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  • FIRST POST
    • Lvl_chg
    • By Lvl_chg 5th Mar 18, 10:08 PM
    • 17Posts
    • 5Thanks
    Lvl_chg
    Landlord is selling - offered 1st refusal
    • #1
    • 5th Mar 18, 10:08 PM
    Landlord is selling - offered 1st refusal 5th Mar 18 at 10:08 PM
    I received notice from my lettings agent that the landlord intends to sell the property I am currently renting. They've said that the landlord would offer me first refusal if I wanted to buy the property.

    I would be a first time buyer. I was not intending to buy right now but my wife and myself are really happy here and actually perhaps buying the property is a good idea. We should be able to cobble together enough for a minimum deposit. I have booked an appointment with a local mortgage broker to discuss my options and of course determine if I can even get a mortgage, full stop!

    I'll run through a few numbers.

    The landlady purchased the property in 2014 for 154,000 leasehold with 76 years remaining on the lease.

    The agent has said the landlord has recently purchased the freehold and they would be looking for 199,950 IF the property were to go into the open market. No formal valuation has obviously taken place and she said this was a value based on similar properties for sale in the area.

    I have done a couple of quick valuation (Zoopla) etc and they have suggested its value to be between 186,000-194,000.

    Would you suggest I get a proper estate agents valuation for myself?
    Can I do this as just a tenant in a property? If so what's a ball park figure cost for this?
    Do I have a good bargaining chip being the current tenant? Can I use this to my advantage in terms of an offer? I guess I would be saving the landlord certain fees etc right?

    I'm hoping I'll know more after seeing the broker later in the week but I thought I would put this out to the good people of MSE forums who might be able to shed a bit of light on this situation for this unsuspecting tenant!

    Many thanks in advance!
Page 3
    • Crashy Time
    • By Crashy Time 12th Mar 18, 11:39 AM
    • 6,143 Posts
    • 2,363 Thanks
    Crashy Time
    Yeah, I was "trawling property forums" at the age of 12.. I dont know how many people lived at home back then, I was 12, it was not something I thought about. Are there loads of empty houses everywhere then? I dont know about your area but in mine, there are so few houses coming on the market and so much pent up demand houses sell in days. In my town last year prices rose 13%. Yes house prices could do with a bit of correction, ill totally agree with you on that one, is an apocalyptic crash coming... I dont see it...

    So im guessing you are of the age you could have bought in 95/96, and you didnt, how much do you regret that... Wow with the rent you have paid and the amount you could have made it makes sense why you are so bitter and troll sites like this trying to make up a crash.
    Originally posted by buggy_boy

    Do you think that will continue? You sound a bit desperate for it to continue TBH
    • buggy_boy
    • By buggy_boy 12th Mar 18, 9:21 PM
    • 469 Posts
    • 334 Thanks
    buggy_boy
    Do you think that will continue? You sound a bit desperate for it to continue TBH
    Originally posted by Crashy Time
    Well its a popular town with no room to build anywhere... I wish your fantasy world was true, I could buy so many more properties... Unfortunately I think your spending too much time on housepricecrash....

    I dont really care, I have very little debt and the house prices have increased so much they would have to crash massively just for me to break even... With the amount of rent you have paid and house prices increases in the decades you have been calling a crash you must need what a 200% decrease in house prices to break even?
    • Crashy Time
    • By Crashy Time 13th Mar 18, 9:57 PM
    • 6,143 Posts
    • 2,363 Thanks
    Crashy Time
    https://www.capitalandconflict.com/economics/problem-with-property-price-slowdown/
    • Lvl_chg
    • By Lvl_chg 13th Mar 18, 10:07 PM
    • 17 Posts
    • 5 Thanks
    Lvl_chg
    ** UPDATE**

    We've consulted with our local broker and a mortgage in principle with the required loan amount is available (and a bit more) for the property.

    Seeing as the property isn't on the market yet we went in with a low offer at 182k.

    (Originally landlord said she would put it on the open market at 199,950. We've had a few valuations and they average out at approx 188k)

    As expected this first offer was declined. No counter offer submitted though. I've come back and offered 185k so we'll see what tomorrow brings!
    • Smodlet
    • By Smodlet 14th Mar 18, 3:59 AM
    • 3,199 Posts
    • 6,335 Thanks
    Smodlet
    Thank you for the update, Lvl_chg, best of luck.
    What is this life if, sweet wordsmith, we have no time to take the pith?
    Every stew starts with the first onion.
    I took it upon myself to investigate a trifle; it had custard, jelly, soggy sponge things...
    • Crashy Time
    • By Crashy Time 14th Mar 18, 3:19 PM
    • 6,143 Posts
    • 2,363 Thanks
    Crashy Time
    Well its a popular town with no room to build anywhere... I wish your fantasy world was true, I could buy so many more properties... Unfortunately I think your spending too much time on housepricecrash....

