Getting valuation as a tenant

bobmccall

Hi,

I'm currently renting, but want to buy. I like where live and have approached the landlord directly about buying it.

Landlord has indicated they're happy to discuss, but our opinions on
what its worth are a fair way apart.

The online tools vary wildly, too much to base any consensus on. There have only been 3 sales in the block in the last 4 years, and there are quite a variety of sizes (which I guess is why the online tools vary so much).

So I'd like a proper valuation, the landlord is remote and isn't that bothered about selling. As a tenant, can I approach an Estate Agent? I don't imagine an EA would be keen because they're not going to get anything out of it?


Thanks.

buggy_boy

Surely it would be better to try and ask the landlord if to get a value of the property you get a few valuations... Ultimately though if the landlord is not that bothered about selling the valuations mean nothing...

I think your probably better looking at something else on the market.

diggingdude

Just don't tell estate agent it isn't yours. Obviously make sure it's a different agent to one you may be letting throufb

davidmcn

bobmccall wrote: »

Landlord has indicated they're happy to discuss, but our opinions on
what its worth are a fair way apart.

How has the landlord come up with the figure they're suggesting? Have you asked?

Cakeguts

You have a landlord who basically doesn't want to sell. If however you make an offer he can't refuse he will sell the flat to you. To make an offer he can't refuse you will have to offer a lot more than the flat is worth.

If he basically doesn't want to sell you would do a better if you want to buy to look for something that someone does want to sell.

shirlgirl2004

I agree that the best thing is to suggest to the landlord that you get a couple of agents around to value it. The agents don't need to know you're not the owner and then you'll have independent valuations. Mind you getting the value in writing might not be easy.

Cakeguts

shirlgirl2004 wrote: »

I agree that the best thing is to suggest to the landlord that you get a couple of agents around to value it. The agents don't need to know you're not the owner and then you'll have independent valuations. Mind you getting the value in writing might not be easy.

Even then the valuations might not be what the landlord would accept.

bobmccall

Thanks for replies. I think the landlord has gone straight on Zoopla and taken their lowest price in the estimated range - £210k.
IMO, this is quite high, especially considering new kitchen & bathrooms are overdue.
A similar flat is currently for sale, although it has some pretty major inconveniences compared with my current place - for £175k.

I'll have to 'guess' maintenance fees and create some back story as to why I'm selling it if I ask an EA.

Cakeguts

bobmccall wrote: »

Hi,

I'm currently renting, but want to buy. I like where live and have approached the landlord directly about buying it.

Landlord has indicated they're happy to discuss, but our opinions on
what its worth are a fair way apart.

The online tools vary wildly, too much to base any consensus on. There have only been 3 sales in the block in the last 4 years, and there are quite a variety of sizes (which I guess is why the online tools vary so much).

So I'd like a proper valuation, the landlord is remote and isn't that bothered about selling. As a tenant, can I approach an Estate Agent? I don't imagine an EA would be keen because they're not going to get anything out of it?


Thanks.

I still get the feeling from reading what you have written on the rest of this thread that you don't understand the position here. You approached the landlord asking to buy the flat. It wasn't currently on the market. The landlord was not marketing it for sale. So the intention of the landlord was not to sell the flat because otherwise it would have been on the market already.

So start from the idea that your landlord does not want to sell this flat. However if you like it very very much he is prepared to sell it to you at the amount he told you. So that is the price he is offering it to you for sale. Either you accept that or you don't. Getting valuations from estate agents won't make any difference because your landlord has already told you what he is prepared to sell it for. Where he got that number from doesn't matter it is his sale price for that flat. The fact that you think it is too much doesn't make any difference that is his sale price.

The whole point about this is that you approached him to buy the flat not the other way round. The fact that it needs a new kitchen and bathroom is nothing to do with this.

Do you want to buy this flat for the price your landlord has given you? If not then you don't get to buy it. If you want to buy one at the price that you want to pay you need to look for one on the open market at that price. It is that simple. At the moment is sounds from what you have written that you are trying to force the landlord to sell the flat at what you want to pay for it. He isn't interested in selling but he will sell if you pay him the price he has asked. There is no point in getting valuations from estate agents unless they meet the price the landord has given you. You already know what he wants to sell it for all you have to do is decide if you want to pay that or not.

The flat is worth £210k to the landlord if it isn't worth this to you then don't buy it.

diggingdude

Cakeguts wrote: »

I still get the feeling from reading what you have written on the rest of this thread that you don't understand the position here. You approached the landlord asking to buy the flat. It wasn't currently on the market. The landlord was not marketing it for sale. So the intention of the landlord was not to sell the flat because otherwise it would have been on the market already.

So start from the idea that your landlord does not want to sell this flat. However if you like it very very much he is prepared to sell it to you at the amount he told you. So that is the price he is offering it to you for sale. Either you accept that or you don't. Getting valuations from estate agents won't make any difference because your landlord has already told you what he is prepared to sell it for. Where he got that number from doesn't matter it is his sale price for that flat. The fact that you think it is too much doesn't make any difference that is his sale price.

The whole point about this is that you approached him to buy the flat not the other way round. The fact that it needs a new kitchen and bathroom is nothing to do with this.

Do you want to buy this flat for the price your landlord has given you? If not then you don't get to buy it. If you want to buy one at the price that you want to pay you need to look for one on the open market at that price. It is that simple. At the moment is sounds from what you have written that you are trying to force the landlord to sell the flat at what you want to pay for it. He isn't interested in selling but he will sell if you pay him the price he has asked. There is no point in getting valuations from estate agents unless they meet the price the landord has given you. You already know what he wants to sell it for all you have to do is decide if you want to pay that or not.

The flat is worth £210k to the landlord if it isn't worth this to you then don't buy it.

I beg to differ. It is totally worth getting a quote. If it comes back say £200k then you know the landlord isn't trying to take you for a ride. If it comes back £170k then it isn't probably worth pursuing. This could be solved straight away by one valuation

Cakeguts

diggingdude wrote: »

I beg to differ. It is totally worth getting a quote. If it comes back say £200k then you know the landlord isn't trying to take you for a ride. If it comes back £170k then it isn't probably worth pursuing. This could be solved straight away by one valuation

If the landlord doesn't want to sell it makes no difference if they are taking someone for a ride or not. The price is £210k it is a take it or leave it option.