What can you do when your landlord wants to sell?
Cath, Assistant Lettings Manager, talks us through some of the options you have if you're a tenant who has been notified by your landlord that they plan to sell the property...
Estimated reading time: 4 minutes.
When a tenant is happily settled in their rental home with no plans to move, one thing they may dread is the chance of receiving a phone call or message from their landlord informing them that they want to sell the property.
If you happen to find yourself in this position, you may be wondering what you should do when your landlord tells you they are planning to sell up.
The first thing to do is to ensure you don’t panic. This will give you the time you need to assess your options with a clear mind so that you can make the best decision for you and anyone else you live with who may be affected.
You will want to gain some information from your landlord, such as their timescale - when do they hope to start marketing the property and when would they ideally like it to be sold?
If they want to market the home and sell it as soon as possible, you may want to begin your search immediately, whereas if they are giving you plenty of notice you may instead choose to remain in the property and postpone your search or decision-making until a later date.
In some circumstances, rental properties even end up being sold to another landlord, meaning there could be an opportunity for you to remain in the property - although this would mean taking the risk of staying in the home until you learn more about the eventual buyer and their plans. If it doesn’t end up being purchased by a landlord, you could find yourself having to quickly find a new home.
When your landlord tells you they want to sell the property your options may include any of the following:
Move into another rental property
The most obvious choice would be to simply search for a new rental property and hand in your notice to your current landlord as soon as you secure a suitable place. Having to go through the entire process all over again may feel unsettling, especially if you have been extremely happy with where you have been living, but you can try to view this move as an opportunity for a fresh start in another fantastic home.
You can notify local letting agents about your situation and the fact you’re on the lookout for a new home to rent. This will allow you to leverage their help and experience so that you can immediately start viewing rental properties that meet your criteria.
Buy your own home
If you have the funds available and were perhaps saving up to buy your own place or were considering it anyway, this could be the perfect time to take that leap and buy your own home.
If the very property you’ve been renting is within your price range, you could even explore the option of buying the home directly from the landlord.
Buying the property from the landlord would be beneficial for everyone, as you have a home to stay in without the need for property searches and upheaval, the landlord will continue receiving rental income right up to the point of sale, and you will each avoid the need for viewings etc.
Remain in the rental home as a sitting tenant
You could always have a discussion with your landlord to see if they would be willing to market and sell the property with you remaining as a sitting tenant. This would mean they would sell the property to another landlord and as far as you’re concerned, nothing would change - apart from having to perhaps have several landlords viewing the property and a new name on your tenancy agreement.
Of course, a landlord is under no obligation at all to agree or offer this option, but some are happy to do so as a property with a sitting tenant can be an attractive option for a buying landlord, while it also ensures they will continue to receive rental income right up until the property is sold.
Here at CPS Homes in Cardiff we are perfectly placed to offer expert advice and guidance to tenants who are faced with the reality of their landlord selling the property they have been living in. If you’re a tenant who would like to discuss your situation with our lettings team don’t hesitate to reach out by calling 02920 668585, e-mailing enquiries@cpshomes.co.uk or by dropping into one of our three Cardiff branches for a chat.
