Thinking of offering to buy our rented house

[Simon Brooks]

SlackBladder said:

Simon Brooks said:

bayleaf said:

You have nothing to bring to the table over any other prospective buyer as I see it. Other than you don't have a deposit or mortgage arranged.

The OP does however make themselves a slight more attractive purchaser as they obviously wouldn't be part of a chain

Would anybody be part of a chain with a £140K house?

Slackbladder, I think this will answer your question

http://www.rightmove.co.uk/property-for-sale/prope...

Edited by Simon Brooks on Wednesday 4th May 08:14

[bayleaf]

Simon Brooks said:

Slackbladder, I think this will answer your question

http://www.rightmove.co.uk/property-for-sale/prope...

Edited by Simon Brooks on Wednesday 4th May 08:14

Wow. I had no idea places were still that low in areas like tha.t

[Ynox]

Bought my flat from my landlady. She wanted to sell up.

Ended up getting it for £7.5k less than her minimum through stressing that it'd be an easy sell - no void periods and she wouldn't have to worry about things such as doing the place up. Think we got a pretty reasonable deal overall (my initial offer was £20k less than her minimum to test the water).

We ended up paying rent until we completed so we didn't exactly save money on that. Also it took approximately 4 months to do the conveyancing as she had early redemption charges on her mortgage which didn't help too much. But overall it was pretty simple, although the letting agency were a bit st when it came to releasing the deposit (lots of phone calls and they tried claiming that they'd only release it with a solicitor's letter - they ended up settling with an email from my landlady and I).

[KTF]

bayleaf said:

Simon Brooks said:

Slackbladder, I think this will answer your question

http://www.rightmove.co.uk/property-for-sale/prope...

Edited by Simon Brooks on Wednesday 4th May 08:14

Wow. I had no idea places were still that low in areas like tha.t

Cheaper still: http://www.rightmove.co.uk/property-for-sale/prope...

[Willeh85]

KTF said:

Cheaper still: http://www.rightmove.co.uk/property-for-sale/prope...

Although my current house is nice and isn't my dream home, seeing places like those really puts some perspective on things and makes me appreciate what I currently have.

[gibbon]

How does the landlord (or indeed you) know fair value unless you put it to market?

[Tresco]

Probably won't make a huge difference but if you rented the house initially through an agent it's likely that their terms of business stipulate that if your landlady sells to a tenant found by said letting agency she pays them a sales fee.

I've just let a house and all the agents I dealt with had this in their terms of business.

[richatnort]

Thanks for all the replies.

The landlord didn't use an agent so all good there.

As for the value I think we could get an agent in to do a valuation.

However things have changed slightly as we now have generously been given some cash to buy something a bit bigger! Thanks for all the advice though!

[Ynox]

Tresco said:

Probably won't make a huge difference but if you rented the house initially through an agent it's likely that their terms of business stipulate that if your landlady sells to a tenant found by said letting agency she pays them a sales fee.

I've just let a house and all the agents I dealt with had this in their terms of business.

There was the Foxtons v OFT case in which these were deemed as being unfair. I was able to argue the toss and the letting agency backed down. Took a bit of convincing, but they did.