Buying my rented house(6 Posts)
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I have been saving for a mortgage for years and now finally have enough for a deposit. I've been looking at houses in my local area and have realised that I love my house I currently live in. It's rented so how do I go about asking my landlord if there is any chance she will sell to me? Do I offer more than it's worth? If any body can give me their experience on the subject I would be greatful
Just ask. I did and my landlady gave me a good deal.
She got two independent valuations. Both between £135-140 and we agreed on £137k
It was really easy. We just instructed a solicitor and didn't use an agent.
We just approached our landlord and asked if he was interested in selling and made a realistic offer (possibly slight low-side) so he could see we were serious.
He said he was thinking of selling soon but asked a higher price (probably realistic for the market) , we did some to-ing and fro-ing and met in the middle somewhere. The big benefit was that he saved the agents fees, the cost of having to prep the house for sale and the cost of having it sit there empty whilst it was on the market.
I really didn't think he would be wanting to sell as it rents very well in this area and he must make a nice profit from it, but it was a time when he wanted a chunk of cash. So my advice woudl be go ahead and ask!
Don't offer more than its worth - if the landlord is willing to sell then they are saving a lot of money by selling to you than to anyone else in the world. To sell to anyone else they would need to spend money tarting the place up and wouldn't be able to actually exchange contacts until the property was vacant (ie you moved out) thus losing at least one month of rent. Plus they would be saving thousands on estate agent fees. All that is worth a small discount of market value of anything.
Still get a proper Homebuyers Report done - even though you live there already, there could be structural, maintenance or planning issues, inadequate damp proofing etc etc. This should include a realistic valuation - don't rely on a "free" valuation from an estate agent, they will always be overestimating.
When you instruct a solicitor, searches could come back with elevated flood risk or chancel repair liabilities or all sorts of stuff too.
So make sure you don't come across as too keen when you approach the landlord - the place may be worth less than you think.
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