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Landlord wants to sell

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  • pinkshoes
    pinkshoes Posts: 20,550 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ok... let's start with the basics.

    A. How much do you earn between you?

    B. How much do you have saved up?

    C. Do you have any debts? (and how much if yes?)

    D. What is the house worth? 

    If B > 0.1 x  D and 5 x A > D then it could be a good starting point to purchase.


    What has stopped you purchasing so far in life? Why have you not saved much?
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • saajan_12
    saajan_12 Posts: 5,063 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    diddly74 said:
    Why do people always point out what they have paid in rent? The rent is to have somewhere to live, it isn't a deposit on a property 
    I mentioned it only because I wish that we could've used that money to buy the house years ago. But unfortunately my husband and I haven't been in such a position.  The act of typing these sentences out and asking questions is part of my process to working through this nightmare and unsettling situation we find ourselves in.

    Getting that phone call Friday, out of the blue, has upset my balance and plans I had for next year on. I am having to reevaluate as well possibly enter into the mortgage market legal arena that I haven't had to navigate in over a decade. Things have changed, and I was looking for, and have received, some advice, support and things I haven't thought of in my panic.


    If it didn't go on rent, then it would have gone on mortgage interest + repairs. Still not available to be used to buy capital in the house. The total rent is really irrelevant here. 
  • p00hsticks
    p00hsticks Posts: 14,438 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    dimbo61 said:
    What is the EPC rating as you pay the bills ( needs to be E or better to rent )


    No, it doesn't - a landlord can apply for an exemption if the property is rated higher than E.
  • theoretica
    theoretica Posts: 12,691 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic

    So actually you have had several years to think about it - and from the fact you do not seem to have been working towards getting into a good position to buy the house I would think that it isn't actually a priority and something you actually want to do. 
    Seems like your best position might be if your current landlords sold to another landlord - it is something to discuss with them if they might try this.  But they may not find someone easily.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • nimbo
    nimbo Posts: 3,701 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    They’ve mentioned they rented the property through 2 landlords. I’m assuming that this is the second who bought it off the first??? 

    Stashbuster - 2014 98/100 - 2015 175/200 - 2016 501 / 500 2017 - 200 / 500 2018 3 / 500
    :T:T
  • Sistergold
    Sistergold Posts: 2,135 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Why do people always point out what they have paid in rent? The rent is to have somewhere to live, it isn't a deposit on a property 
    Beats me every time. 
    Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • london21
    london21 Posts: 2,142 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    The rent you have paid over a decade is not relevant.
    the landlord will need to get the property valued and set a sale price, might get some discount but won’t be very low to the market rate.
    you need to sort out deposit and see if you can indeed get a morrgage, affordability etc.


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