Hello,
I am a tenant and would like to buy the house I rent. I have lived here for two years and love the house. I am now in a position to buy with mortgage in principle and a deposit.
I would be interested in any information from other tenants/landlords who have been through this process. I have no idea at the moment if the landlady will even sell… any help is appreciated.
Many thanks.
All you can do is ask the landlady. A lot of landlords won’t want to sell as they will want a long term income from the property but if she is thinking of selling then selling to an existing tenant would be attractive due to estate agent fees saving and lack of void period while sale goes through.
If you can agree a price then you’d both appoint a solicitor to do the normal conveyancing and they’d sort that side of things.
Most LLs (I think) don’t want to sell as they want to keep it for income. Some might.
However, don’t expect them to give you a good deal. Speak to them, and if they say no then that’s that.
So I spoke with my landlady this morning and she is open to selling.
She asked me to get the house valued and I am considering getting both an estate agent and independent valuation for comparison.
While I am not expecting any good deals or discounts, the place needs some TLC (new bathroom, windows and possible new roof) I would be interested to see how this is reflected in the valuations provided for both. I am a first time buyer and welcome any advice. Thank you.
totally depends on market conditions . Just because work needs doing does not mean you will get a dramatic reduction . It is a hot market in many places
Don’t appoint someone who is just an estate agent to value the property. Appoint a qualified valuer - which really means a member of the RICS (Royal Institution of Chartered Surveyors). The appointment can be made jointly by both the landlord and the tenant with the instruction being to “value as between parties” and the fees paid equally by both parties. This means the valuer is standing back and making a genuinely impartial judgement about the value of the property. The landlord benefits from this just as much as you because they will be reassured that they are getting a fair price. The principal comparable evidence on which the valuer will rely is the Land Registry record of completed sales but they will also use local contacts to collect information about current transactions in a busy market. They should, if they do the job properly, also consider the condition of the property (but see below), and any defects in the title.
You should also consider having a structural survey (preferably not a Home Buyer’s Report) but you may need to pay for this yourself.
The valuer’s and survey reports may be useful when dealing with your mortgage provider, if they do their job properly (which many nowadays don’t because the people they employ just sit at screens and tick boxes without knowing anything much about anything).
Thank you @perrygrovefarm - this is what I have in mind - to get an independent valuation. I’d not considered a structural survey though, but this will come later once we know the house is definitely within our budget. Appreciate your help, thanks.