Landlord wants to sell house, has offerd to me

timharro

My Landlord wants to sell the property I am renting
He has spoke to be initially and asked if I would be interested.
He has had 1 quick valuation, based on vacant possession.
As a tenant for nearly Nine years, original AST probably now out of date, what are the rules/procedures/discounts/considerations if I wanted to raise a mortgage/deposit and purchase the property myself
Things are very amenable with the landlord, and he is not 100% sure yet of the intention to sell.

martinsurrey

The rules are, offer him enough so that he doesnt evict you (s21 with 2 months notice + time for a court date) and sell to somone else.

Otherwise its just a normal purchase

You dont have to allow anyone to view while you are living there, (but see above re s21).

Hoploz

I would suggest you get yourself to an independent mortgage broker who will give you guidance on what you can afford. Then you can see whether you're in the same ball park as the valuation suggested.

G_M

You want to buy? Work out how much you think it's worth and negotiate a price.
If you don't have enough cash, apply for a mortgage.

The alternative for the LL is to serve you a S21, wait 2 months, evict you, and then sell.

Soot2006

"Raising" a deposit sounds like you might not have one saved up?

In any case you will need a deposit. There is no discount for being a tenant, unless the LL feels like granting you one for an easy sale. The concept of a "discount" can only be discussed within the concept of market value (not EA valuation) versus what the LL will accept. You still need a deposit in all cases.

Bossypants

The fact that you haven't got a deposit saved up suggests to me that you haven't been looking to buy until this offer came up. In that case, my thinking would be that you need to ask yourself two questions before looking into the nitty-gritty:

1) Do I want to buy property right now?
2) Do I want to buy this property right now?

For the first question, these days it's often treated like a given that everyone should want to own property if they possibly can, but for some people it may not make sense, or be more hassle than it's worth. For example, are you sure you want to stay in the area for at least another year, as many mortgage lenders won't allow you consent to let until that time is up? Are you in a position where you can comfortably commit to the mortgage required?

On the second question, you seem to have been living there for some time so you might be happy with it, but personally I've been perfectly happy with rental accomadation that I would never dream of buying. If you do decide you want to buy and now is the right time for you, I would recommend viewing at least a couple of other properties in your area/price range before committing to the one you're in, just to get a feel for your options.

Best of luck!