Landlord having valuation done on property we live in

[heartbroken22]

We've asked to purchase it. Does it mean he's going to sell it? The other thing is our house is... haven't had time to clean up properly like we would do for an inspection. There is stuff everywhere. I'll probably have to call my sister to help out and look after baby.should I cancel the valuation and rebook?

Just let them do the valuation as it is, it's not an inspection. Before I bought my house and I was in rented the landlord got a valuation at one point for insurance purposes, so it's not always selling.

When we bought from our landlord 3 Estate agents visited to give him a valuation so we all had this info. It was then sold to us privately. Could this be what your landlord is planning?

I really wouldn't put yourself out re cleaning and clearing up, it's not your responsibility to do this and sounds like you haven't been given much notice.

Speak to your landlord to find out their plans.

@Motnight I'm not 100% sure. Does privately work out better? I know it will be better for the seller as they don't have to pay the estate agent fees but would we be able to negotiate a lower price? How did it work out for you? I just feel like cleaning up just in case he wants to put photos up for other to buy (just in case we don't buy it).But it hasn't been mentioned.

@AdInfinitum12 true it's tomorrow so I haven't got a lot of time.

Did you offer to buy it first or did the landlord say they were going to have it valued then you said you'd be interested? If the first, they have to get it valued to figure out what to ask for, if the latter then yes it sounds like they are planning on selling if the numbers are right.
I wouldn't bother cleaning but wouldn't have it a mess either.
Presumably the landlord will tell you what they'd accept before putting it with an agent. You can always offer less, but also do your own research on recent nearby sales to get an idea of value.

Just let them come, the cosmetic stuff e.g. tidiness shouldn’t make a huge difference to the valuation and if you want to buy it then surely you want it valued lower anyway so it’s in your interests!

They won’t take photos at a valuation.

When I was in renting my landlord had the property valued a few times for insurance. When they actually wanted to sell it after Covid they didn't value it while I was in the property. I was just handed my notices. I wasn't given the option to buy it.

The valuer won't take 'stage' photos but may notice damage (eg holes in walls) and include comments about the condition of the property in the report.

Valuers will not care if you haven't tidied up.

Weve just had our rental property valued... it was because our mortgage deal was up and needed it for the new one. Not selling.

It worked better for us. Seller saved on estate agent fees, but also literally had us paying rent on Thursday and him having our money for the flat on his bank account on the Friday so no gap in him losing rental income etc. He passed some of these savings onto us, we got our flat for a very fair price.

Do the people who come to do the valuation let you know on the day how much it's worth?

@Motnight did you go below the valuation price? I suppose it depends how nice our landlord will be. I'm hoping it won't be too expensive. Not sure how to approach it. We've always paid rent on time...he also has our deposit.

Mine was valued a few months back, just before my 1 year fixed tenancy was up....then the Landlord increased the rent. Doesn't necessarily mean they're selling but may be assessing the rent. In this instance you won't be told the valuation.

If you asked to purchase prior to being notified of the valuation then the LL would need to have a valuation in order to price it correctly.

Yes they do let you know the same day but presumably this will be communicated to the landlord, not necessarily to you.

I meant to add - when the valuer came to my rented place, he took photographs of every room.

He might be selling or might be remortgaging. Just ask.

I was told on the day how much my house was worth but I was the owner as you are a tenant I suppose they are not obliged to at all.

No, we agreed on a price right in the middle of the 3 quotes.

I did exactly this about 5 years ago, except I was the landlord. My tenants had always expressed an interest if I was ever going to sell. So when I decided to sell, I offered it to them first. I got 3 valuations and we agreed on a price which was the average / middle of all 3.
We then exchanged solicitor details and they sorted the rest.

You could use the private sale element to benefit both of you and negotiate a figure that will save you and them money.

For example, if the property was sold for £500,000 and the estate agent would otherwise charge 1.5% + VAT in fees, the net sale for the vendor would be £491,000.

The buyer would have to pay £12,500 in stamp duty, so the cost to them is £512,500.

If the vendor were to sell privately for, say £495,000 there's no estate agent's fees, so they're £4,000 better off.

You, as buyer would pay £12,250 in stamp duty, bringing the total cost to £507,250, so saving £5,250.

It could be structured therefore to meet half way and save you both money.

(The above stamp duty calculations are on the assumption that you're not a first time buyer - if you are the figures for this are lower - take a look here - Calculator)

I'm a bit scared at how much it will get valued at. He's used the same agency as another house that's on sale in our area/street. We went to see the house and it was way overpriced. 40 grand more than another house that was in better shape.