Jump to content
House Price Crash Forum
Sign in to follow this  
EnglishinWales

Flat for rent and sale at same time?

Recommended Posts

Good morning all, I just joined the forum today.

I'm a long-term renter currently living in Ruthin, North Wales. I was born in the 80s so although I have lots of renting experience I don't have much knowledge of how housing bubbles work since as far back as I can remember they have been rising.

Lots of things going on right now are confusing; not least this 2 bedroom flat in town that is both up for sale and rent at the same time. I can't understand the reasoning behind this as any tenant will be put off by the prospect of being given notice just 4 months into a tenancy. The sale price doesn't appear to have been reduced and the for let listing has been there for about 6 weeks. Why would the agent put it up for both sale and rent simultaneously? Why would you want a tenant if you're trying to sell?

Is this a sign that EAs and LLs are becoming more desperate. Is it a BTLer trying to sell to another BTLer with a sitting tenant?

Or is this actually fairly common and I just haven't noticed until now??

 

Thanks 

Share this post


Link to post
Share on other sites

This practice has been going on in my area since at lease the financial crisis of 2008.

If the owner can't get a greater fool to pay over the odds to buy the flat then they're thinking 'just rent it out, innit?' . Cash in the pocket one way or the other.

Share this post


Link to post
Share on other sites

Can't understand the thinking. No sensible tenants would be prepared to move into a flat simultaneously up for sale, with all the costs and agents' fees knowing they may have to start looking again in less than 6 months. It scares me that landlords have no idea how tenants think.

 

Share this post


Link to post
Share on other sites
5 minutes ago, EnglishinWales said:

Can't understand the thinking. No sensible tenants would be prepared to move into a flat simultaneously up for sale, with all the costs and agents' fees knowing they may have to start looking again in less than 6 months. It scares me that landlords have no idea how tenants think.

You are correct.  The BTL landlord is either an idiot, desperate or both.  No sensible tenant would want this, but there are a lot of insensible and/or desperate people out there.

Share this post


Link to post
Share on other sites

Yeah, saw a lot of it when we were looking for our current place. Wouldn't touch it with a barge pole - owners are clearly looking to get out, and will likely keep trying to sell which is massively inconvenient from both the showing people around and getting kicked out at the end of the tenancy perspectives. Frankly I think it is a cheek to even try it, and it least a couple of cases the fact that the place was for sale was not even advertised along with the rental.

Share this post


Link to post
Share on other sites
2 minutes ago, mattyboy1973 said:

Frankly I think it is a cheek to even try it, and it least a couple of cases the fact that the place was for sale was not even advertised along with the rental.

Yes I only discovered it by accident. The for let listing doesn't appear to mention it at all. Well underhand IMO.

 

 

Share this post


Link to post
Share on other sites

Update: the for let listing has disappeared! Must have come to their senses. For sale listing reduced today to £89,500 from around £95,000; been on market since 10th August. I'm thinking BTLer who is throwing in the towel.

Share this post


Link to post
Share on other sites

The only time it might be helpful is if you're looking for somewhere to buy and like the place (and can afford it) as after moving in as a tenant you'd be in a very good position to buy the place and maybe at a "bargain" price so the LL can offload with a lack of hassle.  It would be a good way to "try before you buy":)

Share this post


Link to post
Share on other sites
On ‎14‎/‎12‎/‎2016 at 10:32 AM, EnglishinWales said:

Good morning all, I just joined the forum today.

I'm a long-term renter currently living in Ruthin, North Wales. I was born in the 80s so although I have lots of renting experience I don't have much knowledge of how housing bubbles work since as far back as I can remember they have been rising.

Lots of things going on right now are confusing; not least this 2 bedroom flat in town that is both up for sale and rent at the same time. I can't understand the reasoning behind this as any tenant will be put off by the prospect of being given notice just 4 months into a tenancy. The sale price doesn't appear to have been reduced and the for let listing has been there for about 6 weeks. Why would the agent put it up for both sale and rent simultaneously? Why would you want a tenant if you're trying to sell?

Is this a sign that EAs and LLs are becoming more desperate. Is it a BTLer trying to sell to another BTLer with a sitting tenant?

Or is this actually fairly common and I just haven't noticed until now??

 

Thanks 

Have seen this a lot with deceased estates in my area, beneficiaries setting inflated sale price after not getting it after a while putting it up for rent as well, Forced BTL

Share this post


Link to post
Share on other sites
7 hours ago, janch said:

It would be a good way to "try before you buy":)

I never thought of that. 

I'd imagine the agent upon realising the tenant could afford to buy the property would try to get a sale rather than a tenancy agreed though. Sales commission much higher than tenant fees surely?

 

 

Share this post


Link to post
Share on other sites

Back in the summer I was contemplating calling a Lettings Agent about a flat that was up for rent. I know these flats have quite a large area space as far as 2 bedders go. Lo and behold it soon disappeared of the listing as it let quickly (no surprises there).

Imagine my surprise when it came up for sale shortly after it was let! :blink: Here it is:

Asking price £135k, claimed 5% yield PA rented @ £600 a month

Seems like I dodged a bullet here. Really not sure what's gone on in the landlord's mind...perhaps only found out about the 2017 tax changes at the last possible moment. FFS, the flat would sell more easily if it was vacant and now s/he is waiting for the greater fool to come along. :rolleyes:

Up for sale since 16th August...still no takers it seems. :lol: And the greedy f..kers put the price up £5k on 17th August!

Share this post


Link to post
Share on other sites
On 16/12/2016 at 9:21 PM, janch said:

The only time it might be helpful is if you're looking for somewhere to buy and like the place (and can afford it) as after moving in as a tenant you'd be in a very good position to buy the place and maybe at a "bargain" price so the LL can offload with a lack of hassle.  It would be a good way to "try before you buy":)

Brilliant idea. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • Next General Election   90 members have voted

    1. 1. When do you predict the next general election will be held?


      • 2019
      • 2020
      • 2021
      • 2022

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.