Buy-to-let landlords choose auctions to sell properties, says Auction House

Auction House, the UK’s biggest property auctioneer says there’s growing evidence that an increasing number of buy-to-let landlords are choosing to sell by auction rather than via estate agents. Director, Roger Lake says that the argument is swinging back to favour those selling such homes as tenanted investments rather than servicing notice to the tenant and selling them as vacant properties. He (left) said, “The problem for the landlord is how to achieve the best sale price without losing too much rental income. Most estate agents tell their letting clients to decant their tenants before instructing them to sell the property. But that approach comes with some major disadvantages. Not only do landlords stop receiving rent but the property often looks unkempt and might need redecoration. The process is invariably long and sometimes tortuous and will require the landlord to find monthly mortgage repayments from other sources for up to six months or more. “By contrast, an auctioneer will recommend that landlords sell with tenants remaining in place and the properties offered as tenanted investments. This has the prime advantage of the landlord continuing to receive rent while the sale is taking place. The property also usually presents better when…

Read More »