The best way to sell an HMO is direct to another HMO investor or by using a specialist HMO agent. The agent will charge a sales commission for the sale, whereas the direct to investor sale will be free. Either way it will ultimately be sold to an investor, so why not simply cut out the middle man? Small HMO’s with up to 6 bedrooms tend to value up using a bricks and mortar valuation basis, whereas larger HMO’s are valued using an income-based valuation model.
Yes you can sell your home if you’re in a fixed rate mortgage. But depending on the mortgage company and their repayment terms, you may be in for an early repayment charge or penalty. But there are ways to avoid the early repayment penalty, which include porting your mortgage to you new home or ‘selling’ your house using alternative methods. Please read on to find out more.
For those of you who can’t afford to own two homes, but can’t sell your house and still want to move, what’s the answer? You can either let your old house to tenants to cover its costs and become a landlord. Or you sell your house to a company that buys houses and let them become the landlord instead. If you choose to become a landlord and keep your old house yourself, you’ll be responsible for looking after your tenants and will need to continue maintaining the house when things go wrong. However, if your choice is to go with a company that buys houses, they will take over these arrangements for you instead.
The first thing to do when and if your house sale falls through is to take a deep breath and not to panic. Unfortunately the way in which the law works in England and Wales; until exchange of contracts your house sale can fall through at any time. Your first option might be to renegotiate with the buyer where appropriate. For example, if the survey has pick up on a problem that could easily be fixed. Negotiate to reduce the price of your house for what the rectification will cost. If this isn’t the problem or if that doesn’t work, go back to your estate agent and start over. However if this all happens at the last minute what do you do then, especially if you have your heart set on the house you’re moving to? One option is to use a company that will buy your house from you quickly. Doing this will mean you could still go ahead with your purchase, rather than have this fall through as well.
It is only in certain circumstances where a house can be sold before probate is granted. Where the property is owned as joint tenants, the surviving owner will automatically become the sole owner of the house. This means that the surviving owner can immediately sell this house without the need for probate. But if the deceased person is the only person named on the title deeds of the property, then probate will be required before the property can be sold. Or if the property is owned as tenants in common, probate will also be required before the surviving owner will be able to sell the house.