Landlord pressure

[Rosemary1981]

Hi

I have posted before about our Landlord going back and forth over us buying the house we rent.

We have wanted to buy it for the last 3 years, they put the rent and price way up, they said they were going to sell at one point as us being sitting tenants, and then said for the last 9 months they weren't selling, no rush not to worry.

We of course kept looking for a house to buy within that time but couldn't find anything we could afford/suitable location ect.

Now the October budget is looming all of a sudden, they want to sell to us immediately.

We love the area, we can afford house (even though they are selling it 5k more than it was valued at by several agents) 5k is a lot to us.

Two other exact same houses are also up for sale both ex rentals one our road, one 20k higher, but done up more than ours, one 5k lower but again also done up more than ours.

Landlord is messaging me everyday to move the sale along before October budget, we just got back off holiday two weeks ago, I kept communication open to them even when I was away.

I know the landlord has multiple properties, and for a long time I was aware we were the only ones wanting to buy as tenants.

In the time we've been back from holiday we've been looking at mortgages, looking at brokers and trying to find a good solicitor.

Landlord messaged last night saying we must complete by October, I just don't feel they are being realistic.

We do want the house, but I don't think it will happen that quickly.

Or AIBU?

P.s open to any advice here about buying, brokers and solicitors MTIA

I mean it is possible to get it done in 2 months if you move quickly, but you would need to really engage in the process. He isn’t likely to get another buyer if it isn’t even advertised yet, which gives you tremendous leverage. If you are genuinely interested in this property you could negotiate hard on price and get it at a major discount- like 10% off.

Definitely go for a large discount, just look at the extra costs the Labour Party are rumoured to be passing onto the Landlords. No wonder he wants to sell! Even a £5-10k discount will offset losses in the first couple of years no doubt (go for as much as possible!) Plus, don’t skimp on the survey just because you already live there as you may not know about certain things. There’s nothing worse than someone pressuring you into buying something and you making a mistake.

Offer very low. They won't have to pay estate agency fees, they don't need to worry about a potential eviction etc etc it's all very neat and cheap for them. I'd offer £10k lower than the 5k lower house. So £15k off this one.

Get your own professional valuation, then negotiate. Everything's in the landlord's favour at the moment - he sounds very grabby and greedy.

Have you got a mortgage offer in principle? I would make the offer £5k less, to match recent sales in area, negotiate, get an offer accepted and press on? Survey and searches would need to start very soon. Ideally next week.

Lowball them massively. But I doubt you'll get the sale through by then if you're in England.

I wouldn’t offer particularly low. Estate agent fees are probably only 1.5% and speaking from experience the legal costs of a private sale are slightly higher.

If you to buy the property get moving, there are cash buyers out there.

Also what’s your back up plan if the landlord sells to someone else and wants you out?

Perfectly possible to do that with no chain involved.

@Rosemary1981 I'd definitely get a GOOD survey (worth the money) then a MIP & then give him a low offer.

you are the only way he's going to complete by October (I think it's very unlikely whatever Labour do will come in immediately. But if the LL is feeling October pressure then use that)

He won't have to advertise (you can refuse viewing no matter what your contract says)

you can refuse to move out & drag it out for a long time

other rental will be up for sale, you could already buy one in better condition for £5k less (only financial difference is moving costs)