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Not being dragged round countless depressing open days looking at tiny shoeboxes or dealing with EA's is quite appealing to me at the moment so we are considering making an offer to the landlord (towards autumn/winter). Apologies if this has been discussed elsewhere but would like to hear people's experiences or advice if anyone has experience of it.

I have met with one couple who have made it sound relatively panless and less stressful for both parties. We like the flat, love the location and neighbours and our landlord has said that if we ever moved out he would sell up (lives abroad with family and never coming back to UK). He seems a fair bloke who never has a problem in getting things fixed promptly.

We know that it needs alot of work (roof needs looking at, new kitchen, landscaping, new windows, carpets, rewire, rubbish boiler and new bathroom) and have started to collect quotes from tradesmen and 3 builders, we have also been viewing similar flats for the sale in the surrounding area, looking at past sold prices etc.

So.... Has anyone on here ever done it? How did you approach the valuation? Best just to offer a low ball price bearing in mind the work needed to be done and go from there, or get valuations as part of mortgage application or independent surveys done first that include a valuation? Bit reluctant to get EA's involved as despite an explanation of our circumstances I cant help feeling they would offer higher valuations or pie in the sky prices that are not realistic knowing the amount of work required.

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A guiding principle might be: "A property is worth what someone is prepared to pay for it"

Bearing in mind that the landlord would have to find another buyer (including - in transaction terms at least - having to pay the EA commission).

I think you are probably better informed as to what it is worth/what someone would pay for it than anyone else anyway. The EA's are only using information that is in public space anyway (eg: nethouseprices).

If the landlord wants it valued to check your information then she/he should pay for such.

Aidanapword

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Are you renting direct from the LL or was there an agent involved initially? Just asking because if there was an agent there may be a clause in the contract with the LL that they get commission if sold.

It's best if you can keep the EA out of it. They as you said may try to convince the LL that a higher price can be achieved. You don't want to end up homeless.

If you do make an offer my experience is that it has to be based on "something" i.e. a valuation or sold price of a similar proper minus the work needed.

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The only thing I'd add is that your reasonable friendly landlord might well become irrational where money is concerned. They are unlikely to be interested in a fair price for you, but top dollar for them. By all means do your research etc, but be prepared for them to come back with an eye wateringly high price based on nothing more than a quick Google of sold prices on your street, picking the highest and adding a premium.

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I would research sold prices in the street for similar properties plus look at the pictures if available to see the state of sold properties. You can do this on RM sold data. This should give a realistic picture of its value then deduct what you think you'd need to do the "works". Then offer that directly to the LL pointing out how much you think the "works" would cost if he says it's too low. If he wants a higher price point out the lack of hassle because you're already there, FTB and no chain etc plus the saving of an EA fee. Sounds like a good plan to me if it's a place you like.

When you apply for a mortgage the mortgage company surveyor will confirm (or not) that the price is OK. If/when a price is agreed I'd get a solicitor on board asap and complete the memorandum of sale form so the agreed price is written down in case there's any dispute further down the line.

Good luck

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Not being dragged round countless depressing open days looking at tiny shoeboxes or dealing with EA's is quite appealing to me at the moment so we are considering making an offer to the landlord (towards autumn/winter). Apologies if this has been discussed elsewhere but would like to hear people's experiences or advice if anyone has experience of it.

I have met with one couple who have made it sound relatively panless and less stressful for both parties. We like the flat, love the location and neighbours and our landlord has said that if we ever moved out he would sell up (lives abroad with family and never coming back to UK). He seems a fair bloke who never has a problem in getting things fixed promptly.

We know that it needs alot of work (roof needs looking at, new kitchen, landscaping, new windows, carpets, rewire, rubbish boiler and new bathroom) and have started to collect quotes from tradesmen and 3 builders, we have also been viewing similar flats for the sale in the surrounding area, looking at past sold prices etc.

So.... Has anyone on here ever done it? How did you approach the valuation? Best just to offer a low ball price bearing in mind the work needed to be done and go from there, or get valuations as part of mortgage application or independent surveys done first that include a valuation? Bit reluctant to get EA's involved as despite an explanation of our circumstances I cant help feeling they would offer higher valuations or pie in the sky prices that are not realistic knowing the amount of work required.

If you explain your circumstances the EA will no doubt offer a very high valuation to tempt your landlord to try sell on the open market. There is nothing in it for the EA if your landlord sells to you.

I'd try take letting agents and EAs completely out of the picture. My landlord has told me he would sell to me at any time. Apparently the previous tenant told the letting agent that they wanted to buy it but the letting agent never told the landlord. The letting agent was obviously enjoying their share of the rent.

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Some great points, we are renting direct from landlord so no letting agents to consider. Perhaps we are overthinking a little and should just offer what we feel it is worth, expect that to be rejected and let the negoiations go from there. Will keep you posted.

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