A new national scheme launched at the London Stock Exchange yesterday will allow buy-to-let properties to be bought and sold with the tenants in place.
Some transactions of this type take place currently, but HomeLet IPEX is the first formal nationwide scheme.
It means that landlords will have less risk before they buy a property because they are already aware of what potential profits they can make.
It will no longer be necessary to get the property valued for rental income or to search for new tenants.
Robert Jordan, national president of the Association of Residential Lettings Agents, says: “HomeLet IPEX makes things so much simpler and easier that it has the potential to transform the buy-to-let market.
It aims to take all the hassle away from all three parties – the buyer, the seller and the tenant – and also helps make potential future profits clear.”
The scheme also allows lettings agents to be involved in the sales process for the first time, and allows them to have a relationship with the incoming landlord.