I have an IP (previously our PPOR) that I would like to sell but the current tenants are on a 12 month fixed term lease due to expire in late April 2010. For various reasons listing the property by early January is preferable. We are considering approaching the tenants with the news as follows:
1. Explain gently (in writing and via PM contact) that we intend selling the property as we wish to buy a PPOR where we now live interstate. The tenants are aware that this was our PPOR and only became an IP when we were moved interstate for hubby's work...so all very plausible (although not the real reason for selling).
2. Explain that we wanted to give them plenty of notice before school goes back, as having children ourselves we realise that the need for them to move will possibly have implications with schooling etc.. Offer in the circumstances that we are willing to waive any break fees should the tenants wish to move out early at a time that suits them better. If not we are obviously committed to them remaining in the property for the duration of their lease (which I realise we are obligated to honour regardless). Obviously our hope is that the tenants will choose to move out sooner rather than later.
3. Also include in our letter that should they wish to make an offer to purchase the property that they have the option to do so for the next 2 weeks, following which the property will commence being advertised for sale.
Essentially we don't expect the tenants to have any interest in purchasing the property (but you never know) and we are hoping that they choose to leave early (Jan school holidays would be brilliant). Our tenants are good payers but VERY demanding. We don't want them to think that they can seek 'compensation' to move out early. eg. we will move early if you pay our moving costs etc... If they don't move out we will simply work around it. The selling agent and PM will be the same agency, so there is an established relationship with the tenants. Any thoughts or suggestions on these circumstances?
Thanks
Angela
1. Explain gently (in writing and via PM contact) that we intend selling the property as we wish to buy a PPOR where we now live interstate. The tenants are aware that this was our PPOR and only became an IP when we were moved interstate for hubby's work...so all very plausible (although not the real reason for selling).
2. Explain that we wanted to give them plenty of notice before school goes back, as having children ourselves we realise that the need for them to move will possibly have implications with schooling etc.. Offer in the circumstances that we are willing to waive any break fees should the tenants wish to move out early at a time that suits them better. If not we are obviously committed to them remaining in the property for the duration of their lease (which I realise we are obligated to honour regardless). Obviously our hope is that the tenants will choose to move out sooner rather than later.
3. Also include in our letter that should they wish to make an offer to purchase the property that they have the option to do so for the next 2 weeks, following which the property will commence being advertised for sale.
Essentially we don't expect the tenants to have any interest in purchasing the property (but you never know) and we are hoping that they choose to leave early (Jan school holidays would be brilliant). Our tenants are good payers but VERY demanding. We don't want them to think that they can seek 'compensation' to move out early. eg. we will move early if you pay our moving costs etc... If they don't move out we will simply work around it. The selling agent and PM will be the same agency, so there is an established relationship with the tenants. Any thoughts or suggestions on these circumstances?
Thanks
Angela
