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Asking to buy a flat which is being let out?
danster
Posts: 128 Forumite
Hi all,
my local estate agent has both a 'selling property section' and a 'letting property section'. A flat I really like is being advertised for rent. I wanted to buy this flat a couple of years ago before a BTL beat me to it. Could I offer to buy the flat? Would that be a conflict of interest within the estate agency firm? Would I be best to ask the sells section ("I would like to buy the property that is currently being advertised for let") or the letting section? Not sure whether they would even consider this. Its been advertised for a couple of months now (maybe more), so the owner might think that he woudl rather sell it than pay to keep an empty property.
Thanks.
my local estate agent has both a 'selling property section' and a 'letting property section'. A flat I really like is being advertised for rent. I wanted to buy this flat a couple of years ago before a BTL beat me to it. Could I offer to buy the flat? Would that be a conflict of interest within the estate agency firm? Would I be best to ask the sells section ("I would like to buy the property that is currently being advertised for let") or the letting section? Not sure whether they would even consider this. Its been advertised for a couple of months now (maybe more), so the owner might think that he woudl rather sell it than pay to keep an empty property.
Thanks.
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Comments
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You could certainly ask. It would then be up to the owner whether he agreed or not.
I woul ask the lettings agent (who will probably then just ask his colleague, the selling agent, at the next desk) as he will know the owner.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
odds are they would charge the commission of a house sale, they would probably earn more creaming 10% off the rent but will likely be short sighted and go for the cash up front will 0 work required.
as to the btl well it really depends upon them and their finances, busness plan etc but given the 3 recent interest rises with more on the way and the fact they have a void at the moment it might well be a good idea.
look at what the rental celling is (ie what they are asking) then deduct say 10-15% for maintenence, voids etc and use a morgage calculator to work out the remainder would mean in terms of value. granted that assumes they arnt making any profit but purely looking for capital growth but it would be a nice indicator of the absolute maximum you should go to.
frankly i would imagine a btl likly comming to the end of an inital fixed rate deal with rates having spiked and an empty property would bite your hand off to take some profit out the growth in the market over the last 2 years but that assumes they are sensible and not greedy.0 -
Thanks. I think the btl would be looking to sell. Ive been keeping an eye on it for some time now it it regularly looks like its advertised for let. Maybe thats a bad thing? Why such a turnover of tennants? Is there some issue with the block of flats? hmmm.0
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Don't see the point anymore in offering advice to people who only want to be agreed with...0
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