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Approaching our landlord with an offer to buy - acceptable?
Comments
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Deleted_User wrote: »You've nothing to lose by asking, providing you approach it in a polite manner and expect to pay the market value
Of course, to both.Deleted_User wrote: »Are you sure you want to jump into this purchase with the market being as slow as you say? When it comes to you wanting to sell up (I assume eventually you will want to upsize from a flat?), you could also have your property sitting on the market for months on end.
I know there's that quote about telling God your plans...but our current plan would be to hold onto the place for about 5-7 years before we move back to the South East. We don't want to rent for all that time and can comfortably afford the area and flat we live in now - if the market is still as slow when we're ready to sell we'll have to reevaluate but another 5-7 years of rental feels like such a waste. It's a very good point though - thank you.0 -
There's probably something in their letting agreement saying they'll be responsible for a fee to the agent if they sell to a tenant.
Just to pick-up on this point - it's not the case any more. (Unless the LL signed a separate sales contract instructing the agent to sell the property).
This follows a High Court case against Foxtons in 2009.
As a result, the Property Ombudsman's code of practice now says:5k Your Terms of Business must:
...- Not require payment of a commission in circumstances where the tenant agrees to purchase the property unless this is subject to a separate sales agreement.
Link: https://www.tpos.co.uk/images/Codes_2019_a5/TPOE22-7_Code_of_Practice_for_Residential_Letting_Agents_A5_-_Effective_1_June_2019.pdf
And the Ombudsman also reinforces this point in this article:Following the Foxtons case, I would remind agents to review their standard Terms of Business and remove references to sales commission terms as these will not be enforced by the courts or upheld by me and are contrary to the obligations set out in the TPO Code of Practice.
https://www.tpos.co.uk/images/documents/media-articles/property-drum-sept-12.pdf0 -
Ta for the update, eddddy! Good to know!2024 wins: *must start comping again!*0
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