Renting, flat for sale - discount?

Bristol_Rover

I've been renting my flat for a few years now, and 2 years ago the landlord informed me they wished to sell the property.

Obviously they wish to keep me here until they sell, and offered me a generous reduction in order to tempt me to stay (initially about 25%). I agreed.

The flat remains unsold but on the market. I think it is overpriced and won't sell in the foreseeable future, but the risk remains.

The landlord has twice in the past reduced the discount I receive, and I have acceded to their request.

The third request (in 2 years) was made recently, and I said I would give the matter some thought. I consider this request to be unreasonable. The proposed discount from the market value would be approximately 6%. At present, it's 10%.

I think I am in a strong position to refuse this request.

The question is - what is a reasonable discount to expect by living in a property that is for sale?

I have a good relationship with my Landlord and will be politely declining the proposed increase, but I would be interested in the views of what a reasonable discount might be on the market value of the flat's rent. I think the current 10% I receive would be the minimum. The initial 25% I received is probably too much.

giddypenguin

What's the conditions of the discount? Are you expected to forgo your right to your notice period if your flat is sold?

embob74

I wouldn't have thought you were entitled to a discount and so it is entirely up to the LL should they wish to give you a good discount, a very small discount or none at all.
Have you looked at what rents are on similar properties? That gives you an idea of the true rental value and whether you then think it is worth staying.
If you are now on a rolling contract you could have only 2 months notice to leave if the property sells but this would be no different to you renting elsewhere and staying past the initial rental period.
You know the notice can come but I don't feel it puts you in a different situation that millions of renters are in whereby they have little security. Why do you feel you should prosper from it?
The property probably isn't selling because you are in it so your leaving could actually be doing the LL a favour.
Have you checked out the costs of moving elsewhere? The tenancy check fees, admin fees, moving costs, mail redirection and the possibility that after a fixed term of 1 year you could possibly be asked to pay an increase in rent or possibly leave and pay out for somewhere else.

Bristol_Rover

There are no conditions of the discount.

I agree I am not "entitled" to any discount. However, I do have to suffer the inconvenience of viewings and these are largely arranged at short notice by phone from an odious Agent. In the time the flat has been for sale, it has been in the hands of no fewer than 6 different Agents, all of whom have had to arrange their own photographs and particulars to be obtained. Naturally the landlord expects the property to be clean and tidy for these occasions and the viewings, and I have been accommodating in that respect.

Do you not agree there should be a reduction in the rent to have people coming round snooping at your home at short notice every week?

The property isn't selling because it is overpriced - I very much doubt my presence is a contributory factor. Unless the landlord is lying about their financial difficulties (the reason cited for the rent increase), they could not afford to have the property unoccupied (it's on a buy-to-let mortgage). If I were to move, the loss of income while they find a replacement tenant would be problematic, not to mention the Agent's fees in finding a tenant, and the potential difficulty in finding a tenant willing to move in to a property for sale.

You are right that moving would be a cost for me, and it is not something I have ignored. I do know that the cost for the Landlord would be very much more serious than for me, both in relative and absolute terms, hence why I think I should stand my ground.