Buying a property you rent

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Esbeepea

So this may not even be an option but I want to know if it is indeed possible before I run away with myself...
We rent a house which we really like. It's the perfect family home. We sold our last place and rather than risk the sale falling through and because we wanted to wait for our credit history to improve we decided to rent. I'd like to approach the landlord and see if they'd consider selling to us but I wondered if it would need to be a straight up sale or if there's a way of simplifying things. Has anyone done similar? Either as a tenant or a landlord?
 
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Heather343

We bought the house we were renting and managed to get it a little below market value as the owner saved money on estate agents fees and wouldn't have to worry about the house being trashed by annoyed tenants etc. We just did a normal purchase with Halifax who never queried it. They wanted to sell tho and approached us about purchasing

Hope that helps a little
 
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Countrybumpkingirl

Esbeepea said:
So this may not even be an option but I want to know if it is indeed possible before I run away with myself...
We rent a house which we really like. It's the perfect family home. We sold our last place and rather than risk the sale falling through and because we wanted to wait for our credit history to improve we decided to rent. I'd like to approach the landlord and see if they'd consider selling to us but I wondered if it would need to be a straight up sale or if there's a way of simplifying things. Has anyone done similar? Either as a tenant or a landlord?
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It is certainly an option and depends on your landlord. If they have many properties they usually tend to be less inclined in selling (often it is their main source of income) but with the current economic climate plus the renting market out to screw landlords (sorry I usually act for landlords) it is costing LL alot more money now. It is certainly worth asking whether they have any appetite to sell. But be warned the rental and sales market is still strong
 
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JoeBloggs

JoeBloggs

If your landlord wants to sell you can do a private sale, you would just need a solicitor. I would establish what it’s worth, how much you can afford before you ask so at least you are prepared if you landlord ask for an offer. Sometimes just asking can make them rethink their plans and jig them.
 
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Countrybumpkingirl

JoeBloggs said:
If your landlord wants to sell you can do a private sale, you would just need a solicitor. I would establish what it’s worth, how much you can afford before you ask so at least you are prepared if you landlord ask for an offer. Sometimes just asking can make them rethink their plans and jig them.
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Agreed and in terms of working out value... this is how we value as surveyors

Work out sq ft etc and list of pros and cons of the property.. so say garden, off street parking, more than one bathroom etc
Then on rightmove sold property prices in the locality and look when they sold and sq ft so you get a price per sq ft also discount for things that your property doesn't have and increase if you have more. Do this for a couple of properties and this should give you some comparables.
Always try to price it against recently sold and remember you are seen as a special purchaser so usually you would be seen as someone who would pay more
 
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