Properties sold with sitting tenants usually sell for below the market average, however the value depends on numerous variables. Namely when the tenancy started to establish the type of tenancy. The Telegraph found that properties with renters in situ sold at auction for up to a 60% discount. In addition, the value of a property with sitting tenants can be less if the tenants are on a regulated tenancy created prior to January 1989. Properties with sitting tenants can also be considered ‘problem properties’. Mortgage lenders often won’t touch them, making it difficult for non-cash buyers to make a purchase and therefore denting the dwelling’s value even further. When landlords sell to a cash house buyer, they receive a price that’s fair and guaranteed.
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