"Landlords situated outside the UK can sell their property through the same process as UK-based landlords but there are some additional challenges they may face. For example, time differences could have an impact on communication during conveyancing."
- Emma Millington - Beswicks Legal
With council tax on second homes set to rise, property platform Zoopla revealed that a third of homes for sale were chain-free in November as landlords look to sell their stock.
Additional studies show that first-time buyers are undeterred by the end of the Stamp Duty Land Tax relief next year, meaning first-time buyers have a unique opportunity when looking for their first home right now.
Chain-free properties are coveted in house sales because they typically take less time and aren’t dependent on the completion of other sales. However, first-time buyers should be aware of the key questions to ask estate agents or landlords about chain-free properties to help them understand more about the home and the area they’re buying in.
“Buying a property from a landlord will mostly be the same but there are some key things you should consider that will differ from many owner-occupied properties," advises Emma Millington, property and conveyancing partner at Beswicks Legal.
Have the tenants vacated the property?
The most coveted properties are those which are chain free and where the former tenants have already vacated the property. We do see purchases where the tenant is still in occupation, which will delay matters due to notice periods that have to be complied with.
What fixtures and fittings will be left?
While many homeowners will take their things with them, furniture and appliances in a rented home can be the property of the landlord. If they are selling their property furnished, you may be able to negotiate the inclusion of some of these items within the property price, saving you money on buying everything when you complete the purchase.
Did the landlord manage the property before?
This will give you an idea of who was responsible for the property while it was tenanted. If an estate agent was involved and you know of them or have seen reviews, this could help you understand how well the property was maintained.
Is the landlord located in the UK?
Landlords situated outside the UK can sell their property through the same process as UK-based landlords but there are some additional challenges they may face. For example, time differences could have an impact on communication during conveyancing. The landlord may also not have visited the property for a long time and may not be aware of the exact condition of the property before selling.
What work has been done in the last few years?
Learning more about the upkeep of the property over the last few years will be important in assessing the state of the property and could help you gain more insight into the results of your survey. Surveys typically assess the external factors so finding out more about updates to things like the bathroom, kitchen or boiler will be useful during conveyancing.
Are there any warranties or guarantees we should know about?
Where work has been carried out, there could be ongoing warranties or guarantees that would be passed to you upon completion. This information can sometimes help you get an estimate for the time frame of work and give you a better idea of the property’s condition. You’ll also want to know this information during conveyancing so no documentation is missed in the sale.”
