LL bankrupt - What offer to make??

amcjet

Hi,

I have recently discovered that my LL has been made bankrupt. Our tennancy is safe for the time being and there are no changes in our tenancy agreement. However, I am sure that one day the property will be sold.

I think i would be in a favourable position to buy the property off the current trustees to the bankrupt estate for these reasons...

1, I am a currently living in the property (as a tennant)
2, I am a first time buyer (no chain)
3, I have been paying rent and abiding by tennacy laws whilst the bankruptcy has been proceesed by the receivers/insolvency practitioners.

Does anyone have any advice on what sort of opening offer to make to the insolvency practitioners/receivers as and when they decide to sell the property?

I estimate current market value to be in the region of £150k to £160k.

Thanks

Mr. C

hethmar

I think you will find that they will have the property valued. Wait til then before you make an offer. But as you say, you are in a good position.

_Andy_

Would be worth getting a mortgage sorted prior to making an offer.

PasturesNew

[1] and [3] are pretty much irrelevant.

They're just interested in what you're offering, the total deal.

You'll still need a deposit and mortgage. You need to start there and find out how much you can get, then find out how they're planning on shifting it.

amcjet

thanks guys, looks like contacting the bank might be the next step.

any more advice would be much appreciated.

clutton_2

talk to a "whole market mortgage broker" to see if you can get a DIP - a Decision In Principle - for the mortgage - this will tell the Lender that you are a serious contender

SquatNow

How much deposit have you got?

dopester

Keep in mind your landlord got their figures and sums and expectations mixed up somewhere along the way - and you've seen the outcome.

Not an isolated case either. The forums have been seeing more and more cases with landlords going under.

So, we can be pretty sure the landlord did a lot of what presumably was smart and clear financial "estimating" along the way, yet how is the landlord coping now?

amcjet wrote: »

I estimate current market value to be in the region of £150k to £160k.

amcjet

I take your point dopester but it's not an isolted case. I can't really diosclose any more info about the LL's predicament.

I realise the current climate is not great, just don't want to miss (what could be) a great chance to get on the ladder.

We would only have between £5k and £10k for a deposit so only about 5%ish. This could obviously be a stumbling block.

Clutton - I am sorry I havent heard of a "whole market martgage broker" before, could you point me in the right direction?

Cheers