Buying the house we rent

Luzclarita

After 3 years i have been asked for the house we rent. The landlord wants to sell it and has offered me to liaise directly, without state agents, so we can just pay the kegal fees. The price from my point of view is maybe 10000 overpreciated and a few things he offered to do in the house ages ago have not been done (some brick work). But on the other hand i think it is a good opportunity because i will avoid to be hunting for a house, being upset if my offer is refused, and moving, which is a nightmare.
Can anyone advice me what should i do? Can i put my conditions and a lower offer? Or should i quietly do my best to get this house? I have not even started the process. I am planning to go to the bank this week. Thanks

betmunch

First thing to do is contact a broker. Banks are all well and good, but they can only advise on their own products and criteria. If you want to see your bank make sure you compare what else is available.

As for the price explain to the landlord why you think its overpriced and negotiate. You both have to be happy with the price to proceed. If it truely is overpriced this could cause issues with your mortgage.

Im sure others can add to that but those are the points that come to mind for me

Lilhobo

We are hopefully about to complete on the house we rent in the next week or two, it's been great for us as we negotiated a price that worked for us and we played the 'you don't need to get the house market ready, no hassle, no estate agents fees' card. We also made a few cosmetic repairs part of the contract and sea of us buying the house. But then we loved the house already and the fact we didn't need to move again after 5 times in 5 years was a big draw.

G_M

1) work out how much cash you have
2) work out how much cash you can borrow. Do NOT waste your time at the bank, which can only offer you 3 or 4 mortgage products. Go to an independant mortgage broker who can compare 3 or 400 products.
3) subtract enough for solicitor, surveyor, tax etc
Now you know what you can afford

4) now check what the property is worth
a) search 'sold property prices' (google - several websites) to find similar local properties and look at what they sold for
b) less reliable, but useful as a guide, look at estate agents websites for similar local properties for sale. This is what the buyer hopes to get, not what they actually get!
c) consider the condition of the property compared to those other properties. Better? Worse?

Vectis

Are you renting through an agent? Were you introduced by an agent to the LL? If yes to either of these then there will probably be fees involved payable to the agent.

anselld

Vectis wrote: »

Are you renting through an agent? Were you introduced by an agent to the LL? If yes to either of these then there will probably be fees involved payable to the agent.

If so, that is a matter between the L and the agent. Not the OPs problem.

stator

Vectis wrote: »

Are you renting through an agent? Were you introduced by an agent to the LL? If yes to either of these then there will probably be fees involved payable to the agent.

Whilst a lot of agents try it on by putting this clause in the agreement I believe they are unenforcable, the courts found them to be unfair. No I don't remember the names of the cases