There is a lot of advice from letting agents and financial gurus about getting into the rental market and becoming a landlord, but far less about getting out of the property market the right way.

Being a landlord is a great way to earn passive income, provide accommodation and own a tangible asset that over recent years has skyrocketed in value and can provide a nest egg to secure you and your family’s future down the road.

However, it is not for everyone, and depending on how you operate your property, it can sometimes feel like more trouble than it is worth. Not every property is ideal, nor is every tenant.

If you are a hands-on landlord who is thinking of stopping being a landlord, either due to other priorities, concerns about the Renters’ Rights Bill, issues with either properties or tenants that have drained your enthusiasm, or a keenness to sell up and take the money from a sky-high market, here is how to get out the right way.

Hand Over The Reigns

If you want to earn passive income but simply want to avoid the day-to-day headaches of dealing with tenants, working with a letting agency can be the best option.

You do not need to sell but also do not need to think about the property any more than you want to. The trade-off is that letting agents will take a percentage of the rent for this service, but it can still be worth it depending on your circumstances.

Do You Have Tenants In Situ?

If you are committed to getting out of the market entirely, how easy it will be largely depends on whether your rental properties are currently being rented or are likely to be in the near future.

If you do not, simply remove any advertising notices that the property is up for rent, get in touch with an estate agent and sell it as a normal house. Make sure to let the agent know that it would make for an ideal buy-to-let property in case this would help the advertisement.

If you do have tenants currently renting the property, this can complicate sale plans and limit buyers to other landlords if they plan to stay amidst a change in ownership.

For some landlords, this is an ideal situation as it provides a guaranteed source of income, but others prefer to start from scratch or want to live in the property themselves.

Generally, it is best to give your tenants as much notice as possible of your intention to sell, and legally you need to give at least two months’ notice for a Section 21 notice to be legal after the end of a fixed tenancy agreement.

If there is a term of the tenancy agreement the tenants have broken, this can be reduced to as little as two weeks under a Section 8 notice, but it is best to seek legal advice before pursuing this route to ensure that the eviction is legal.