    I dont really care, I have very little debt and the house prices have increased so much they would have to crash massively just for me to break even... With the amount of rent you have paid and house prices increases in the decades you have been calling a crash you must need what a 200% decrease in house prices to break even?
    Originally posted by buggy_boy

    Do you have a link to any of these houses that sell in days?
    • Lvl_chg
    • By Lvl_chg 14th Mar 18, 5:40 PM
    • 17 Posts
    • 5 Thanks
    Lvl_chg
    **UPDATE**

    2nd offer at 185k has also been rejected. My plan (unless anyone else can suggest a better option) is to now sit back and let her think about it. Her options are to now either come back at me with an offer herself or serve me notice. In the mean time I will be looking elsewhere to either rent or buy.
    • buggy_boy
    • By buggy_boy 14th Mar 18, 6:08 PM
    • 469 Posts
    • 334 Thanks
    buggy_boy
    Do you have a link to any of these houses that sell in days?
    Originally posted by Crashy Time
    Added today.... SSTC

    http://www.rightmove.co.uk/property-for-sale/property-71982071.html

    Added yesterday... Now SSTC

    http://www.rightmove.co.uk/property-for-sale/property-52398021.html

    And that was just a quick look on rightmove (Not my area)... My experience in my area, certain houses in the right areas go online, if you don't phone within a day or two to arrange a viewing (Usually block viewing at the weekend) then you will get told sorry we are not allowing any more viewings at the moment as we think we have enough to get a sale (arguably estate agents being lazy). When the offer is accepted it usually then takes the estate agents a few weeks till they change the property online to SSTC. Obviously not all houses are doing this but you think none are...
    • buggy_boy
    • By buggy_boy 14th Mar 18, 6:18 PM
    • 469 Posts
    • 334 Thanks
    buggy_boy
    **UPDATE**

    2nd offer at 185k has also been rejected. My plan (unless anyone else can suggest a better option) is to now sit back and let her think about it. Her options are to now either come back at me with an offer herself or serve me notice. In the mean time I will be looking elsewhere to either rent or buy.
    Originally posted by Lvl_chg

    Ask the estate agent if you are close, say that you are basically at your limit and dont want to waste their time if you are still off and will start looking elsewhere otherwise... Puts the pressure back on the seller that your about to walk... They will either come back and say no the seller is really looking for the full asking price at the moment (In which case I think you by the sounds of it will walk away) or they may come back with a counter offer (This is what you want) and you can come in with a slightly higher offer and say thats the maximum you can offer... Its good if there has been some time as you can say you have found somewhere else that you like so want to know quite fast so you can make an offer on that if its rejected.... Something else you can do is ask for viewings of similar (But preferably same or lesser value not higher as that tells EA you can afford more) properties from the same estate agents so they know you are now looking elsewhere...

    Its all a game, I hope it all works out for you... Dont get too down it can be frustrating.
    • Crashy Time
    • By Crashy Time 15th Mar 18, 11:32 PM
    • 6,143 Posts
    • 2,363 Thanks
    Crashy Time
    Added today.... SSTC

    http://www.rightmove.co.uk/property-for-sale/property-71982071.html

    Added yesterday... Now SSTC

    http://www.rightmove.co.uk/property-for-sale/property-52398021.html

    And that was just a quick look on rightmove (Not my area)... My experience in my area, certain houses in the right areas go online, if you don't phone within a day or two to arrange a viewing (Usually block viewing at the weekend) then you will get told sorry we are not allowing any more viewings at the moment as we think we have enough to get a sale (arguably estate agents being lazy). When the offer is accepted it usually then takes the estate agents a few weeks till they change the property online to SSTC. Obviously not all houses are doing this but you think none are...
    Originally posted by buggy_boy

    http://www.independent.co.uk/news/business/news/savills-latest-results-profit-warning-brexit-housing-market-property-london-foxtons-a8256996.html
    • Crashy Time
    • By Crashy Time 17th Mar 18, 6:55 PM
    • 6,143 Posts
    • 2,363 Thanks
    Crashy Time
    Added today.... SSTC

    http://www.rightmove.co.uk/property-for-sale/property-71982071.html

    Added yesterday... Now SSTC

    http://www.rightmove.co.uk/property-for-sale/property-52398021.html

    And that was just a quick look on rightmove (Not my area)... My experience in my area, certain houses in the right areas go online, if you don't phone within a day or two to arrange a viewing (Usually block viewing at the weekend) then you will get told sorry we are not allowing any more viewings at the moment as we think we have enough to get a sale (arguably estate agents being lazy). When the offer is accepted it usually then takes the estate agents a few weeks till they change the property online to SSTC. Obviously not all houses are doing this but you think none are...
    Originally posted by buggy_boy

    No, I think far less than used to are.
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