2 month's notice given by son with option to purchase as agreed with dad (deceased LL

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    2 month's notice given by son with option to purchase as agreed with dad (deceased LL

    Deceased LL always said we would be given first refusal to purchase if he ever came to sell, as we had rented the house for many years.

    His son now wants to sell and has sent four separate estate agents to visit in order to value the old house, which is badly in need of major modernisation. From conversations with each of the valuers, we now have a very good idea of the realistic market value.

    The LL has now served written section 21 notice to end the tenancy, together with an verbal offer to sell to us, relayed via the managing agents.
    The price he wishes to sell to us "as a favour because we have been such good tenants" is 50% higher than the lowest estimate given to us by two of the estate agents, and 40% more than the other two!

    Outrageous, cynical, sickening - for sure, but what can we do?
    We don't want to move, and happily we are in a position to buy at the correct price. Clearly he doesn't want to sell to us - but what are our options?

    #2
    Regardless of he thinks it is worth and what purchase price you agree on, lenders will go with their own valuations. Hopefully the survey stage will show the vendor that he is being unrealistic.

    And if you don't move out he'll find it harder to sell to someone else ... and he will need to act as LL in the meatime.

    Comment


      #3
      Thanks for that.
      If I read you right, you are advising that the only worthwhile valuation is that given by a lender i.e. Building Society's paid surveyor, not an estate agent's (free) opinion, which some say, is often on the optimistically high side.
      I suppose we could pay privately for that to be done (as we wouldn't need a loan ourselves) and then present him with the result.

      Comment


        #4
        TBH I would go even further than a building society survey. As you do not need a mortgage, would you be prepared to get a full structural survey done? When we bought our home in '93, it was on the market for £60K. When we asked the EA where the valuation had come from, he actually confided that the vendor had told him what to put it on for, and he didn't really agreed but was doing what he was told.

        We offered £56K, went through with a FS survey, which came back like a telephone directory, and then returned with a reduced offer of £45K, telling the vendor we were in a position to go through with deal asap, finances already in place etc. He reluctantly took our lower offer, so the £350 the survey cost us, saved us £15K on the actuall asking price.

        As you are already living there, you should be able to arrange a survey fairly easily - not like you need to arrange access etc! You can then point out to the vendor all the issues highlighted over the need for modernisation, and tell him that any other buyers would probably need a mortgage, and a building society survey would likely concur with the valuation you have already discovered in your survey! Offer him a quick and hassle free sale, your funding already in place, no hassle with viewings, sales falling through or "window-shoppers" just being nosey, and property developers who will try to knock him down to make a quick buck on doing the place up.

        Comment


          #5
          That's good thinking there, thank you.

          Of particular interest:
          "When we asked the EA where the valuation had come from, he actually confided that the vendor had told him what to put it on for, and he didn't really agree but was doing what he was told".
          That is exactly the case here (altho' we've not at this stage faced-down the selling agent as they are also the rental managing agents). These same EAs were the first to send a valuer 'round who confided in us the low figure he was going to recommend in view of the need for major renovation and structural work. And so they are definitely going with their instructions from Mr Greedy.

          As for the £350 in '93, I'll bet you can double that now :-( but it's still going to be worth it, if LL then sees reason. Perhaps he's just trying it on...

          Comment


            #6
            I agree, haven't a clue what the survey would cost you now, but nothing ventured nothing gained and you might frighten him into submission if you get an official report of all the work needed to make the place worth what he thinks it is!

            Out of courtesy, perhaps you could ask him if he would mind you getting a survey done ... the thought of what it might reveal could make him see sense before you go to the expense!

            Comment


              #7
              Be careful !

              Landlord has made his house more expensive if you want to buy it, so he thinks
              you cant afford it, and would rather have you out, and someone else to buy the
              property.

              So you could end up paying for a survey, and he says, sorry, am selling to someone
              else -- please leave.
              He does NOT have to sell to you, and it's clear he does not want to.

              R.a.M.

              Comment


                #8
                Originally posted by ram View Post
                Be careful !

                Landlord has made his house more expensive if you want to buy it, so he thinks
                you cant afford it, and would rather have you out, and someone else to buy the
                property.

                So you could end up paying for a survey, and he says, sorry, am selling to someone
                else -- please leave.
                He does NOT have to sell to you, and it's clear he does not want to.

