Landlords with 20 properties or more are choosing to sell with these portfolio exit specialists
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This year our economy, regulations and taxes were the final straw that led landlords rushing to sell off their portfolios to beat the market drops, mortgage versus rent gaps and refurb issues.
For Landlord Sales Agency, experts in selling buy-to-let portfolios, the highest percentage of enquiries are now coming from Landlords with portfolios of 20 or more houses.
This makes complete sense when considering exactly what’s required to manage these portfolios to keep them profitable versus the money made from selling. In the words of one large portfolio landlord, “it makes sense to cut the rot.” Many properties have been part of their portfolios for 10 – 15 years, have tenants paying low rents and are in need of costly refurbs. It just doesn’t make sense to throw such a huge time and cash investment into something that they can shift quickly, and refocus elsewhere.
At Landlord Sales Agency, we’re specialists in selling large portfolios. Right now, we have a database of over 30,000 private buyers waiting to buy who are alerted by text messages every time we take on a new portfolio to sell meaning we’re beating any potential market recession. The main reason landlords are coming to us is that we’re able to sell faster than anyone else, for the best possible price.
We take the entire portfolio off your hands, manage every aspect of the sale including tenants – either selling properties with tenants in situ to new landlords willing to take on the work, or helping tenants relocate as fast as possible for you.
Every single issue is handled, and our average sale times are 28 days.
Our expert team of over 10 specialists in getting landlord properties sold works around the clock to get your portfolio sold, all you have to do is get in touch.
Our strategy is strong, focused and effective:
- We manage the entire sale for you, to Formula 1 style efficiency, with experts trained to overcome every possible issue that might arise
- We have a waiting list of new landlord buyers actively looking for business deals meaning we can sell with tenants in, regardless of the situation or rents
- We also sell to owner occupiers, first time buyers and investors who we have trusted relationships with, and who are happy to pay more for our properties
- We ensure all required certificates and legislation is current and in place and any quick repairs that need doing to meet standards are sorted by our in-house team of builders and electricians
- If tenants need relocating, we have relationships with local councils to help, even providing pre-paid rent in some cases for tenants in their new homes so they’re happy and able to move quickly
- Our database of 30,000+ of private buyers and investors are text every time we take on a new portfolio, meaning we have buyers queuing to buy before we’ve even listed a property portfolio
- We secure offers early in the process to avoid gazumping and wasted costs
- Our company is run by landlords and has relationships with the biggest landlord associations to ensure our service is trusted, to a gold standard, and every single obstacle is overcome to help you sell, FAST.
In the last 12 months we’ve helped over 200 LandlordZONE landlords looking to sell. We know exactly what to do, and we’re here to help.
So get in touch today.
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View Full Article: Landlords with 20 properties or more are choosing to sell with these portfolio exit specialists
What do the falling house prices mean for landlords?
May has brought more bad news for some landlords with the Nationwide Building Society reporting a 3.4% drop in house prices in the year to May ’23 and interest rates that are expected to rise to 5.5.% later this year.
Landlords with a long-term outlook, high yield properties, and/or either no mortgage or fixed price mortgages, may be tempted to ignore any loss in equity as a normal market fluctuation.
Landlords with large amounts of disposable cash might be looking forward to buying better quality property at lower prices.
However ,any landlord with minimal profit or those planning to sell before the abolishment of Section 21 should consider selling now before equity drops and business costs rise.
The dilemmas that landlords who want to sell all or some of their buy-to-let properties, before prices drop further, face are:
- Waiting for tenants to leave usually takes too long and can involve property being empty for months while sales complete.
- To try to overcome the waiting part (but not the ‘empty property with no income’ part) of this problem, there have been huge rises in landlords issuing Section 21 (S21) notices but if tenants refuse to leave after a S21 notice has been served (as many more are doing due to their own cost-of-living crises), landlords often face more costs (including solicitor and bailiff fees), huge amounts of stress to gain possession through the courts and the threat that tenants might stop paying rent as a result of the process.
- If tenants can argue an S21 notice was not issued correctly or in accordance with their rights and their landlord’s legal obligations, the process may need to be repeated multiple times until a court instruct the tenants to vacate. If they do not vacate within the timeframe given by the court, landlords will need to go back to court and get a court appointed bailiff to recover possession.
