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Buying our rental, what advice can you give us

(9 Posts)
totoromama Tue 14-Nov-17 19:40:05

Our landlord has asked if we'd like to buy the flat that we rent. He bought it for 120k, it's current value is 150k, we will have paid 35k in rent.

Does anyone have any suggestions about negotiating a price and about buying without an estate agent?

totoromama Wed 15-Nov-17 13:57:04

Bump

fucksakefay Wed 15-Nov-17 14:03:03

The 35k in rent is totally irrelevant
If you think it's worth £150k to you then I'd offer slightly less as he won't have a void during sale period and won't have to pay estate agent fees.
Perhaps start at £145k
If it's really worth £150k to you I'd ask for that plus one month free rent and halve the saving on estate agent fees.

If you're not sure about value look at comparables and house price index on your area since it was bought

CotswoldStrife Wed 15-Nov-17 14:03:43

If you know the current value, surely that's your starting point? You can check how much estate agents locally usually charge for selling a house (percentage of the cost) because that's the only saving for the landlord really not using an EA.

If you are implying that your rent should be deducted from the selling price then I think you are wrong!

DivaPlavalaguna Wed 15-Nov-17 14:36:56

Sometimes the landlord is liable to pay a fee to the letting agent if they sell to the tenant that they found. Then the only saving would be the lack of void period.

Ttbb Wed 15-Nov-17 14:47:55

Your rent payments are irrelevant.

Cantthinkofagood1 Wed 15-Nov-17 14:55:48

We've just offered on our rental. We offered market rate. We really didn't want the property to go to market so we didn't mess about. I figure we're saving money/stress as well with not having to move.

nocake Wed 15-Nov-17 16:09:23

I would offer below market price as the LL will save on estate agent fees and lost rent. The worst that can happen is they say no and you increase the offer.

totoromama Wed 15-Nov-17 21:00:33

Thanks. How much below market rate? Another flat sold for £150k in July exactly the same. We rent directly from the landlord ( though no contract) .

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