New ethical agency to focus on selling rented homes with tenants ‘in situ’
Sabel & Co in Derbyshire has been founded by a property industry professional who believes 'vacant possession' sales aren't always the only way to go when selling PRS homes.
An estate agency in the North of England has been launched that specialises in selling rented homes with tenants in situ.
Amanda Jarvis-Doyle’s new firm, Derbyshire-based Sabel and Co, is to specialise in this niche because, she says, too often agents are keen to sell rented homes vacant because it’s less hassle. She says that in some cases, “there is not need for that to happen”.
Jarvis-Doyle (main image), who is launching her estate agency with business partner Elly Goodson, has long and hard experience of the problems created by ‘vacant possession’ sales.
This comes from her ten-year career within the property industry during which she saw tenants forced to sofa-surf after being evicted for vacant possession, but also her involvement with an organisation that worked with charities to house clients who would otherwise be homeless, Stepping Stones.
These experiences have spurred her on to launch Sabel & Co which she says will focus on an area she feels passionate about, and she will work by matching sellers with buyers who are happy for tenants to be in place, and she is to act as the intermediary.
“It benefits everyone,” she adds. “During a sale where the tenant must move out, the relationship between landlord and tenant often breaks down, causing problems for both parties.
‘Good guy’
“I get to be the good guy, going in, working to keep the tenant in their home, ensuring the buyer gets a property which is already securing an income, and the seller receives the price they are happy with.”
The agency’s launch is about timing too as the founding duo expect there to be a surge in the number of homes being sold from underneath tenants as landlords look to sell properties before changes to eviction rules are brought in through the Renters’ Rights Bill.
“No-one yet knows exactly what the impact of these laws will be, but some landlords who may have rented out a second home are concerned it could make it more difficult to evict tenants,” says Jarvis-Doyle.
Sabel & Co covers the Amber Valley, Erewash and Derby North areas.
The moment a new buyer owns the property asset they inherit the tenant in situ and the contract of tenancy etc as set up by the previous vendor/landlord. If the tenancy was incorrectly set up – the new vendor/landlord catches the fallout. Also buying a property with a tenant in situ causes other problems, at present we are considering buying at auction a tenanted flat, the tenants have been there two years and the rent is now 23% less than the reasonable passing rent for the property, also the property needs to be refurbished. And the seller has not used a letting agent but gone down the DIY route, which is fine if all protocol was followed. If we purchase and need vacant possession, the route is utilising Section 21 (I know) which could mean no problem or seven months of not being able to re-wire the property etc. Some decades ago, a tenant in situ would have been a red line, now it is hardly frowned upon by some Landlords, but the wind of change is upon us, with no known start date of the Renters’ Reform Act, it could be this side of Christmas or next year, but looking at the 200 pages of the latest bill there are quite a few hidden joys for landlords, maybe the Landlords’ Reform bill will be introduced to even up what is now becoming a very unlevel playing field.