Our downstairs neighbour (property developer) expressed an interest in buying our flat a while ago. We're now ready to move and it seems like there would be a lot to gain: no waiting around with the flat on the market for weeks/months, no moving me and the baby out so that the place stays tidy for viewings, no need to do any work on the communal areas, probable flexibility over dates so no need for bridging loan or renting when between properties, etc etc. I'm expecting baby no. 2 in Aug so these are significant factors. Can't help feeling there will be big pitfalls though - especially as he is a lawyer and very crafty - I don't want us to end up with a poor deal because we haven't gone onto the open market.
It does sound too good to be true but it may work. Agree get 3 valuations and also use a good solicitor. Who owns the freehold atm as if it is currently shared between the two of you it could prove a valuable negotiating tool ?
The freehold is owned by a separate company who also own one of the other flats (there are 4), but neighbour is very keen for us flat-owners to buy the freehold from them. I guess if he owns half the building this will be easier for him. He is very proactive regarding the building as a whole and I think it would greatly appeal to him to own more of it!
It does all sound very tempting, just make sure you suss everything out before accepting any offer he makes to you, remember at the end of the day he is a Solicitor and will also be trying to get the best possible deal for himself.