Selling an Investment Property Solicitors
Legal Specialists for Selling an Investment Property
An investor will need to instruct a conveyancer to help with the legal side of selling investment property. Whether you are selling a single property to let or selling a portfolio of freehold reversion-only interests, time is often of the essence.
At Home Property Law, we can help to time the sale of your property so that it coincides with another purchase to avoid losing rental income.
We will take care of the legal paperwork as well as provide advice on concerns such as tax, prospective buyers, and how to manage your tenants when selling a home.
Why Sell Your Buy-to-Let Property?
There are a variety of factors that go into knowing when it is time to sell your rental properties, such as:
- A decline in the property market in the area
- Lack of profitability
- Cashing in on the capital growth
For retired landlords, their property investment might also be their pension, so selling up is the only way they can get their money out.
What Is the Process of Selling an Investment Property?
Selling an investment property is a similar but slightly longer process to selling your own home.
- You will first need to notify your mortgage lender (if you have one) and ask them for a settlement figure or a balance. You will also need to tell them whether you’d like to transfer the mortgage or pay it off with the proceeds of the sale
- If you plan on selling with tenants in situ, diplomacy and courtesy will be key to a smooth transition. Being abrupt in these situations can be damaging, and that includes marketing before discussing it with your tenants first
- Most landlords still prefer to go down the traditional route of selling an investment property through an estate agent. It is always wise to organise a few valuations to find out what your property’s worth is and, when it comes to choosing the agent to sell your property, decide who you get on with best and who you trust to get you a great deal
- Once you’ve accepted an offer, the final step is for the new buyer to work with your solicitor to sign all of the required legal paperwork and finalise the other mandatory steps. If you do choose to sell with tenants in situ, the legal sale paperwork will need to reflect that, and the tenancy deposit will also have to be transferred to your buyer
Get in Touch with Our Legal Team
We’re a full-service conveyancing practice with teams covering every conceivable aspect of property law.
So, if you need support with remortgaging, equity transfer, or any other conveyancing issue, you’ve come to the right place.
To speak to one of our expert property lawyers, you can phone us at 0333 433 0275, email us at hello@homepropertylaw.co.uk, or fill in our contact form.
