Advice on buying house from Landlord

lukey2k

my partner and I decided to go down this route. Thinking it would be painless and quick.

Seven months on and we still haven't completed.

No chain , we have been in situ for ages , with regular correspondence with the owner/seller/land lord.

The only person this purchase will benefit is the seller in the long run.. they are more likely to drag their feet as they are still getting rental income from you whilst your buying so in their eyes the longer the better.

The benefits of having estate agents involved is they regularly check up with both parties and put pressure where needed.

Just be warned .......

JamieK1

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.


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.

I understand, the house is 100 miles north of London, so shouldn't be caught in the london bubble.

I wouldnt go to offer the same as they paid, but not the evaluation they have given, it needs to be halfway or less.

Thanks,

JamieK1

lukey2k wrote: »

my partner and I decided to go down this route. Thinking it would be painless and quick.

Seven months on and we still haven't completed.

No chain , we have been in situ for ages , with regular correspondence with the owner/seller/land lord.

The only person this purchase will benefit is the seller in the long run.. they are more likely to drag their feet as they are still getting rental income from you whilst your buying so in their eyes the longer the better.

The benefits of having estate agents involved is they regularly check up with both parties and put pressure where needed.

Just be warned .......

Yeah, well i think they are going to try sell it privately to avoid paying estate agent fees.

Thanks for your reply

JamieK1

matchboxfull wrote: »

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?

1. Well if i was to guess, his 2 years fixed rate is up, and not making much on the profit of the house.

2. I couldnt tell you from a tenants perspective, all i know is it took 2 days from telling me there selling to telling me a price its going on the market if i'm interested.

3. Relationship is okay, not bad but dont usually contact them directly, only through estate agent because its a managed tenancy, its the Landlord who has come directly to me about this.

4. i'm prepared to walk away, and the mortgage will be lower than my rent, which is the sickening thing!

Pixie5740

Comparing mortgage payments with rent is comparing apples with oranges. There is more to home ownership that just paying the mortgage. For example since I bought a property last year I had to buy a new front door and I'm just about to pay for a new boiler.

Debtslayer

JamieK1 wrote: »

1. Well if i was to guess, his 2 years fixed rate is up, and not making much on the profit of the house.

2. I couldnt tell you from a tenants perspective, all i know is it took 2 days from telling me there selling to telling me a price its going on the market if i'm interested.

3. Relationship is okay, not bad but dont usually contact them directly, only through estate agent because its a managed tenancy, its the Landlord who has come directly to me about this.

4. i'm prepared to walk away, and the mortgage will be lower than my rent, which is the sickening thing!

- If you are in a position to purchase a property anyway; even if this one doesn't work out I would be looking around at other properties available and not just limiting myself to this one. Otherwise you are throwing more money away having to rent another property rather than getting yourself on the ladder of home ownership.
Whatever happens your current property is being sold (even if you don't purchase it) so will be looking for somewhere else to live anyway

JamieK1

Pixie5740 wrote: »

Comparing mortgage payments with rent is comparing apples with oranges. There is more to home ownership that just paying the mortgage. For example since I bought a property last year I had to buy a new front door and I'm just about to pay for a new boiler.

I agree there is extra aspects to consider, but when your paying 650 a month (bill not included) and its going nowhere and you're going to be saving money from buying, it doesn't seem that a bad of an idea to compare it to renting.

JamieK1

Debtslayer wrote: »

- If you are in a position to purchase a property anyway; even if this one doesn't work out I would be looking around at other properties available and not just limiting myself to this one. Otherwise you are throwing more money away having to rent another property rather than getting yourself on the ladder of home ownership.
Whatever happens your current property is being sold (even if you don't purchase it) so will be looking for somewhere else to live anyway

Of course, i'm able to move back with parents if need be, but with an opportunity like this, its worth a shot.