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Notice of Possession
Christoph_2
Posts: 4 Newbie
I've found out today that my landlord intends to sell the house I'm renting and move abroad.
He's sent me a letter of possession via the letting agents. I have to vacate by July.
I'm interested in putting an offer in for the house once it has been valued.
My question is, as the current tenant, am I in a better position to buy the property than anyone else?
Obviously I know that anyone with a higher bid will more than likely succeed in buying it, but would the landlord potentially see my offer as more hassle-free, with us being first time buyers and already living in the property?
Many thanks
He's sent me a letter of possession via the letting agents. I have to vacate by July.
I'm interested in putting an offer in for the house once it has been valued.
My question is, as the current tenant, am I in a better position to buy the property than anyone else?
Obviously I know that anyone with a higher bid will more than likely succeed in buying it, but would the landlord potentially see my offer as more hassle-free, with us being first time buyers and already living in the property?
Many thanks
0
Comments
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It does mean no EA fee and also guaranteed rent up until completion. That's got to be worth a fair bit.0
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If I were the landlord, and hadn't had issues with you as a tenant, I'd take an offer from you very seriously.
It's less hassle in theory, no EA fees, no time where he's not earning money on the property, and as 1st Time Buyers, once finances are in place, it's all good!0 -
EA= estate agent, right?
I'm going to see an independant financial advisor asap to find out roughly what my maximum mortgage could be then wait for the house to be valued.
It's only a 2 bed terrace in Coventry;) so it might actually be within reach!0 -
EA= estate agent, right?
I'm going to see an independant financial advisor asap to find out roughly what my maximum mortgage could be then wait for the house to be valued.
It's only a 2 bed terrace in Coventry;) so it might actually be within reach!
If the IO mortgage (100%) is more expensive than what you are paying in rent, I would think long and hard about buying.0 -
You say the landlord has already had a notice of possession served? In that case it may be too late for it to have anything to do with the landlord whether you buy or not.
Once the property is taken into possession your offer would be left as pending until valuation have been carried out and an asking price set. Once the asking price is set, some lenders will insist on two advert having appeared before they will consider any offers. Throughout this stage, it is entirely up to the asset manager and the lender as to whether or not your offer is accepted.
Once an offeris accepted, a Public Notice or 7 day notice will appear disclosing the offer and inviting higher offers.
If you can manage to get the Landlord to agree to sell it to you now, BEFORE the property is repossessed, then the courts may grant an extension, or the lender might not market the property as a sale is proceeding.DFW #414, MoneySaver, Income Booster
It Always Seems Impossible Until It Is Done.
£2,022 in 2022 #39 - Current total £2.900 -
It does mean no EA fee and also guaranteed rent up until completion. That's got to be worth a fair bit.
We sold a property to a tennant. Though in some ways it was convenient we got hammered on fees. Most letting agents have a clause in the contract saying you have to pay them an estate agency fee if a tennant goes on to buy. If we had intended to sell when we signed up I would have haggled over that, but it wasn't the plan originally. But it would have saved us a lot of money if we had sold it to someone else and haggled over the EA fees.When I had my loft converted back into a loft, the neighbours came around and scoffed, and called me retro.0 -
KellsBells, the house is not being reposessed the landlord is just selling it!
A Notice of Possession is the landlord ending a tenacy agreement.
Proud to be a MoneySaver! 0 -
littlemissmoney wrote: »KellsBells, the house is not being reposessed the landlord is just selling it!
A Notice of Possession is the landlord ending a tenacy agreement.
Hmmm... Spot the person who knows s0d all about lettings!!!
That would be me!!:rolleyes:DFW #414, MoneySaver, Income Booster
It Always Seems Impossible Until It Is Done.
£2,022 in 2022 #39 - Current total £2.900
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