Berberis Posted January 26, 2016 Share Posted January 26, 2016 Myself and the Mrs are thinking of offering to buy our rented house from our Landlord. The house isn't for sale, but we want to purchase a property and love the one we are in now. It makes sense as we wouldn't need to move and the landlord wouldn't need to pay the estate agent fees. My only issue is, how do I value the house. You can get an estimate from sites like Prime Location but I'm unsure how accurate it is. Im unsure about asking an estate agent to value the property as they wouldn't be too interested if they knew I was the tenant and the landlord wasn't guaranteed to sell. Plus not being the hoe owner, I'm a but unsure about what questions an estate agent will ask of me. I know its a long shot but has anyone else ever done this? Should I just lie to an estate agent and ask them to come and value "our" house. Will they need to know any more details other then seeing the property? Link to comment Share on other sites More sharing options...
Orzel Posted January 26, 2016 Share Posted January 26, 2016 Just have a look at houses in your neighbourhood, what prices they are selling. See how much yours was sold for and when. All available on rightmove. Then contact your landlord and give them offer. In worst case they say no, nothing to loose. Link to comment Share on other sites More sharing options...
Olive Posted January 26, 2016 Share Posted January 26, 2016 Do you think your landlord would even be up for selling? Link to comment Share on other sites More sharing options...
Berberis Posted January 26, 2016 Author Share Posted January 26, 2016 Just have a look at houses in your neighbourhood, what prices they are selling. See how much yours was sold for and when. All available on rightmove. Then contact your landlord and give them offer. In worst case they say no, nothing to loose. The thing is, the house was last sold in 2005. I can see one house was sold last year on my street that is similar but the price it was sold at is £26,000 less than the estimated value of our rented house using the Halifax valuation tool. Not knowing the true value of the property is making it hard for us to know if its feasible to make an offer. ---------- Post added 26-01-2016 at 12:05 ---------- Do you think your landlord would even be up for selling? Not sure, its worth a punt. We want to buy, so will leave eventually for another property if we cant buy this one. I suspect the landlord can reinvest the money in a new house to rent out if they want. We have been in our property nearly 10 years, so once we leave there will be some maintenance required before new tenants would move in. Just the little things though mainly. Seems logical considering the house is the right value and location for us and we wouldn't need to move our stuff. Link to comment Share on other sites More sharing options...
Jomie Posted January 26, 2016 Share Posted January 26, 2016 You seem to be going about this the wrong way. The matter should be discussed with the owner first. It is his responsibility to have the house valued, if he is minded to sell it to you. Link to comment Share on other sites More sharing options...
alankearn Posted January 26, 2016 Share Posted January 26, 2016 Myself and the Mrs are thinking of offering to buy our rented house from our Landlord. The house isn't for sale, but we want to purchase a property and love the one we are in now. It makes sense as we wouldn't need to move and the landlord wouldn't need to pay the estate agent fees. My only issue is, how do I value the house. You can get an estimate from sites like Prime Location but I'm unsure how accurate it is. Im unsure about asking an estate agent to value the property as they wouldn't be too interested if they knew I was the tenant and the landlord wasn't guaranteed to sell. Plus not being the hoe owner, I'm a but unsure about what questions an estate agent will ask of me. I know its a long shot but has anyone else ever done this? Should I just lie to an estate agent and ask them to come and value "our" house. Will they need to know any more details other then seeing the property? Clicking on this link and entering your road/street/city or postcode in the box provided may give you the recent sold property prices of your area. http://www.zoopla.co.uk/house-prices/ Link to comment Share on other sites More sharing options...
Berberis Posted January 26, 2016 Author Share Posted January 26, 2016 Clicking on this link and entering your road/street/city or postcode in the box provided may give you the recent sold property prices of your area. http://www.zoopla.co.uk/house-prices/ I know that information already. My issue is how accurate it is. A house on my street, which is a similar size, same amount of bedrooms etc sold in 2015 for £26,000 in less than the estimated value of my current property. I suppose it would be wise to just speak to my landlord. Get a valuation and then go from there. Te Mortgage valuation would highlight if we are paying more or less than the value. Link to comment Share on other sites More sharing options...
dizzy_chick Posted January 26, 2016 Share Posted January 26, 2016 I suppose it would be wise to just speak to my landlord. Get a valuation and then go from there. Te Mortgage valuation would highlight if we are paying more or less than the value. You can pay for a surveyor to come and value it. Someone like Mark Jenkinsons will have qualified surveyors who can may be able to do this for you. I would definately check with the owner to see if they are interested in selling before you explore this further. Link to comment Share on other sites More sharing options...
Cyclone Posted January 26, 2016 Share Posted January 26, 2016 The thing is, the house was last sold in 2005. I can see one house was sold last year on my street that is similar but the price it was sold at is £26,000 less than the estimated value of our rented house using the Halifax valuation tool. Not knowing the true value of the property is making it hard for us to know if its feasible to make an offer. ---------- Post added 26-01-2016 at 12:05 ---------- Not sure, its worth a punt. We want to buy, so will leave eventually for another property if we cant buy this one. I suspect the landlord can reinvest the money in a new house to rent out if they want. We have been in our property nearly 10 years, so once we leave there will be some maintenance required before new tenants would move in. Just the little things though mainly. Seems logical considering the house is the right value and location for us and we wouldn't need to move our stuff. The landlord will have to pay capital gains, and unless he's quick a new purchase will attract the higher stamp rate duty on buying 2nd houses. I'm not saying that they won't go for it, but it's definitely not easier for them to buy another house, than it is to keep the current one. Link to comment Share on other sites More sharing options...
geared Posted January 26, 2016 Share Posted January 26, 2016 It's worth a shot, the landlord might have been thinking about it anyway. Link to comment Share on other sites More sharing options...
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