Tel: 0115 924 1843
Mob: 0783 403 5600
Fax: 0115 985 9391
Investment Property Sales
For those landlords who want to sell their buy to let property (anywhere in the UK) but don’t want to lose the rental income during the marketing period, then a sale to another landlord may be the solution.
Under these circumstances, your existing tenant will simply become the tenant of the new landlord and you will receive the rent right up to the day of completion. From that point onwards, the tenant pays rent to the new landlord.
We have therefore opened a channel for you to be able to do this, by advertising your property on Rightmove.co.uk, the leading property portal
What does it cost?
We don’t charge you a penny or a cent to upload your property onto the portal.
Should a sale occur then you will be charged a fee of £750 (plus VAT) as long as we manage the property.
What is my property worth?
Another investor will not pay as much money as someone who wants to actually buy a property to live in themselves. To offer it to an owner occupier will certainly require you to offer it with vacant possession i.e. no tenant - which means no rent during the marketing period.
Generally, an investor will value a property based on its rental income which will produce a return or yield. He will also look at other factors which will affect its lettability and saleability during the time he owns it and when he wants to sell it in the future. This return or yield is expressed as a percentage e.g. a 7% return per annum may be required. He will compare this with other investment returns such as on the stock market, money markets, savings account etc. So, for him to buy a certain property, the return must compare favourably with other investment vehicles.
The investor will therefore perform a simple valuation calculation, based on his required return and the rental value of the property and that is what he will pay. He may relax his criteria a little if he thinks that the property is unlikely to suffer long voids because it’s near a university, for example.
We can give you an indication of what an investor is likely to pay for your property using this calculation. It will probably produce a figure that you won’t like, but we are happy to advertise it at a higher figure which you are more comfortable with.
If you still wish to continue advertising your property then contact us and we’ll send you a simple form to fill in about the property or you can call us and do it over the phone.
You will be given a valuation range and then you tell us the price you want it advertising at.
You then sign simple agency agreement, which fixes and agrees the fees you will pay, but only if a sale is secured and completes.
We then upload the property to the web portals and wait for the enquiries from other investors. Any significant activity will be relayed to you and we’ll always seek your instructions before taking any further action.
There is one catch. If we are to advertise your property then there is some degree of control that we need, to ensure that we don’t fall foul of the Property Misdescriptions Act. For example you may tell us initially that the tenant is paying £500 pcm in rent, only to find out 3 months later that the property is empty or a new tenant is paying a different amount. If we are letting & managing your property, instead of your existing agent, then we know the facts from start to finish.
We don’t think that it is too much to ask, bearing in mind that we are speculating time and money on your behalf in the hope of a sale fee in the future, which may never actually materialise if the sale doesn’t go through.
Our letting & management fees are as follows;
Transfer of property from another agent £nil
Initial letting fee £299
Tenancy renewal fee £100
Automated payment set up fee £25
Standard management fee 10% (rent paid within 14 days of receipt)
Minimum fee (in case of early termination) £500
Obtaining estimates & supervision of works 10% of cost
Schedule of condition £20
Admin of tax returns (TMA) £100 per annum
Let only service £400
All fees above are quoted as exclusive of VAT. An agency agreement can be sent to you on request.