In rented house & landlord selling up, what are our rights?

dolphin1_2

We've been renting a house for 2 years. Last week we were told that the landlord wishes to sell up in Autumn giving us 1st refusal to buy it. We would like to buy it & are hoping to get some mortgage advice soon but what are our rights? Should we be expecting to get a discounted price?

Any advice appreciated.

fudgecat

Presuming that you sign a normal short term tenancy contract each year, so you would not expect a discount as such, however there could be a deal to be done as no estate agents fees will need to be paid by your landlord. If the sale is in the Autumn beware of the price now, as it could be lower in the Autumn. It`s all about the haggling...

andrew09

We bought our house from our landlord - we negotiated and after we'd agreed a price, the landlord found out that there was a clause that meant he should pay the equivalent of an estate agent fee to the agent (as a kind of finders fee). I don't think he ever paid anything as he let other properties with them, but don't assume that they won't have the same fees to pay.
As the previous poster said, I certainly wouldn't agree a price now - who knows what might happen between now and then. The hardest thing whenever you do a deal like this is finding out what the real market price is.
If you decide not to buy, it's worth re-reading your agreement so that you're clear on the landlord's rights to show people round etc. etc.