Selling property, tenant can’t afford to move

Emily_Joy

ArbitraryRandom said:

Emily_Joy said:

ProDave said:

I can't see any payment the LL offers being significant as a percentage of the value of the building.

 There was a thread when tenant was offered 10K to leave. So if they also have, say, 15K in a bank already it might be OK for a property under 200K

I find it hard to believe someone with £15k in a bank would be unable to 'afford' to move.

But in your hypothetical situation, as long as we could agree a reasonable market price for the property, it would be the equivalent of dropping the price to facilitate a quick sale (though I would prefer they approached me with the proposal BEFORE I had signed the EA contract...).  

Well, if you offer 10K discount on 200K property but the tenant has only 15K deposit it won't help him that much. On the other hand if you give him 10K cash, it changes situation. 

(I didn't say they could not afford, they just didn't want to and the served S21 happen to be invalid) 

ArbitraryRandom

Emily_Joy said:

ArbitraryRandom said:

Emily_Joy said:

ProDave said:

I can't see any payment the LL offers being significant as a percentage of the value of the building.

 There was a thread when tenant was offered 10K to leave. So if they also have, say, 15K in a bank already it might be OK for a property under 200K

I find it hard to believe someone with £15k in a bank would be unable to 'afford' to move.

But in your hypothetical situation, as long as we could agree a reasonable market price for the property, it would be the equivalent of dropping the price to facilitate a quick sale (though I would prefer they approached me with the proposal BEFORE I had signed the EA contract...).  

Well, if you offer 10K discount on 200K property but the tenant has only 15K deposit it won't help him that much. On the other hand if you give him 10K cash, it changes situation. 

(I didn't say they could not afford, they just didn't want to and the served S21 happen to be invalid) 

Yes, but for MY purposes (as the seller in this scenario) it's the same £10k, so other than perhaps a marginal amount of CGT, there's no reason for me to have a problem with either arrangement as long as the tenant actually completed on the purchase in a timely manner.

There's no reason why it should be 'legally unacceptable' but I think MOST landlords would prefer for the tenant to approach them with any proposal upfront and not wait to go via the EA. Having that direct conversation gives the possibility for both sides to save on costs and for the process to be speeded up a little.

If (hypothetically) they wait until the last minute to leave the property; are difficult/inflexible to deal with as part of the negotiated surrender; and then wait to make an offer until it's advertised I would considered them on equal footing with any other interested parties - possibly even as less desirable because of the delay and bother with the S21 making me think they might be a pain during the transaction. 

theoretica

Emily_Joy said:

ArbitraryRandom said:

Emily_Joy said:

ProDave said:

I can't see any payment the LL offers being significant as a percentage of the value of the building.

 There was a thread when tenant was offered 10K to leave. So if they also have, say, 15K in a bank already it might be OK for a property under 200K

I find it hard to believe someone with £15k in a bank would be unable to 'afford' to move.

But in your hypothetical situation, as long as we could agree a reasonable market price for the property, it would be the equivalent of dropping the price to facilitate a quick sale (though I would prefer they approached me with the proposal BEFORE I had signed the EA contract...).  

Well, if you offer 10K discount on 200K property but the tenant has only 15K deposit it won't help him that much. On the other hand if you give him 10K cash, it changes situation. 

(I didn't say they could not afford, they just didn't want to and the served S21 happen to be invalid) 

Actually, I understand that some mortgage companies will permit discounts given in exactly this situation to count towards the deposit. 

diystarter7

ProDave said:

I see this forum often advises offering a T a cash incentive to vacate quietly on time without fuss.

Is that a wise thing?

What if the T is adamant they are not going to leave. Would the fact the LL had previously offered an incentive for the T to leave work in favour of the LL or in favour of the T if the eviction went to tribunal?

I've said on a few threads to LL's, please, please please get LL's legal cover at the very least and we always let via a fully managed basis via LA and get legal and rental cover. Thnakfully never needed to test the legal cover etc and the fully managed agreement is if it every came to getting a T out via court the LA would do all the legwork etc.

Many LL's dont want the cover thinking its expensive or not required as they have nice T's, trsut me things can change overnight


We have promises ourselves never to give a penny to a T to L.  All of our T's benefit from lower than market rates and a fantastic property that we would be proud to live i and if they had problems we would try and help but no cash to get them out unless we needed the cash and wanted to get them out before the agreements ended which is only fair

Thnaks