Have any landlords here used part exchange or quick-sale property companies?

Property118

Have any landlords here used part exchange or quick-sale property companies?

I am a long-time reader of Property118 and would be grateful for the views of others who may have direct experience of something I have been thinking about recently.

My perception is that many UK property developers seem to have tie-ups with companies that help facilitate part exchange deals. In other words, the developer promotes the service, but another business may actually handle the purchase or onward sale of the existing property. That may be a misunderstanding on my part, which is why I am asking.

It made me wonder whether similar companies might also be useful for landlords who want to sell residential property without going through the usual estate agency route.

When people talk about selling through an agent, the focus is often on achieving the highest possible price. That is understandable, but in the case of rental property, the true cost of selling might be more complicated. For example, if the property is tenanted, some buyers will only proceed with vacant possession. That can create a number of issues, such as:

• the cost and delay of obtaining vacant possession
• the risk of tenants stopping rent once notice has been served
• legal costs if matters become contested
• mortgage payments continuing during the process
• insurance and utilities still needing to be paid
• council tax, sometimes at higher rates once empty
• loss of rental income during any void period
• redecorating to make the property saleable
• replacing tired carpets or flooring
• updating kitchens or bathrooms to attract owner-occupier buyers
• gardening, clearance, and general presentation costs
• estate agency fees on completion
• months of uncertainty while waiting for a buyer
• chains collapsing or buyers renegotiating late in the day

By the time all of that is added together it’s a lot of hassle and what’s the true cost?

On this basis I can see why some landlords might accept a slightly lower price in exchange for:

• speed of sale
• certainty
• no chain
• fewer viewings
• less stress
• quicker access to capital
• avoiding months of holding costs

For landlords with one property, or larger portfolio owners looking to reduce holdings, that could potentially be attractive in the right circumstances. On the other hand, I appreciate there may be downsides such as lower offers, hidden costs, or deals being renegotiated later.

I would therefore be very interested to hear from readers who have used any of the following:

• developer part exchange schemes
• quick house sale companies
• property buying firms
• auction sales
• assisted sale services
• any other alternative route to sell rental property quickly

If you have used one, was your experience positive or negative?

Did they offer a fair price?

Did the transaction complete smoothly?

Would you use them again?

If you have never used one, would you consider it, or would you always choose the open market?

I suspect many landlords may face this sort of decision over the next few years, so real experiences could be helpful to others.

Many thanks in advance for any replies.

EDITORS NOTE

If you are a company providing these types of services we would very much like to hear from you. Please see our contact us page

If you are a Property118 reader and are weighing up your own strategy, whether that involves holding, restructuring, or reducing your portfolio, it is worth stepping back and reviewing how everything fits together.

Our consultancy does not start with a recommendation. It starts with understanding what you are trying to achieve, and whether your current structure supports that.

These conversations are typically most useful for landlords with established portfolios and relatively modest borrowing who are beginning to think about how their assets will serve them over the next phase.

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