Fast property sale for accidental landlords!
Accidental landlords can now sell their home quickly to avoid being a buy to let landlord.
The term accidental landlord was made popular after the 2008 financial crisis, which saw property prices fall and mortgage requirements rise. Due to this many home-owners who needed to move due to a new job or change in situation were left with a property often worth less than the mortgage secured on it.
It resulted in many homeowners needing to rent out their property to keep up with the mortgage payments whilst they lived elsewhere.
The good news is property prices have recovered well since 2008. Whilst you might have been in negative equity before you might be surprised to find out how much we can pay you for a fast house sale today!
Complete our free accidental landlord valuation form to find out how much cash we can pay you.
Accidental Landlord Guide
Accidental Landlords need to consider many things including buy to let mortgages, insurance & the best way to sell the property.
Make sure your mortgage allows you be let out the property
Unfortunately many accidental landlords don’t know that its usually a condition of their residential mortgage that they do not rent out the property, unless for example simply renting a room to a friend whilst your living there.
In fact if the mortgage company can prove your breaching the terms of the mortgage they can demand a full repayment, which could become a real issue if you can’t remortgage quickly.
It can become a tricky issue because your damned if you do damned if you don’t: your residential mortgage will try putting you on a consent to let so you can rent out the property at a much higher rate or you don’t inform them and run the risk of being found out.
Get buy to let insurance for your property or you could be uninsured
The most important thing you must do is inform your insurance company that your an accidental landlord and will be renting out as a buy to let property. The chances are they will try offering you a product which is much more expensive. Our advice here is to shop around and get a good buy to let insurance product from an online broker. Expect to pay around £150-£200 per year and remember, unless your keeping the property furnished, you only need buildings insurance.
Put your buy to let property with a good letting agent
Do not ever fall for the trap of choosing an agent based on the price. Many will quote rates as low as 6% to attract business but remember nothing is cheap in life. You need to make sure you know:
- How much they charge in management fees per month
- How much they charge for finding the tenant
- How much they charge the tenant for application fees
- What service (in writing) they provide
- What background checks they do on tenants
Make sure you check all the above before deciding on the agent as there are real horror stories of letting agents ripping off accidental landlords through over charging or allowing bad tenants to move in.
Selling your investment property quickly
If you decide your ready to sell your buy to let property then there are many routes to achieving a fast property sale without sacrificing the price.
Estate agent buy to let sale
The most popular way to sell your investment property is via a local estate agent who can market the property on your behalf. Whilst this is the most popular to sell your home it make sure you understand all the fees and be sure make sure your estate agent does not rip you off! The main downside to this method of sale is you can not usually sell a property which is tenanted meaning you might be waiting months for a sale whilst still paying your mortgage.
Sell House Fast Service
Companies which offer a ‘fast house sale‘ service like ourselves have evolved greatly over the last 10 years to offer great alternatives to a traditional estate agency sale. Make sure you know all the fees and terms upfront before you sign any binding contracts.
Selling your house to your partner
Many accidental landlords are individuals who have divorced or separated but don’t know what to do with the property. A contrarian idea is to sell the property to one of the owners via a buy to let mortgage thus avoiding any stressful open market sale. We have created a useful guide to selling a property due to divorce or separation which gives more detail.
Sell your buy to let property for free
If your ready to sell your property after being an accidental landlord please get in touch with us today. We will offer you a free property valuation and cash offer on your home which is 100% no-obligation.