We have been renting a property for a number of years and our landlord has now decided to sell in a few months time. We are interested in buying the property from the landlord and the landlord know this.
Ideally we would like to buy it prior to the property going on the market as this would mean that we could avoid the costs and upheaval associated with having to move out.
Has anyone any advice as to how to approach this situation?
Highlight how much hassle and cash (ea fees etc) he’ll save by selling to you. You’re also a sure bet and he doesn’t have to risk a sale falling through and possibly having a rental void etc
Approach the landlord and let him/her know you’re interested. It might be difficult to come to an agreement on price though. Obviously it would save landlord EA fees if you purchase directly.
Put yourself in the landlords position. He’s going to put the property on the market unless you offer >95% of his expectations of market value (whatever that is!)
Is there a bank involved? If so they will probably force him to put it on the market to ensure he gets the “market price”.
No there is no bank involved - however the landlord is getting an estate agent to value the property and I expect also to sell it (I am not sure about the latter though). I am not sure whether I would be agreeing a price through the agent (if the landlord is happy for an off market sale).
Does he expect you to move out if/when there are viewings? Has he discussed this with you.
If you don’t have a solicitor already, you could contact one and get prices for conveyancing etc. You will need one anyone if you are doing a house purchase. And it just helps if they are a helpful solicitor (not the ‘yes/no’…hangs up, type) who will just provide a bit of support for you. Then you could possibly make offers through the solicitor or whatever and it would show your landlord that you have serious intent. Also because it gets emotional when one’s home is at stake, it would be a great help to have the solicitor just ring the landlord/his solicitor with the offer(s).
If you agreed to buy it without the estate agent, the landlord will save on the EA fees. However, if landlord thinks he can make a killing on it, he will want to do the viewings thing on it. But then again you will have to accommodate viewings which are a pain in the ass and a serious inconvenience.
Landlord needs to get quotes from EAs to fix a price.
No the landlords default plan is to sell with vacant possession - I.e. we would move out when our lease is up.
Thanks bookworm - some very useful advice there regarding a solicitor - I hadn’t thought of that.