Advice on buying house from Landlord

robatwork

Why don't you get a homebuyer's report or a full survey?

Just because you're living there doesn't mean you know all the structural details. These will also give you an independent valuation that you can choose to not show your LL if it's not favourable. (Make sure you specify you need a valuation as part of the survey)

As G_M said, Zoopla estimates are no better and probably worse than a random person (me) saying it's worth £142,550.

HappyMJ

JamieK1 wrote: »

Last month
Exactly the same, except minor differences, decking in garden etc

Yes its the house i want, as i've put alot of effort making it feel like a home as much as im allowed to.

Thanks for your reply!

Like what? You can take all your furnishings with you. If you've added value to the house by decorating it then why offer the landlord an amount based on your improvements. You should be valuing it based on it being a shell that needs completely redecorating.

If the landlord really wants to sell then they'll let it go for quite a bit under market value. The landlord does not want to be holding on to an asset for what could potentially be months with an empty property with no rent being paid and then have to pay agency fees to sell the property. Then if they want the agency to conduct accompanied viewings that'll cost the landlord even more.

If they really want to sell after you've left they'll need to furnish it to present it in it's best light. An empty house won't get as much as a property that has been presented properly. A buyer will assume as it's empty the vendor needs to sell and always offer less than market value. If it's furnished it looks like it's being lived in and the vendor isn't as desperate to sell so it's more likely to attract offers near to the asking price. Furniture rental costs quite a lot of money.

JamieK1

HappyMJ wrote: »

Like what? You can take all your furnishings with you. If you've added value to the house by decorating it then why offer the landlord an amount based on your improvements. You should be valuing it based on it being a shell that needs completely redecorating.

If the landlord really wants to sell then they'll let it go for quite a bit under market value. The landlord does not want to be holding on to an asset for what could potentially be months with an empty property with no rent being paid and then have to pay agency fees to sell the property. Then if they want the agency to conduct accompanied viewings that'll cost the landlord even more.

If they really want to sell after you've left they'll need to furnish it to present it in it's best light. An empty house won't get as much as a property that has been presented properly. A buyer will assume as it's empty the vendor needs to sell and always offer less than market value. If it's furnished it looks like it's being lived in and the vendor isn't as desperate to sell so it's more likely to attract offers near to the asking price. Furniture rental costs quite a lot of money.

Firstly thank you for your reply, appreciate your time.

I agree, i believe i'm in a strong position to negotiate under the asking price, and potentially lower than half way.

Ill take it all on board.

JamieK1

robatwork wrote: »

Why don't you get a homebuyer's report or a full survey?

Just because you're living there doesn't mean you know all the structural details. These will also give you an independent valuation that you can choose to not show your LL if it's not favourable. (Make sure you specify you need a valuation as part of the survey)

As G_M said, Zoopla estimates are no better and probably worse than a random person (me) saying it's worth £142,550.

Thanks for your reply.

I will investigate this now to make sure i can get a proper detailed report on the property.

Thanks!

EmmyLou30

Say you moved out like a helpful tenant when asked to so your LL could market an empty property; he's looking at a month to find a buyer in a good market (only you know how good it is in your area) then 2 months for a quick sale but more like 3....so there's 4 months rent minimum you can knock off the value as your LL won't have a period where the house is empty. You'll more than likely save him estate agent fees of 1.5% of the value, there's another £2k or more. So I'd definitely be finding out the true market value of the house, and making £4-5k reduction on that value which will more than cover your solicitors fees. Good luck with it :-)

JamieK1

EmmyLou30 wrote: »

Say you moved out like a helpful tenant when asked to so your LL could market an empty property; he's looking at a month to find a buyer in a good market (only you know how good it is in your area) then 2 months for a quick sale but more like 3....so there's 4 months rent minimum you can knock off the value as your LL won't have a period where the house is empty. You'll more than likely save him estate agent fees of 1.5% of the value, there's another £2k or more. So I'd definitely be finding out the true market value of the house, and making £4-5k reduction on that value which will more than cover your solicitors fees. Good luck with it :-)

Thank you for your reply, i agree he will have a period dependant on the market where hes going to be loosing money, so its obvious why they're coming to us so fast to ask if were interested.

Glover1862

It depends where the house is, anywhere 50 miles of London is shooting up, if it's in a high demand area then you'll be looking for another rental if you offer £134K.


https://www.gov.uk/government/uploads/system/uploa...


12 -15% increase in a year not uncommon in certain areas, availability is the problem, a bit of painting and fancy cushions making no difference in a fast moving market. I'd be careful as you could find yourself having to move with competition high of both purchase and renting, you might have a good chance here so don't waste it thinking you're in a strong position.

bouicca21

12% in just over a year when the market has been relatively flat. Tell him he's dreaming.

Well surely the question is, is the market flat in your area? The London bubble seems to be rippling out.

I wouldn't trust a Zoopla valuation - the house I sold a while ago was way over valued by Zoopla, my DD's flat is currently undervalued by Zoopla. The ony reliable way to get a valuation is, as suggested, to get some local EAs in to give you one.

mrginge

Glover1862 wrote: »

It depends where the house is, anywhere 50 miles of London is shooting up, if it's in a high demand area then you'll be looking for another rental if you offer £134K.

Are there many houses within 50 miles of London that would have sold for 134k just over a year ago?

matchboxfull

Why is the landlord wanting to sell? Is it important to him to release the cash from this asset quickly? Is he wanting to get rid before SDLT changes in April for some reason?

What's your relationship like with the landlord? If you have a good relationship then bartering back and forth might cause bad feeling.

How much can you afford? Are you prepared to walk away if it's too much?

What figure would feel like a good deal to you?