Selling house - retaining current tenants

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    Selling house - retaining current tenants

    Hi all,

    I'm a tenant in a shared house of five people. We are on very good terms with the landlord, but he now wants to sell the house. The ideal situation for us would be for him to sell the house to a renting agency that would allow us to stay on as tenants; the landlord says he has looked into this, but none of the agencies that do this will give him anything near the asking price.

    So my question is: are there any agencies out there that buy houses to rent and retain the current tenants, and will also give our landlord a good price for the house?

    #2
    I don't know of such an agency, but you may not know that selling the house does not mean you are thrown out. If you have contracts for the rooms, then they remain valid with the new owner.

    If you are students, or living in an area where there are a lot of 'shared houses', and the property has a valid HMO license, then the chances are that the purchaser will be buying it to let it out anyway.

    Comment


      #3
      Well...

      ...it would obviously be nice if things turned out that way. But is any letting agency likely to give him as good a price as a private buyer?

      Comment


        #4
        Originally posted by KMacD View Post
        ...it would obviously be nice if things turned out that way. But is any letting agency likely to give him as good a price as a private buyer?
        Depending on the area, there may not be any people interested in turning it back into a family home. Is it near a college/university? Is it in 'bed-sit-land' (horrible phrase)? Or is it in a area where families would like to be?

        Comment


          #5
          The area seems to consist mainly of family housing, but our place is an odd situation: the downstairs flat is owned (not rented) by a couple who share the garden with the main house. They're friends of ours, so there's no problem at the moment, but any new family that moves in will have to share the garden with this couple.

          Comment


            #6
            The market has somewhat changed in recent years.
            Selling a house that was really only suitable for rental commanded a slight premium years ago if it was already tenanted with good paying stable tenants.

            These days it is a bit of a hinderance as there aren't as many buy to let landlords looking to expand their portfolio.
            Allow tenants to protect their own deposits. I want free money when they do it wrong

            Comment


              #7
              Selling House - Retaining Tenants

              I am an associate for a company called Hedge Property Investments Ltd.

              They specialise in buying from Landlords, give top prices and will take single properties right up to substantial portfolios.

              Existing tenancies are welcomed, providing that the tenants are of previous good standing, and matters dealt with quickly and professionally.

              Drop me a mail if you would like me to put you in touch with somebody that can help.

              Comment


                #8
                Advertising in above post reported.
                'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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                  #9
                  Hi Mtg,

                  Thanks for the heads-up my friend. I only signed on about 30 minutes ago so was genuinely not aware of the position

                  Can't reply to your PM as I have not yet enough posts.

                  Now aware of the situation, so your valued advice heeded!

                  Thanks for your help

                  Best Regards

                  Paul

                  Comment


                    #10
                    Originally posted by PaulCollyer View Post
                    Hi Mtg,

                    Thanks for the heads-up my friend. I only signed on about 30 minutes ago so was genuinely not aware of the position
                    Paul: you may find it useful to read through the forum protocols before posting:
                    http://www.landlordzone.co.uk/forums...b3_board_usage
                    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

                    Comment


                      #11
                      landlord selling, tenants wanting to stay

                      Originally posted by KMacD View Post
                      Hi all,

                      I'm a tenant in a shared house of five people. We are on very good terms with the landlord, but he now wants to sell the house. The ideal situation for us would be for him to sell the house to a renting agency that would allow us to stay on as tenants; the landlord says he has looked into this, but none of the agencies that do this will give him anything near the asking price.

                      So my question is: are there any agencies out there that buy houses to rent and retain the current tenants, and will also give our landlord a good price for the house?
                      I suppose you couldn't tell us how many are on the tenancy agreement? And whether the house is a registered HMO? And of those who are tenants what are the relationships between those occupiers?

                      The reason is that there is now a mountain of red tape regarding "sharers" and it may well be that the arrangement you are currently enjoying does not fall into one of the exemptions properly allowed for the house otherwise to be treated as House in Multiple Occupation (for which the regulations are more akin to a Bed and Breakfast establishment than to a house let to a couple)

                      If you are five unrelated people or even two couples and one unrelated person then for example the house ought to be registered with the local authority as an HMO and have all sorts of fire stops on the doors etc etc. Cant really blame your landlord if he has suddenly woken up to the possibility that he is in breach of all these regulations to tell you all that you've got to go as he is selling. I think the maximum penalty for breaching the HMO rules is exceedingly high, ie £20,000.


                      (Of course the obvious solution from the landlord's point of view is to accept a surrender from you lot, and grant a new tenancy to one individual only who then takes in what ever house guests he chooses!). This would appear to dodge the problem, that is, unless four out of five of you are on the old jam roll and need to claim a proportion of the cost of renting the dwelling from the taxpayer.

                      Hence no one who was familiar with the legal position would want to buy into an unregistered HMO other than at a bargain basement level.

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