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Case Study - Divesting Residential Buy to Let with Tenant in Situ

Thu 15 Apr 2021

72a Ipswich Road, NR32 1TT has been part of the landlord's portfolio for some years. The tenant in situ has been in place for around three years and rent payments are met on time. The landlord made the decision to divest this property as part of their program of asset management.

The landlord did not want to endure an uncapped costly void period, which is typical when selling via Private Treaty, additionally the Governments pandemic measure of increasing notice periods to gain vacant possession where less than financially appealing.

Living Property’s Conditional Auction approach provided the answer as it provides a high degree transactional certainty, the landlord receives rent revenue up until the date of contract completion and the added benefit allowing the tenant to retain their home.

Living Property’s Conditional Auction Sale approach allows for the best sale price to be achieved via the competitive bidding process that is auction. The ‘transactional certainty’ is delivered by the taking of a non-refundable Reservation Fee and the timeline set, typically 20 business working days to exchange contracts, so it's FAST!

Bidding buyers have the opportunity to buy pre-auction, at auction or, in the event the property does not achieve the Reserve in the auction, post auction as a Buy-it-Now fixed price. So three opportunities, before, at or after the auction as an unsold lot.

72a Ipswich Road, NR32 1TT, successfully sold post auction as a Buy-it-Now fixed price of £92,000 with its rent run of £550 pcm.

In terms of the financials, Living Property does not charge the seller sales commission, we charge the buyer a reasonable Buyers Premium, so effectively the divesting landlord sells for free, only paying their normal cost for conveyancing.

 

If you want to know more please contact Living Property’s auctioneer and director, Martin Cunningham MNAEA on 01502 558538 or email auctions@livingproperty.co


 

""Our property agents have always been a quick and efficient Segway to communicate with the landlady, and have always been polite, informative and approachable. Our landlords have also been exceptionally accommodating. If we rent a property again, we would definitely go to living properties first!""
B Roper( Tenant)

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