and using my cash for the renovation but that theres not a lot of high LTV mortgages about now. Especially not with no (or low) early repayment charges as they would really eat into profit. As you said its just financing the first property and costs then after that i should be fine. My best bet it to start with a property that needs relatively minor work to save on cost of materials just to get me started.
    Assuming you are in the UK ignore the American answer above.

    When you sell your main home there is no tax to pay on the proceeds at all - whether or not you have done it up or not. So your idea is sound in principle.

    Your main problem is going to be financing the first home. Lets say you can buy a house for £100k and sell it in 6 months for £130k. You now have £30k (less expenses but we'll ignore those for now), so if you buy another £100k house you have £30k to cover all the costs etc.

    But getting the first one will be tough. You will probably need about 20% deposit, and then all the costs for the decorating / renovating. Unless you can rely on the "bank of mum and dad" you are probably stuck - after all, if it was that easy we'd all be doing it.
  • Can I sue an estate agent for attempting to force me to vacate a property before the tenancy agreement ends?

    In November 2011 we moved into a house, via an estate agent. In January 2012 we were told the landlady had decided to sell the property. At first they said it would also be a buy-to-let so we wouldn't have a to worry. A few days later we discovered it was NOT going to be on a buy to let and we would have to move. I said we would move at the end of our AST, they kept saying that would be no problem. Then in February we were served 2 months notice (it was NOT a Section 21 notice by the way), which meant we had until 7th April to move. During March they pushed the sale of the house through to completion. I was then constantly harassed by estate agent and the new owner to move by the end of the notice period. We found a property but are not able to move until early May (which is when our AST ends anyway). A few days ago I received an email from the estate agent stating we had "breached" the notice period and now the new owner was going to take us to court! Well I got some legal advice and discovered they couldn't do any of this, that we had the right to stay to the end of the AST etc. The "breach of notice" letter even said we had, apparently, been served with a "section 8" notice. Which we had not and they would never had any grounds to do that. So I know now we cannot be forced out of the property before the end of our tenancy agreement. But they have made my life hell for over 2 months, the buyer has harassed me with text messages. She has my number because she came to view the house twice without an appointment via the estate agent, she seemed nice at the time and they had lied to her (by saying in January that we were ready to move out, which we were not because we had just moved in and the house hadn't even been sold yet). She sent me emails with potential properties for us to move in. She tried to get us to agree to come into the house and do loads of renovations (I am assuming so she doesn't have to do it once she has moved in). The estate agents have called regularly and pretended to be on my side then would do something else. They did not even seem to understand the Housing Act, which I researched and then sent them a copy to show they cannot make us leave early.
    I want to sue the estate agents, based on what I have said above, would I have a good case? I have all the emails they sent me as proof. I am going to complain to them (not that they'll care) and then the Ombudsman as well. But can I sue? I think the stress they have put myself, husband and children through in the last 5 months is totally unacceptable!
    This is atrocious. An estate agent must know that notice can not be served before the end of the agreement. Speak to your solicitor, I think in this circumstance you would have a right to sue. Though bear in mind I don't think you would get too much money. So you need to weigh up is it worth all the hassle. To try and clear the air a bit I would write a letter to the buyer and explain your situation - that the previous oowner sold the house before your 1 year tenancy agreement was up.
  • Work Dilemma...?

    My boss is 'going out with' one of her staff, my colleague (yes I know that is weird) . They are buying a buy to let property together.
    However, he is paying the 10k deposit for her , but her name only is on the title deeds and mortgage: So she could technically walk away with his cash when they sell, and he has given her 10k on trust alone.
    For the record, instinct tells me she is a suspicious character.
    He has asked me for advice as he is concerned- how can I tell him he's well liable to being screwed without snitching my boss/his other half?
    If he has asked your advice and he is 'concerned', then I suspect that he knows something isnt right. If he is a good mate, tell him what you think, Im sure he will understand he cant say anything to her about it as it will affect your friendship and job. He is unsure himself, and he needs your advice. Hope this helped.
  • capital gains tax question?

    I am really confused & wondered if someone can help with info about capital gains tax please?
    I bought a house for £65000 in 1999 & lived in it until 2006. At that point I bought a house with my then boyfriend & re-mortgaged my original house so as to release some equity. I have a buy to let mortgage on the house & have been renting it ever since but now want to sell & would like some advice as to how much CGT I can expect to pay.
    When I 1st rented it out it was worth £150000. I charge £675 rent pcm & the property is now worth about £170000. I am now a 2nd year student nurse & pay no tax which may or may not be relevant?
    Many thanks in advance
    The CGT is worked out as follows:
    Selling price £170,000 less purchase price £65,000 gives a gain of £105,000.
    I would need to know the actual months of purchase and sale, but suppose you bought it in Aug 1999 and sold in Aug 2010, you will have owned it for 132 months. Of these, the months you lived in it (lets say 7x12=82), plus the final 36 mths of ownership are exempt.
    Therefore the chargeable gain is 14/132 x 105,000 = £11,136 which is covered by the letting relief (up to £40k). so no CGT to pay.
    The mortage, your tax status and the rental income are irrelevent.
    If you are receiving rental income of £675pm, I am rather worried about your statement that you are not paying tax.
    EDIT: Moving back into the house would not change the fact that the period during which you let it are potentially chargeable, but, as above, you are lot liable anyway.