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khali

Advice Needed Please.

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A friend has been renting a home for 10 years and his landlord has recently informed him that he wishes to sell the house.

He has offered my friend the house at a 'knockdown' price (although a quick look at LR figures for his post code revealed that it is not such a bargain) and is pressurising him to get a mortgage sorted out quick.

I told my friend that I suspected his landlord was trying to make a quick buck before house prices completely disintegrate and advised him to tell the landlord to put the house on the open market if he wishes to sell.

What are my friends rights of tenure and is the landlord being particularly dodgy by trying to persuade my friend to purchase the property?

Any advice welcome.

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A friend has been renting a home for 10 years and his landlord has recently informed him that he wishes to sell the house.

He has offered my friend the house at a 'knockdown' price (although a quick look at LR figures for his post code revealed that it is not such a bargain) and is pressurising him to get a mortgage sorted out quick.

I told my friend that I suspected his landlord was trying to make a quick buck before house prices completely disintegrate and advised him to tell the landlord to put the house on the open market if he wishes to sell.

What are my friends rights of tenure and is the landlord being particularly dodgy by trying to persuade my friend to purchase the property?

Any advice welcome.

Our landlord tried to do this with us last June (right at the peak). Luckily we knew all about the problems the flat had (confirmed by the survey) and pulled out. So... I think you can take it that either the landlord needs cash quickly or is trying to make the most of a sliding market. Either way, your friend is being smart by looking at the land reg prices and should now press for a discount because 1. Landlord is avoiding EA fees 2. Landlord is avoiding about 14 weeks of the property being on the market with (probably) no tenants and so income (check Hometrack report for how long the local house takes to sell). The good thing about buying the place would be that they know what is wrong with it - very important. No dodgy neighbours, sudden ddiscovery of wet rot or heating that doesn't work etc. But after 10 years I bet the boiler is a bit knackered? All things to take into consideration when getting another 10% off the price, I should say.

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Our landlord tried to do this with us last June (right at the peak). Luckily we knew all about the problems the flat had (confirmed by the survey) and pulled out. So... I think you can take it that either the landlord needs cash quickly or is trying to make the most of a sliding market. Either way, your friend is being smart by looking at the land reg prices and should now press for a discount because 1. Landlord is avoiding EA fees 2. Landlord is avoiding about 14 weeks of the property being on the market with (probably) no tenants and so income (check Hometrack report for how long the local house takes to sell). The good thing about buying the place would be that they know what is wrong with it - very important. No dodgy neighbours, sudden ddiscovery of wet rot or heating that doesn't work etc. But after 10 years I bet the boiler is a bit knackered? All things to take into consideration when getting another 10% off the price, I should say.

Thanks for this. I've passed it on. I think he is in a good position to either get the property at the right price or find somewhere else to rent and sit out the crash for a while longer, assuming his landlord goes ahead with selling the property. :)

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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