Buying from landlord

Tuikhe

Hi everyone, 
first time posting here.

so we’ve been renting for about 12 years now. My landlord wants to sell and move to Australia. He gave us 6 months notice to leave. We’ve expressed an interest to buy the house in the past and when he mentioned that he wanted to sell ofc we told him we wanted to buy so we won’t have to move...The landlord sent estate agents around who said the house would be worth £135-140k. 

We offered him £135k, he rejected and says he wants to sell it for £140k+. Any tips on negotiating the price/how to about lowering the price slightly. I think he’s wanting 140+ as he knows we are keen to buy. I am thinking of offering £140k as it’s central and  convenient for my parent. 

hazyjo

If he sells through an agent, he'll have their fees too. Has he taken that into account?

He's certainly not doing you any favours, is he! Let him test the market, there's always other properties. You should shop around, you may find something you love.

[Deleted User]

Tuikhe said:

Hi everyone, 
first time posting here.

so we’ve been renting for about 12 years now. My landlord wants to sell and move to Australia. He gave us 6 months notice to leave. We’ve expressed an interest to buy the house in the past and when he mentioned that he wanted to sell ofc we told him we wanted to buy so we won’t have to move...The landlord sent estate agents around who said the house would be worth £135-140k. 

We offered him £135k, he rejected and says he wants to sell it for £140k+. Any tips on negotiating the price/how to about lowering the price slightly. I think he’s wanting 140+ as he knows we are keen to buy. I am thinking of offering £140k as it’s central and  convenient for my parent. 

I agree with @hazyjo. £135k seems a reasonable offer and it means your landlord wouldn’t have a void or have to serve a Section 21 notice. In his shoes I’d be biting your hand off to go and live my new life down under rather than gaffing about for an extra £5k. 

Let him test the water by marketing a property with a tenant in-situ. 

Tuikhe

That’s what I was thinking of doing, only issue is findings another property in this area ps moving can be quite costly kind of stuck. I did explain that 135k was based on the fact that the house need redecorating as the wallpapers are starting to peel off, carpet needs changing etc

Tuikhe

Lover_of_Lycra said:

Tuikhe said:

Hi everyone, 
first time posting here.

so we’ve been renting for about 12 years now. My landlord wants to sell and move to Australia. He gave us 6 months notice to leave. We’ve expressed an interest to buy the house in the past and when he mentioned that he wanted to sell ofc we told him we wanted to buy so we won’t have to move...The landlord sent estate agents around who said the house would be worth £135-140k. 

We offered him £135k, he rejected and says he wants to sell it for £140k+. Any tips on negotiating the price/how to about lowering the price slightly. I think he’s wanting 140+ as he knows we are keen to buy. I am thinking of offering £140k as it’s central and  convenient for my parent. 

I agree with @hazyjo. £135k seems a reasonable offer and it means your landlord wouldn’t have a void or have to serve a Section 21 notice. In his shoes I’d be biting your hand off to go and live my new life down under rather than gaffing about for an extra £5k. 

Let him test the water by marketing a property with a tenant in-situ. 

He’s given us notice for 6 months i believe under s.21? 

[Deleted User]

Tuikhe said:

Lover_of_Lycra said:

Tuikhe said:

Hi everyone, 
first time posting here.

so we’ve been renting for about 12 years now. My landlord wants to sell and move to Australia. He gave us 6 months notice to leave. We’ve expressed an interest to buy the house in the past and when he mentioned that he wanted to sell ofc we told him we wanted to buy so we won’t have to move...The landlord sent estate agents around who said the house would be worth £135-140k. 

We offered him £135k, he rejected and says he wants to sell it for £140k+. Any tips on negotiating the price/how to about lowering the price slightly. I think he’s wanting 140+ as he knows we are keen to buy. I am thinking of offering £140k as it’s central and  convenient for my parent. 

I agree with @hazyjo. £135k seems a reasonable offer and it means your landlord wouldn’t have a void or have to serve a Section 21 notice. In his shoes I’d be biting your hand off to go and live my new life down under rather than gaffing about for an extra £5k. 

Let him test the water by marketing a property with a tenant in-situ. 

He’s given us notice for 6 months i believe under s.21? 

To be clear your landlord has served a Section 21 giving you 6 months notice that he might then go to court to get a possession order.  Courts that are facing a serious backlog due to covid and there are plenty of things that can invalidate a Section 21 notice.

Read Post 4: Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy? Taken from Tenancies in Eng/Wales: Guides for landlords and tenants at the top of the board.