- If, as expected, there is a flood of landlords serving S21s when the abolishment date is confirmed, the problem is only to get worse.
So what are landlords doing to avoid empty property, long delays and/or legal costs if they want to sell buy-to-let property without waiting to sell with vacant possession or without long periods of running empty property while a sale is completing?
While some will attempt to sell property with tenants in situ, most high street style estate agents will not get involved in collecting tenancy information and sales normally take longer. Choosing this option, landlords face higher legal fees and more risk a sale will collapse from ‘complications’ or falling property prices causing buyers to want to renegotiate.
Multiply the problems by the number of properties landlords want to sell and it is understandable why many landlords are under huge financial and mental stresses.
The Landlord Sales Agency specialise in helping landlords to BUY or SELL buy-to-let property. They:
- Sell to owner occupiers and investors to ensure seller get the best price possible
- Sell with reliable tenants in place to landlords looking for a readymade business with proven success
- Ensure all required certificates are legislation is current and in place
- Manage the process to provide vacant possession, if necessary
- Arrange practical, financial and external help for tenants to overcome problems they face as a result of the sale and moving out is in everyone’s best interest
- Have a database of 30,000+ of private buyers and investors
- Sell single properties and property portfolios
- Secure offers early in the process to avoid gazumping and wasted costs
They have also developed coordinated work practices with independent services providers in financial, construction and legal industries so clients can incorporate additional expertise in the process to benefit from:
- Proper planning and tax-efficient company structuring to minimise annual tax bills and Capital Gains tax rate from 28% to 18% when selling property
- Structural/building problems solved
With experts predicting the Golden Age of rapid property price growth is over, there has never been a better time for landlords to enjoy the equity they have built up through capital gains and no better company to make sure they get to keep as much of their profits as possible.
Join the 200+ landlords who have chosen Landlord Sales Agency today to sell their buy-to-let properties faster and with less disruption to business than most (if not all) other options.
Contact Landlord Sales Agency today to find out why they are the best in the business.
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View Full Article: What do the falling house prices mean for landlords?
LATEST: London borough gives green light to big new HMO licencing scheme
Redbridge Council in North London has given the go-ahead for a new borough-wide additional HMO licensing scheme.
The scheme extends licensing to all HMOs with three or more tenants forming two or more households after the authority’s consultation discovered significant issues such as poor housing conditions, ineffective management, crime, and anti-social behaviour persisting within the borough’s HMOs.
Redbridge is also hoping to extend its current selective licensing scheme which covers 12 wards. The scheme, which runs until 30th September – in Aldborough, Chadwell, Church End, Cranbrook, Fairlop, Goodmayes, Loxford, Mayfield, Newbury, Roding, Seven Kings, Snaresbrook – could also include parts or all of Barkingside, Fairlop, Hainault, Wanstead Park and Wanstead Village if it gets approval.
A consultation finished on 31st January and the council hopes that any replacement scheme will be in place by 1st November although it has yet to feed back on the results.
Penalties
It reports that since January 2021 it has issued 38 civil penalty fines to rogue landlords for health and safety hazard offences associated with a range of issues relating to disrepair, inadequate fire protection, overcrowding, and poorly managed waste arrangements, to landlords operating without a licence which put tenants at risk.
This has resulted in estimated fines totalling more than £170,000, the council reports.
Councillor Vanisha Solanki (pictured), cabinet member for housing and homelessness, says: “The licensing of properties plays a major role in helping to improve the quality of homes in the private rental sector. Most of our landlords are following the rules, but for those that aren’t, we encourage you to come forward and license your property to avoid receiving a potential fine.”
View Full Article: LATEST: London borough gives green light to big new HMO licencing scheme
NEW: ‘Landlords who make sex for rent demands should be banned for life’
Estate agents have called for landlords who advertise sex for rent to be banned from the PRS for life.
In its response to the government’s consultation into the practice, industry body Propertymark insists these landlords should be kicked out as well as dealt with under the Sexual Offences Act, through criminal proceedings, in order to eliminate the “abhorrent” practice.
