Help Buying My Rented Property

angellaura_2

I have rented my home for almost 2 years and at the end of my current lease (November) my landlord wishes to put the property on the market.

She has expressed her interest in us buying it and has said we will get first refusual. At the moment she has no idea of the current market value, recently saying she expected to get around £135,000. Current selling prices for properties exactly to mine and in better condition are struggling to sell for £95,000

The pro's to selling privately to us I think outway the cons. Not only would she not have estate agency fees but she would not need to obtain a home seller report either.

We would of course, seek a survey ourselves especially to review the current heating as I think the entire thing would need replaced (old back boiler).

I have no idea what to offer her and no idea how to go about it? should I seek an estate agency valuation first? I would plan on offering her at least £5000-£8000 less than this seeing as she would be saving money on fees and also the fact that the heating will need replaced.

Any other advise would be appreciated. I want to be totally clued up and on top form in time for when the day comes!

Cannon_Fodder

Let her state a figure.

If its over £100k, say 'no thanks' and go and buy one of those £95k ones...

Meantime check your credit history, to ensure its as squeeky clean as possible before going for a mortgage - and I take it you have a decent deposit ?

PasturesNew

If she rented it to you through an agent, there's a strong chance they'll be expecting a selling fee (1-1.5%) of the sale value if she sells it to you. Most have that in the small print.

angellaura_2

we rent completely privately. no agents. I recently checked my credit history and had top marks. I own no credit cards and have no debts.

I will have enough deposit by November

Thanks for your comments