We would like to find out about making an offer to our landlord who we currently privately rent a property from. What should we do? What sort of discount would we be entitled to?
2006-11-27 02:28:42 · 13 answers · asked by officelady1500 1 in Business & Finance ➔ Renting & Real Estate
From a private landlord you should expect no discount. Also they are under no obligation to sell, you should expect to pay full market value.
2006-11-27 02:32:10 · answer #1 · answered by Barry G 4 · 0⤊ 0⤋
You would certainly not be "entitled" to any discount. Your landlord might give you something off of the price as he would avoid paying a real estate agency fee. This of course presupposes that he would want to sell a property which is being used to generate a rental income.
All you have to do, quite simply, is to ask him if he is interested in selling and what price would he want if he were to.
If you are so ill-informed in these matters as to need advice on "finding out about making an offer" and believing that you are "entitled to a discount", then I would suggest that you take some very good advice from family/friends/professionals before going any further as you could otherwise well end up on the wrong end of a very poor deal.
2006-11-27 02:40:46 · answer #2 · answered by Billybean 7 · 0⤊ 0⤋
The Thatcher government gave council tenants the right to buy at a discount (giving away assets belonging to the taxpayer in an attempt to grab votes).
Private tenants quite properly don't have such a right. The landlord took all the risk, may even have done considerable work on the property to make it habitable - why should he now sell it to you at a discount?
Make him a fair offer and he might listen. On the other hand, he might not - and that's his right too. Why should you be able to commit him to, for instance, the legal expense of exchanging contracts, or the stamp duty he would incur in buying another place to rent out?
2006-11-27 02:36:33 · answer #3 · answered by gvih2g2 5 · 0⤊ 0⤋
We are currently doing the same thing. The plus side for us is that the landlord is a family friend. Unfortunately you are not entitled to a discount, although, the landlord may be willing to slightly lower the price as he / she would not have to pay estate agent fees. although this is not a lot!
Speak with the landlord.
We spoke with a mortgage advisor who suggested having 4 evaluations done, 2 for yourselves and 2 for the landlord in order to come to a mutual discussion in regards to price.
hope this is of some help!
2006-11-27 02:43:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you're currently renting a property and want to buy it, talk to your landlord. However, you will need 12 months of cancelled rent checks for the mortgage to prove that you were never late more than 30 days. After that, it's all in the purchase agreement.
2006-11-27 02:50:14 · answer #5 · answered by togashiyokuni2001 6 · 0⤊ 0⤋
First of all look at the local papers and estate agents to see what houses like yours are going for in your street.
Check what these properties have to offer and compare them to yours.
Is your home in a good state of repair, and if not would you be able to do it up yourself or could you afford to pay for this?
Now check how much you could safely afford to pay each month without getting into financial difficulty. If you take my advice you will not borrow any money from friends to help they could need it back when you are low in funds.
Last write to your landlord and point out that you have been a tennant of his/hers for X no of years and that you are thinking of buying your own home. As you are now aware of the property's value it could be lower or higher than the average.Make an offer say 15% lower than market price and try to negotiate from there.
Best of luck
Musg14
2006-11-27 03:03:05 · answer #6 · answered by Mugs14 1 · 0⤊ 0⤋
First you need to research the value of the home you are renting. I suggest using this site:
http://www.bankofamerica.com/loansandhomes/index.cfm?template=hc_home_worth
Once you know what it is worth you can structure an offer that makes sense. Discount will depend on the sellers motivation to sell.
Here is some additional info. Hope this helps.
2006-11-27 03:23:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Why would you be entitled to a discount?
If he was willing to sell he's want the best price possible for losing his income for the property.
2006-11-27 02:31:16 · answer #8 · answered by M1 5 · 1⤊ 0⤋
No discount, have the property valued, and that would give you a rough idea of what to expect.
2006-11-27 02:51:10 · answer #9 · answered by Anonymous · 0⤊ 0⤋
sure she receives housing earnings. I stay in a detached flat in my father and mother abode, have a legal condo contract drawn up by a solicitor and declare housing earnings as i won't be able to artwork. The regulation does no longer discriminate as to who the owner of the flat is, they are commonly each person. Get assessed for a truthful employ by the council first.
2016-11-29 20:21:24 · answer #10 · answered by ? 4 · 0⤊ 0⤋