How do I go about buying a house off the landlord if it’s a private sale not through an agency?

11
Found 19th Jan
We’ve lived in this house for 4 years now and we are looking to get on the property ladder if we get accepted for a mortgage but we don’t have any experience in property, we’ve been reading about it and trying to learn. The house was valued at £85,000 and we asked the landlord if he would sell to us as he has 5 properties, he said he would but wouldn’t list it up for sale with an agency and he would only sell to a tenant who already lived their. So if it’s not going to be sold via an agency what pitfalls should we be trying to avoid and will the bank sort everything out for us? Any advice is greatly appreciated
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11 Comments
Go to your solicitor with the seller's details, property details, sellers solicitors details.
You both instruct your solicitors to do the conveyancing and they get it sorted, happens a lot you don’t need an estate agent to sell a house all they would do is cost the seller money that’s not needed. Just google the steps, all will say the same thing.
eslick is right to say don't involve leaches (Estate Agents). Use sites like the land registry or ourproperty.com and rightmove.co.uk to look at property prices in the street/area to ensure you are getting a fair price. You may well pay top notch to avoid the costs of moving. Dont get bitter and twisted about that. The landlord may save money but you have the property you want.

OR

Look around and be prepared to move.

Your solicitor will arrange for a form to be filled in by the vendor which lists defects. Read the response carefully.

Don't skimp on searches just because you live there and think you know the area.
I can’t foresee any pitfalls in not using an estate agency. They would act on behalf of the seller and are only interested in getting the best price for him.
Are you happy paying £85k? Bearing in mind he hasn’t got to pay an estate agents could you posssibly offer him less?
check out Nethouseprices by putting in your postcode to find out the sold prices of comparable houses on your street to see if £85k is about right
Have a look here Government right to buy . Make your deposit go further. Don't commit to buying the house you are in, or feel obliged to buy it, if you have any doubts or reservations. Your Landlord is a businessman, he will understand.
The estates agent is simply a go between seeker and buyer. They can provide you with solicitors etc, they will cost you more but remember the estates agent works for the seller. You can easily cut them out if you find the house you want. Good luck.
Just use a solicitor . they know (should know) the ins and outs and will check for any potential problems . Absolutely no need to involve estate agents . I presume you have already checked the price is a good one . Solicitor then Surveyor job done
Edited by: "rogparki" 19th Jan
Who valued the property?
Generally there is a good 10-20% leeway depending on the estate agent and seller.

Do your own research and check the value correct.

In terms of no estate agent it's best for both parties.
An estate agents job is to market and sell the property. As its not needed the seller saved on fees and you can generally barther a bit of the list price.
You only need a solicitor, you mentioned a mortgage, the mortgage company will insist on a basic survey and will also determine the value being paid is roughly correct but you have the option to top that survey up to be more thorough or instruct your own as well.

An estate agent is essentially a salesman, once the sale is agreed they hand it over to solicitors, if you’ve agreed a price potentially, then you’ve already done that bit so just move onto surveys/solicitors and save the cash.

Check sold prices on zoopla. If it’s a 5k either way then it sounds about right.
Exactly same as any other sale with a estate agent but easier with less messing about with estate agent the fees and slow process so it's better for u go see a good property solicitor
We have had a few tenants asking to buy our properties as our tenants are long term tenants and they get used to living there so they want to continue to do so permanently when they look to buy. Also our properties are in prime location and are good properties to own.

However I don't like the idea of selling a property to an existing tenant so I always tell them that the property is not for sale. Personally, I would always put my property on the market with an estate agent as that is the only way that it will get the best price as the agent will be able to offer the property to the whole market and get several interested parties to compete with one another to get me the best price for the property.

If your landlord is eager to sell to you and is not going down the estate agent route, then you should ask the question why, as he is not acting as one would expect. It makes me think that the £85k is more than what he would expect to get for the property, so you may be paying more than its market price.

Apart from that, there is no need for an estate agent to be involved as their job is only to market the property and to keep the sale going by acting as go between to completion in case things become difficult during the survey and legal process.
All an estate agent does is find buyers for properties and charge a large fee for doing so, you've just cut out the middle man.
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