So your landlord has decided to sell their property on the Vesta website, what does that mean for you?
You’re bound to have a lot of questions and we have put together an overview below to explain the process - what’s going to happen and how you’re likely to be affected.
Your landlord has decided to use Vesta to sell the property you live in
Don’t panic, you don’t have to move out.
Vesta helps landlords sell property to other landlords without asking the tenant to move out. This means that you continue to live in the property while the sale goes through, and it also means that the new owner MUST honour your current rental contract - the same contract, the same rent and the same terms.
Your rights and responsibilities remain the same and the new landlord has exactly the same rights and responsibilities as the current landlord.
Once your landlord has formally instructed us to sell, we will begin the sales process.
We try to make the entire transition from your current landlord to the new owner as unintrusive as we can. Nonetheless, we understand there is likely to be some disruption to your normal routine, but we will work with you to keep those disruptions to a minimum.
Some background about Vesta
Vesta Property is an online marketplace where, properties can be sold without serving notice on the tenant. It’s a unique approach and is specifically designed to minimise the disruption to you, the tenant.
The best bit about Vesta selling a tenanted property is there is no need for you to move out.
Our buyers are typically landlords who are specifically looking for properties that are already tenanted, because that way they don’t have to find a tenant to fill the property after they have bought it.
Whats going to happen?
We will need to visit to take some photos and measurements to put the property onto the Vesta website
So that we can market the property, we will need to take some photographs and measurements for floorplans. We partner with a company called Access2View who will arrange a suitable time to visit. Our team usually need 1 - 2 hours in your home to ensure we capture everything to a high quality. It is up to you whether you wish to be there for all or part of their visit.
Pictures are an important part of selling a property, and the general rule of thumb is that the better the photos, the fewer viewings that will be required.
There may also be an additional visit from Access2View or your landlord’s own energy assessor if the Energy Performance Certificate (EPC) needs to be updated. We always try and organise these together to minimise the disruption to you.
There is some advice below about how you can help us to get the best photos possible to reduce unnecessary viewings.
Potential buyers may wish to view the property at a time that is convenient for you.
Viewings will always be organised with you, and you will always have at least 24 hours notice in advance of the visit.
Visitors will always be accompanied by your landlord, the managing agent or one of our partners (Access2View or Viewber).
You will always have contact details of the people on the visit, and you can always contact the team at Vesta on 020 8950 8310.
Confirmation of all visits and viewings will be confirmed with you in writing.
If a buyer makes a suitable offer then the legal process will take place and the property will change hands.
The terms of your tenancy contract will remain the same and after the sale completes you'll just need to pay your rent to the new landlord.
This whole process normally takes between 4 weeks and 4 months
Feedback or help
We have worked hard to make the process as easy as possible. However, sometimes things can go wrong and we would love your feedback. Our contact details are below or alternatively speak to your landlord or managing agent.
Phone: 020 3950 8310
So that we can capture the highest quality pictures in the minimal amount of time, below are some hints and tips.
We find the tidier and cleaner the house is, the better the pictures turn out. Sometimes, pictures can look messy if there is clutter or lots of stuff around the house. This includes things like:
We find that pictures turn out brighter in natural light, so if you can, open all curtains and blinds.
Last thing, its best to remove personal documents and personal photos especially those of children and vulnerable adults.
All information contained in this website is provided as a guideline only, is based on estimates and assumptions, may not be accurate or complete, and is subject to change. We make no representations or warranties with regards to this information, expressed or otherwise. A buyer who relies on such information does so at their own risk. Buyers are advised to seek independent financial advice and should undertake their own due diligence.
Your capital is at risk. Property values may decline and the property might not be able to be rented at amounts sufficient to cover debt interest costs, operating expenses and liabilities, and might not result in a positive cash flow. Property is an illiquid asset and should not be viewed as a short-term investment.
In no event will we be liable for any loss or damage, including without limitation any loss or damage arising directly or indirectly out of or in connection with the use of this website and the information contained therein.
Authorised and regulated by the property ombusdman
Copyright © 2023 Vesta Global Limited. All rights reserved.