                R.a.M.
                Or conversely, he could be trying to play on the fact that OP is settled and happy in the property, so hoping to ask for more that he would get on the open market, and gamlbing that OP would pay it rather than lose his home or have the hassle of moving.

                Could work either way. I am not telling OP to get a survey, I am sure they are adult enough to decide for themselves whether its a risk worth taking.

                Comment


                  #9
                  A full structural may be advisable when buying any house, but you already have some intimate knowledge of this property.

                  Check 'Up my Street' website for recent sales of similar properties in the area, decide what is a reasonable offer and knock off 10% for sellers saving on EA fees etc.

                  If son is acting as Executor for father's Will he has a duty to other beneficiaries to obtain best price in a reasonable time. If not, then did father leave a Will and who is the Executor? To whom
                  are you now paying your rent?

                  Comment


                    #10
                    Originally posted by LesleyAnne View Post
                    Or conversely, he could be trying to play on the fact that OP is settled and happy in the property, so hoping to ask for more that he would get on the open market, and gamlbing that OP would pay it rather than lose his home or have the hassle of moving.
                    "Rip off Britain" comes to mind.

                    but no one in their right mind would pay 40% more for a house that is / could be
                    advertised on the open market for 40% less.

                    its a none starter. I hope the Hnev does not decide to pay 40% more than the
                    house is worth, as that's financial suicide as well as idiotic.

                    Comment


                      #11
                      By the way OP, if you do decide not to buy, the notice your LL's son will issue you does not mean you need to move out. He must get a court order to end your tenancy, and you are quite legally able to remain in the property until he does, so do not feel pressured to move out - or even allow anyone to view it, until then!

                      Comment


                        #12
                        Whoah! That's a bombshell.

                        I thought two month's notice meant we were out on the street after the expiry date...

                        But how can we legally remain in-house once 'notice time' is served out? Not that we want to, it's just having options and more time to find somewhere or negotiate would be good. To find somewhere else and negotiate without fear of homelessness would be a mind-settling thing.

                        Thanks for your help - it's really appreciated.

                        Comment


                          #13
                          LLs Notice is not a Notice to Quit, only a Notice that he may/intends to seek legal repossession of property after notice period expiry.
                          To do this he must obtain a Court repo Order, which should allow T a further 14-40 days to vacate. If T does not vacate then LL will have to engage Court appointed Bailiffs to evict. The whole process may take 4 months after expiry of LL Notice and cost £270
                          Most of what I have said relates to s21 (No fault) Notice
                          Even with a s8 Notice citing a Mandatory ground for repo, LL would have to follow procedure,
                          If T vacates during LLs Notice period, he does so voluntarily and should serve a valid NTQ. The whole process is akin to game of snakes & ladders for both T & LL
                          It would be much easier IMO if ASTs were granted for fixed period of 12 months, Ts could stay if a new consecutive 12 mo AST was offered by end of month 10 & signed before month 11, otherwise T leaves at end of current AST without need for Court repo order etc. Unfortunately we are all British.

                          Comment


                            #14
                            You will find a brief explanation of the process a landlord must follow to evict you here: http://tenancyanswers.ucoz.com/index/being_evicted/0-21

                            Comment


                              #15
                              we had rented the house for many years

                              Originally posted by Hnev View Post
                              Deceased LL always said we would be given first refusal to purchase if he ever came to sell, as we had rented the house for many years.

                              His son now wants to sell and has sent four separate estate agents to visit in order to value the old house, which is badly in need of major modernisation. From conversations with each of the valuers, we now have a very good idea of the realistic market value.

                              The LL has now served written section 21 notice to end the tenancy, together with an verbal offer to sell to us, relayed via the managing agents.
                              The price he wishes to sell to us "as a favour because we have been such good tenants" is 50% higher than the lowest estimate given to us by two of the estate agents, and 40% more than the other two!

                              Outrageous, cynical, sickening - for sure, but what can we do?
                              We don't want to move, and happily we are in a position to buy at the correct price. Clearly he doesn't want to sell to us - but what are our options?
                              Hello Hnev

                              Could you just confirm how long you have actually lived there,date moved in !

                              Thanks................
                              Fed up with nitpickers and rivet counters...

                              Comment

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