Buying a flat already rented?

Dr_Wu

Hi

My son lives in Glasgow and has been renting a flat through an agency, which he really likes and is in a position to (maybe) buy.

He's managed to contact the owner directly who is playing his cards close to his chest and making noises that he bought the flat at a time when the valuation was higher and doesn't want to lose out, wants to wait for the price to recover etc etc (which is all fair enough I suppose) but at the same time hasn't ruled out selling it

I suppose the next step for my son would be to get the flat valued to get a 'ballpark figure'. Just wondering what's the best way to go about this? Can he do it without informing the landlord? Who might he approach? Would it be best to get 2 independent valuations? Are there any special considerations he should be thinking about given the slightly unusual circumstances i.e. already renting the property he wants to buy?


As always, thanks in advance

marksoton

You're over thinking it.

The buyer offers a price, the (potential) seller either accepts or doesn't.

Out,_Vile_Jelly

The LL may not want to sell, preferring to keep it as a long term business prospect.

No agent is going to waste their time valuing a property at the request of someone who's not the owner.

Guest101

Also - Scotland, so offers are binding I believe.

davidmcn

Guest101 wrote: »

Also - Scotland, so offers are binding I believe.

You'd have to be incredibly careless to accidentally make a binding offer.

Guest101

davidmcn wrote: »

You'd have to be incredibly careless to accidentally make a binding offer.

I don't know the law north of the border, which is why I highlighted it

Cakeguts

From what you have written it sounds as if the flat owner is not that keen to sell it now. That is his choice.

There doesn't seem to be much point in getting a valuation for a flat that the owner isn't keen to sell so the best idea would probably be for your son to find a property that is for sale now.

If the flat owner wanted to sell this flat now he would have given your son a price. Since he hasn't then that indicates that he is not interested in selling it.

So with all this in mind the best way forward is for your son to look for a flat that is on the market now for sale.

Dr_Wu

Thanks for all the replies.

re: You're over thinking it.

The buyer offers a price, the (potential) seller either accepts or doesn't.

True enough but he needs a valuation before he can make an appropriate offer

Re: "The LL may not want to sell, preferring to keep it as a long term business prospect"

The LL has indicated that they would be prepared to think about selling if the price was right

Re: "No agent is going to waste their time valuing a property at the request of someone who's not the owner"

That might be where the whole process becomes stuck!

thanks again!

davidmcn

Dr_Wu wrote: »

Re: "No agent is going to waste their time valuing a property at the request of someone who's not the owner"

That might be where the whole process becomes stuck!

Then get it valued by an appropriate professional i.e. a surveyor.

The disadvantage of an off-market purchase is that you don't have the benefit of a Home Report already prepared on behalf of the seller with a valuation.

ChasingButterflies

Dr_Wu wrote: »

Hi


He's managed to contact the owner directly who is playing his cards close to his chest and making noises that he bought the flat at a time when the valuation was higher and doesn't want to lose out, wants to wait for the price to recover etc etc (which is all fair enough I suppose) but at the same time hasn't ruled out selling it

I imagine the first port of call would be to check sold prices to see what the landlord actually paid - given that he has said he doesn't want to make a "loss" This will also give an indicator of what similar properties in the local area have sold for.