Tenant waiting to hear back from House Offer

DaffyDuck316

Yeah, I believe so RHemmings, there are some Shared Ownership properties nearby that hopefully I can swoop in on if need be

luckbox

DaffyDuck316 said:

To answer a few questions, I am living in England and have asked for a 5% concession, allowing me to put in an offer that is 95% of the asking price. 

Is this for affordability or just up for negotiation? 5% won’t mean much in a few years time so if you really want the place, it may be best to offer enough to prevent further viewings/offers.

If you can get things done without estate agents, which are likely in the 1-2% range then you are at still at risk of losing out and not
being taken seriously by going too low.

gelato_cat

DaffyDuck316 said:

Thanks, 

I have been put on a rolling tenancy a while back. Then around three weeks ago, I was told that probate has been granted, and was told that 'Notice will be given when a buyer has been found'. I have since made an offer. 

That's interesting - sounds like they're trying to sell with vacant possession. I wonder if they know that them giving you notice doesn't oblige you to move out / doesn't end the tenancy.

DaffyDuck316

luckbox said:

DaffyDuck316 said:

To answer a few questions, I am living in England and have asked for a 5% concession, allowing me to put in an offer that is 95% of the asking price. 

Is this for affordability or just up for negotiation? 5% won’t mean much in a few years time so if you really want the place, it may be best to offer enough to prevent further viewings/offers.

If you can get things done without estate agents, which are likely in the 1-2% range then you are at still at risk of losing out and not
being taken seriously by going too low.

Sadly it does come down to affordability. I'm trying to save as much as I can but at the moment this is the best offer I can give. Wish me luck 🤞 

DaffyDuck316

gelato_cat said:

DaffyDuck316 said:

Thanks, 

I have been put on a rolling tenancy a while back. Then around three weeks ago, I was told that probate has been granted, and was told that 'Notice will be given when a buyer has been found'. I have since made an offer. 

That's interesting - sounds like they're trying to sell with vacant possession. I wonder if they know that them giving you notice doesn't oblige you to move out / doesn't end the tenancy.

That's very interesting to know! If my offer is rejected I'd certainly be interested in my rights in regards to the tenancy. 

RAS

DaffyDuck316 said:

gelato_cat said:

DaffyDuck316 said:

Thanks, 

I have been put on a rolling tenancy a while back. Then around three weeks ago, I was told that probate has been granted, and was told that 'Notice will be given when a buyer has been found'. I have since made an offer. 

That's interesting - sounds like they're trying to sell with vacant possession. I wonder if they know that them giving you notice doesn't oblige you to move out / doesn't end the tenancy.

That's very interesting to know! If my offer is rejected I'd certainly be interested in my rights in regards to the tenancy. 

Blimey, your LL is seriously naive if they think that serving an S21 notice requires you to move out. All it does is inform you that if you don't leave, they can start legal action. Depending on the area, anything from 4-12 months to be granted a possession order and that's not the end of the tale.

Don't say anything to the LL, or EA who seems to be similarly deluded. Your presence will massively reduce the numbers prepared to offer and scupper some potential offers. Folk on MSE generally advise not to offer on a tenanted property unless the tenant has given notice or they want to be an LL.

jimbog

If you are unsuccessful in having your offer accepted they would be keen to have you leave as the property to the extent to offering you a cash payment to leave. Don't underestimate the leverage you have

https://forums.moneysavingexpert.com/discussion/6420064/been-offered-cash-to-leave-my-rental/p1

GDB2222

5% under asking price is a perfectly reasonable offer, regardless of the extra leverage you have as a tenant. That obviously depends on how attractive the asking price is, but as there have only been a couple of viewings it doesn’t seem to be a rock bottom price. 

I would just keep quiet and wait to see what happens. 

DaffyDuck316

Wow, when I first posted here, I felt like my potential home was slipping away from me, but now I am feeling much more reassured.

I'll certainly take your advice and keep quiet and wait and see what happens. 

gelato_cat

DaffyDuck316 said:

Wow, when I first posted here, I felt like my potential home was slipping away from me, but now I am feeling much more reassured.

I'll certainly take your advice and keep quiet and wait and see what happens. 

Nope, you can stay there until a good few months after they serve a valid S21.

Whatever you do, do not give THEM notice that you're leaving, unless you definitely have somewhere to go.  If you serve notice, then it will end the tenancy once the notice period has finished.