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Did you know selling a vacant property can be very costly? Around 8% of the asking price according to Rightmove

Unfortunately, buyers, despite many a property programme on TV, do not have the vision that seems so obvious once furnished correctly. 

It’s a tough time out there at the moment for landlord and investors. Constant change in letting legislation, favouring the tenant at end of tenancies in regards to damages and tax changes means landlords bottom line is continually being hit. The days of buy to let being an easy return seem long gone and there has been a mass influx of small and accidental landlords selling off properties because of this. However, selling off your portfolio even if it is one property may not be the right thing to do now.

Selling houses is easy you just put some pictures on Rightmove and it sells itself. Wrong! There are many factors affecting how quickly and at what price a property will sell for.  

  1. Know your finances

Work out what outstanding mortgage you have, if you have any penalties to pay and decide what you want to spend on your next property.

Sold STC / Under offer – This mean sold subject to contract, an offer has been agreed by the vendor from a buyer and they have instructed solicitors to do the legals to purchase the property. This can take anywhere between 6-12 weeks depending on whether it is a leasehold or freehold property.

NAEA The Property Ombudsman Rightmove Zoopla Primelocation OnTheMarket