Buying property previously rented - can the rent be verified?

C

Colby

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Hi
I am considering buying an apartment in Dublin the I can see from RTB was subject to tenancy, it’s empty now.

I have asked the EA to get me details of the tenancy so I can see rent etc to calculate if it makes financial sense to buy as any tenants I try put in place would be subject to rent cap on previous owners rate.

My question is how can I validate what EA tells me maybe vendor hasn’t been honest with him or EA just increasing rent to up value.

If I ask RTB it would be data disclosure.

Apartment is seriously dated and I have great plans to modernize but am afraid it may have been rented way below market rate before and I’d be stuck with this plus 4%.

I plan on moving in myself in about 5 years time which is the reason I’m considering in first place

Anyone know if info can be verified?

Tsk
 
I think you would have to see the signed lease agreement. It's not unreasonable to ask for this.

How long has it been empty? And how long will it take you to close the purchase and to the refurb.?

Isn't there something about a property which has not been let for two years is exempt from the 4% limit?

Could you refurb it and then leave it empty until the two years is up? Or occupy it yourself?

Brendan
 
Thanks Brendan

I have written off to EA to ask for this well in advance of an offer, will see what he says.

I couldn’t afford to leave it empty but sheer madness that this may make better Financial sense in the long run.

I don’t know if it’s being sold by vendor or financial institution again I need find that out too as option B may not have this detail.
It’s also currently unfurnished I don’t know if it was rented unfurnished again relevant as no incentive to furnish well for tenants (which I would still genuinely do)

I would have thought with being subjected to a law on what rent can be ( and I am not looking for big money just fair rent) that this info would be available for each property for sale online somewhere.

Would save me and EA time and effort if a place isn’t a runner due to previous financials .....bizarre

I’ll see how I go it’s an important piece of info that should be in adds imo

Tks
 
does the owner have a letter from RTB with the details or maybe a printout of the information from the rtb database? When a tenancy is registered afaik the owner gets a letter as well as the tenant
 
Hi
Thanks for the help.Unfortunately poor owner hasn’t helped his sale causes.
Yet another decent landlord he had same tenants for 10 years charged them €800 per month in 2017/2018 for 2 really nice bed apartment in Swords.
Hate to see him penalized but maths won’t work for any investor on this one!
I couldn’t afford to leave it empty so have to pass

Law rewards the greedy landlord in a sale,
CB
 
A good example of the counter-productive impact of rent control legislation.:(

Somebody could be living in that apartment...
 
Refurb it & do short term lettings for the 2 years - would this work Brendan ?

(see my related question in other thread today).
 
bipped said:
does the owner have a letter from RTB with the details or maybe a printout of the information from the rtb database? When a tenancy is registered afaik the owner gets a letter as well as the tenant
Click to expand...
That letter does not state the rent. It can be seen online though. By the landlord. Problem is that if he increased the rent it's probably not reflected on the RTB website. For landlords like me I just could not be bothered updating the RTB website as it's a dire website to figure out.

If the rent was paid by DD then there is proof of rent there.

Are you sure you can not get this information from the RTB?
 
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