Tuikhe

Lover_of_Lycra said:

Tuikhe said:

Lover_of_Lycra said:

Tuikhe said:

Hi everyone, 
first time posting here.

so we’ve been renting for about 12 years now. My landlord wants to sell and move to Australia. He gave us 6 months notice to leave. We’ve expressed an interest to buy the house in the past and when he mentioned that he wanted to sell ofc we told him we wanted to buy so we won’t have to move...The landlord sent estate agents around who said the house would be worth £135-140k. 

We offered him £135k, he rejected and says he wants to sell it for £140k+. Any tips on negotiating the price/how to about lowering the price slightly. I think he’s wanting 140+ as he knows we are keen to buy. I am thinking of offering £140k as it’s central and  convenient for my parent. 

I agree with @hazyjo. £135k seems a reasonable offer and it means your landlord wouldn’t have a void or have to serve a Section 21 notice. In his shoes I’d be biting your hand off to go and live my new life down under rather than gaffing about for an extra £5k. 

Let him test the water by marketing a property with a tenant in-situ. 

He’s given us notice for 6 months i believe under s.21? 

To be clear your landlord has served a Section 21 giving you 6 months notice that he might then go to court to get a possession order.  Courts that are facing a serious backlog due to covid and there are plenty of things that can invalidate a Section 21 notice.

Read Post 4: Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy? Taken from Tenancies in Eng/Wales: Guides for landlords and tenants at the top of the board.

Thanks for that!! He hasn’t given us a proper s21 notice using the correct form, its just a letter stating when the notice period ends.  

HampshireH

Just point out the added fees he will pay will be more than the 5k he is asking for so he won't see if anyway if he goes through an agent.

You probably don't need a survey having lived there 12 years as you will know what doesor doesn't need doing.... So you are saving him time there and another buyer getting one an starting to renegotiate.

As you can buy quick as no chan and already in situ

AdrianC

Tuikhe said:

Lover_of_Lycra said:

Tuikhe said:

Lover_of_Lycra said:

Tuikhe said:

Hi everyone, 
first time posting here.

so we’ve been renting for about 12 years now. My landlord wants to sell and move to Australia. He gave us 6 months notice to leave. We’ve expressed an interest to buy the house in the past and when he mentioned that he wanted to sell ofc we told him we wanted to buy so we won’t have to move...The landlord sent estate agents around who said the house would be worth £135-140k. 

We offered him £135k, he rejected and says he wants to sell it for £140k+. Any tips on negotiating the price/how to about lowering the price slightly. I think he’s wanting 140+ as he knows we are keen to buy. I am thinking of offering £140k as it’s central and  convenient for my parent. 

I agree with @hazyjo. £135k seems a reasonable offer and it means your landlord wouldn’t have a void or have to serve a Section 21 notice. In his shoes I’d be biting your hand off to go and live my new life down under rather than gaffing about for an extra £5k. 

Let him test the water by marketing a property with a tenant in-situ. 

He’s given us notice for 6 months i believe under s.21? 

To be clear your landlord has served a Section 21 giving you 6 months notice that he might then go to court to get a possession order.  Courts that are facing a serious backlog due to covid and there are plenty of things that can invalidate a Section 21 notice.

Read Post 4: Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy? Taken from Tenancies in Eng/Wales: Guides for landlords and tenants at the top of the board.

Thanks for that!! He hasn’t given us a proper s21 notice using the correct form, its just a letter stating when the notice period ends.  

So he hasn't given you s21 notice yet. All he's done is say that he'd like you to move...

Well, two can play hardball.

With what he's given you now, he can join the possession hearing queue, but he WILL get his "notice" handed straight back to him in two years time... If he's not got that right, does he have all the other myriad ducks in a row that could invalidate correctly issued notice...?

So he's either relying on you choosing to play nicely with him, or selling with a sitting tenant.
Or selling to you.

Stand by your £135k.

steampowered

Have a look at what other similar properties are going for in the local area.

Perhaps even send your landlord some Zoopla links of comparable properties on at £135k or below.

It sounds like the landlord is likely to cave and accept £135k. However, if you had to pay £140k for a house you really like and want to live in long term, that would not be the worst thing in the world. In 10 years time you aren't going to be worrying about the fact you might have overpaid by £5k.

[Deleted User]

A lot of assumptions being made here about the landlord having no hand of value.

But it's hard to foresee a situation where he will wait 24 months for section 21 to progress only to then realise he hasn't served a (valid) notice. More likely he can sell to an investor if you dig in as he plans to sell within a shorter timeframe.

I also note that he placed his expectation in the middle of the range, which is welcome from your perspective, so there may be room for negotiation at around the £138k mark, and by securing the property, you'd have more certainly over your future, probably no need for a survey and I'm guessing the interest on the mortgage will be less than the rent?