Propertymark suggests giving local authorities enough resources to ensure standards are high across the board in the PRS, as well as making sure there is a referral route for them to report suspected cases to the police and relevant authorities.
It also wants the government to tackle online platforms that are used to advertise these arrangements and to give them the same requirements to meet as online property platforms.
It adds that the police and other authorities should share information with letting agents and landlords on spotting the signs and how to report it.
sex for rent
Propertymark believes that the small number of landlords who engage in sex for rent are likely to engage in other criminal acts such as prostitution, human trafficking, and drugs.
They are also extremely unlikely to provide the high standards expected of landlords within the PRS such as complying with legislation and health and safety requirements.
It adds that criminals are likely to pick on those most marginalised and vulnerable in society including sex workers, the low waged and people from overseas or at high risk of homelessness.
The government consultation ends on 30th June.
Read more about the prosecution of 'sex for rent' landlords.
View Full Article: NEW: ‘Landlords who make sex for rent demands should be banned for life’
COMMENT: Why are property values going down for the first time in ten years?
The Halifax revealed today that house prices have fallen on an annual basis for the first time since December 2012, by 1%.
This means the average house value has declined by £132 which may not sound a lot but represents a seismic change after years of ultra-low interest rates prompted continuous waves of price rises for landlords.
This news will trouble some buy to let investors who are relying on their portfolios to rise in value as part of their investment or retirement plans, particularly if they have just started out.
The wider question is whether the housing market faces big problems overall or whether today’s ‘price correction’, as economists like to call it, is a blip.
Here’s what different experts have told us.
The industry leader – Nathan Emerson, Propertymark
“House prices are holding steady, and we are in a sturdy market.
“Propertymark data has found a 70% increase in properties available for sale compared to April 2022, showing confidence from sellers, and giving buyers more choice and room for negotiation.”
The estate agent – Matt Thompson, Chestertons
“Strong buyer demand [in London] has and will continue to contribute to the majority of the capital’s properties holding their value and, in some particularly sought-after neighbourhoods, allow sellers to be insistent on their asking price without allowing room for negotiation.”
Specialist lender – Gareth Lewis, MT Finance
“These numbers are unsurprising, given the fall in transactions. They also reflect that those who are willing to buy are less bullish when it comes to committing to higher house prices because everything is costing more, so they are going to chip away at the price,” he says.
“Mortgage borrowers overall, other than perhaps some first-time buyers, can still afford a mortgage but just have to be prepared to put their hand in their pocket a bit more.
“This is all part of a re-education process; money isn’t free, and you are going to have to pay more for it in future. The housing market will inevitably be quieter as a result.”
The portal boss – Jason Tebb, OnTheMarket.com
“The high cost of living, recent disappointing inflation news and the likelihood of further rate rises will impact what buyers are willing to pay for their next home,” he says.
“This news should be taken, however, in the context of the unprecedented post pandemic house price growth, fuelled by a lack of supply and pent up demand – property prices are still, on average, £25,000 above the level of 2 years ago.”
The estate agent – Jeremy Leaf, former RICS Residential Chairman
“Halifax, like the Nationwide figures, exclude cash sales and reflect activity from a few months ago.
“But they confirm recent trends that tentative market recovery is being threatened by the prospect of more interest rate rises and stubbornly high inflation.
“And the survey shows prices are still considerably above where they were two years ago so cash and equity-rich buyers in particular are recognising the opportunities.”
View Full Article: COMMENT: Why are property values going down for the first time in ten years?
First annual fall in house prices for 11 years
The average house price saw no change (0.0%) in May, following a drop of 0.4% in April, Halifax reports.
Its latest house price index does, however, show that the annual rate of house price growth saw a decline of -1%
View Full Article: First annual fall in house prices for 11 years
Soaring energy costs prompt dangerous meter tampering requests
A shocking survey reveals that 43% of electricians and gas engineers have been asked by clients – including tenants – to illegally tamper with their electricity or gas meters to reduce their energy bills.
The findings from Direct Line business insurance highlight that as energy prices continue to rise
View Full Article: Soaring energy costs prompt dangerous meter tampering requests
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