Selling rental property

sullivk

Hi, we are looking to sell my Husband's rented apartment. Our tenants are there almost 3 years now, renewing lease each year. Current lease is up around December/January.

As we intend to sell can we give them the required notice to leave (I think it's 12 weeks??)
Or is it necessary for us to wait until the lease is up to ask them then?

Also, if we do give them notice now, is it possible to advertise the apartment for sale before they have vacated or must we wait until they have left to put it on the market?

Thank you

4ensic15

sullivk wrote: »

Hi, we are looking to sell my Husband's rented apartment. Our tenants are there almost 3 years now, renewing lease each year. Current lease is up around December/January.

As we intend to sell can we give them the required notice to leave (I think it's 12 weeks??)
Or is it necessary for us to wait until the lease is up to ask them then?

Also, if we do give them notice now, is it possible to advertise the apartment for sale before they have vacated or must we wait until they have left to put it on the market?

Thank you

There is a school of thought in the RTB that you can't issue a valid notice of termination during the currency of the fixed term. There is nothing stopping you telling the tenants that you intend to sell and it is possible they may obtain alternative accommodation and you can mutually agree a termination.
The tenants are under no obligation to facilitate viewings while they are resident. The can do so voluntarily.
If the tenants don't co-operate you will have to wait until the lease ends, issue notice, wait for the notice period to expire and then begin proceedings for overholding if the tenants haven't vacated.
Most tenants will move of their own accord if they know the place is being sold as they won't want the uncertainty.

sullivk

4ensic15 wrote:

There is a school of thought in the RTB that you can't issue a valid notice of termination during the currency of the fixed term. There is nothing stopping you telling the tenants that you intend to sell and it is possible they may obtain alternative accommodation and you can mutually agree a termination. The tenants are under no obligation to facilitate viewings while they are resident. The can do so voluntarily. If the tenants don't co-operate you will have to wait until the lease ends, issue notice, wait for the notice period to expire and then begin proceedings for overholding if the tenants haven't vacated. Most tenants will move of their own accord if they know the place is being sold as they won't want the uncertainty.

Thank you for your response. I was really hoping we could just issue the notice now and then that would carry us up until December/January and we could just not renew the lease and say farewell.
It is being managed by a letting agency at the minute so I'll get my husband to suss it out with them.
Hoping we won't have an issues as they have been problem-free tenants for the 3 years, fingers crossed!

4ensic15

It would be better for you if you could get the agency to transfer them. If they are good tenants another LL on their books would be glad of them. It would get them out painlessly for you.

sullivk

4ensic15 wrote:

It would be better for you if you could get the agency to transfer them. If they are good tenants another LL on their books would be glad of them. It would get them out painlessly for you.

Good idea, thank you!

lcwill

I have bought an apartment with sitting tenants in the past. It can be a great deal for a landlord looking to invest if the tenant is good and paying close to market rent. Throw in the furniture and they get hassle free cash flow from day one.

It can also be attractive to buyers who eventually plan to do renovation works or redecoration. This is tax deductible only if the property has already been rented out since you bought it and not if you buy it vacant and do the work before the first tenancy.