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How to approach tenant-considering selling rental property

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  • 01-04-2013 8:49pm
    #1
    Chiorino
    Registered Users Posts: 621 ✭✭✭


    Due to a number of personal reasons we had to move out of our family home last year. Since then we have rented the property out, with the tenants signing a six month extension to the lease earlier this year.

    We may now be in a position to sell the property which would enable us to clear our mortgage so we are considering selling up. I'm just wondering how we should approach the tenants. They have been good tenants, kept the place clean, very accommodating and pay on time so I would like to be as fair and honest with them as possible.

    The agent who will sell the property has a number of prospective buyers looking to view the property and obviously the tenant has no obligation to accommodate this.

    Any ideas how I should approach them, bearing in mind also that while they are on a fixed lease there is a break clause in the lease? I want to be as fair to them as I can but am eager to offload the property if possible.


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    #2
    the_syco
    Registered Users Posts: 37,300 ✭✭✭✭the_syco


    Chiorino wrote: »
    We may now be in a position to sell the property which would enable us to clear our mortgage so we are considering selling up. I'm just wondering how we should approach the tenants. They have been good tenants, kept the place clean, very accommodating and pay on time so I would like to be as fair and honest with them as possible.
    Are you able to survive a few months with no rent, if they were to move out, and the sale fell through, or took longer than expected, etc?


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    #3
    Chiorino
    Registered Users Posts: 621 ✭✭✭Chiorino


    the_syco wrote: »
    Are you able to survive a few months with no rent, if they were to move out, and the sale fell through, or took longer than expected, etc?

    For a couple of months, yes.


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    #4
    greengirl31
    Registered Users Posts: 416 ✭✭greengirl31


    First of all, how sure are you of prospective buyers - did you get a flyer in the door from an estate agent telling you they had interest in the area or is there something more concrete than that – I’d be wary of disrupting good tenants based on a very slight maybe.

    However, if you’re sure of the interest, I’d be up front with them. Chances are, if the house is sold, the sale won’t close before their lease term is up (or there won’t be much left if the 6 mth extension is already in place). In terms of getting them to co-operate with viewings offer them an incentive. Tell them that you understand that viewings may inconvenience them but if the property was sold that you would may be able to waive a portion of the final month’s rent perhaps. Another thing to consider is, the tenants may be interested in buying - and if they were it might be a great opportunity for both of you.

    Best of luck


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