sitting tenant wanting to buy off landlord

SquatNow

noseymum wrote: »

I asked him if the person who put in the offer is aware of the sitting tenant situation to which he replied that it wasnt his problem ! !

Not to worry, once the buyers solicitor finds out theres is a sitting they will back out sharpish.

And if they don't, who cares! They can't kick you out or raise the rent... it will just mean you will get to buy the place off their bank in 12 months time for even LESS money.

noseymum

In reply to nykmedia.
I was stunned when he told me he had had an offer.
How could an estate agent find his details and solicitors address through this address? It doesnt seem feasable to me.
I was wondering wether he was bluffing and hoping I would make him a higher offer or somthing.
In reply to squatnow.
I would probably only be able to afford a 90,000 mortgage and have no deposit so I would need a miracle to buy it really but thank you for your replies. As long as I can stay here and my rent doesnt go up too much your right I will be ok.The new landlord may even do some very overdue repairs!

flipcat

I wish you the very best of luck and hope you can continue to be happy in the house you are in,wether it be renting or buying,the very best of luck.......

Trollfever

I got the 3 valuations from the estate agents, 2 for 170,000 and one for 155,000

On what basis were the valuations given?

Open market with vacant possession?

Keep paying your rent and sit tight.

PasturesNew

pickledpink wrote: »

I'm a bit confused................some of you here have posted on other threads saying it's CRAZY to buy property now; that the market is going to crash big time; that property is bound to fall and we'll all be out of pocket..........our homes will be worth peanuts in 10/20 years time.............and that renting is far better than paying a mortgage...........

and here you are advising her on how to get a good deal and wishing her luck!!!

Ooooops!!!!!

Everybody's situation is different. And this is an unusual case.

The OP might be back once she's got the prices, whereupon we can all stick our new pennyworth in based on the new information provided.

I take it you have a "one answer fits all" approach to things then.

Frugaldom

noseymum wrote: »

In reply to nykmedia.
I was stunned when he told me he had had an offer.
How could an estate agent find his details and solicitors address through this address? It doesnt seem feasable to me.

Not sure if it is the same in England as up here in Scotland, but there is a landlord registration scheme that is now available to access online - you just key in the address of the property and if it's tenanted (legally) then you can see the details of the landlord.
https://www.landlordregistrationscotland.gov.uk This is the Scottish site, I just assumed it was the same for everyone.

Hope you get things sorted out. The prospect of taking on a mortgage for even half of what you have mentioned would scare me half to death. Good luck and keep us all posted.

PasturesNew

nykmedia wrote: »

you just key in the address of the property and if it's tenanted (legally) then you can see the details of the landlord.
https://www.landlordregistrationscotland.gov.uk This is the Scottish site, I just assumed it was the same for everyone.

No, hence the BTL problem blowing up all over the place. All sorts of people buying property/letting it out on all sorts of legal/commercial mortgages and liar loans/dodgy deals.

There's no registration requirement whatsoever and it's a black hole of information unless you buy the information from Land Registry of who owns the property.

noseymum

hi there pasturesnew and thanks for your reply.
If the person who put in the offer found out the landlords details from the land registry surely they couldnt find out his solicitors address from it also could they? Would the landlords address be on the land registry do you know?

noseymum

in reply to trollfever,
the valuations were for the market price of the house with vacant possesion.
I told the 3 different estate agents the truth in that I am the sitting tenant getting the 3 quotes on behalf of my landlords family and that they had given me first refusal to buy the house.
The last man who came said to me that he felt that I would have to pay the landlords family the full market value as I am the sitting tenant and that only someone else buying would have the right to buy it cheaper as to them it would lose value as it is occupied by me.

Doozergirl

noseymum wrote: »

in reply to trollfever,
the valuations were for the market price of the house with vacant possesion.
I told the 3 different estate agents the truth in that I am the sitting tenant getting the 3 quotes on behalf of my landlords family and that they had given me first refusal to buy the house.
The last man who came said to me that he felt that I would have to pay the landlords family the full market value as I am the sitting tenant and that only someone else buying would have the right to buy it cheaper as to them it would lose value as it is occupied by me.

All of what you are being fed sounds like BS to me. The value of your house is dependant entirely upon what you pay as rent at the moment. It is so heavily depreciated by your presence that charging you full market value with vacant possession is blatantly trying it on.

Your tenancy is protected - know that and keep it that way. Your LL's son is being beligerant by saying it's not his problem. It is very much his problem. He can't sell that house with vacant possession to anyone and it is therefore not worth anywhere near what it would be with vacant possession. No solicitor will let their client buy a property with a protected tenant unless they knew exactly what they were getting themselves into. They are not the best investments unless you have a lot of cash to sit on and a lot of time to bide.

If you paid a tiny bit over the odds, he would get the best price he was ever going to get and you would have something immediately worth a LOT more than you paid for it. The only person able to benefit from the protected tenancy is you.

I suspect that your house is only worth about 2/3 of what they are asking and that any offer of full market value has
a) come from a complete lunatic
b) been invented by a greedy liar after as much inheritance as they can get

Get an independent valuation by a surveyor, not an EA sent in by the LL's son.
Most importantly, sit tight