Pretty much the same as any other house purchase.tenant was interested in buying, how would it work work in practice
The farmers of Ireland are not exactly noted for unnecessary spending on professional fees!I'd just note that in the Celtic Tiger era where developers were landing on landowners' doors waving fat chequebooks it was commonplace for such vendors to involve auctioneers in the process, sometimes at significant expense. I don't know why this was the case, I saw even the most hard bitten and stingy of farmers doing this. I can only assume they saw value in having the auctioneer onside to assist in the negotiation process.
It's a hypothetical situation. I was asking about auctioneer involvement only. I would see no need for a full service agreement if they are not marketing the property.Pretty much the same as any other house purchase.
Tenant offers price, owner either agrees or asks for more, final price agreed after the usual horse trading.
Tenant applies for mortage, solicitors do their thing, house is sold.
Of course there's possible obstacles; might not agree on price for starters or tenant might not get mortgage, or legal search might find a planning issue etc., etc.,
Any tax due on the sale is up to the vendor to sort out.
No idea why you want to involve an auctioneer.
You can find AAM threads on this if you look. From memory one by a tenant and one by a landlord.Has anyone here successfully sold or bought this way?
The cynic in me says that any win win will favour the tenant. The government has yet to announce any scheme that favours landlords.On the surface, it looks like it should be win win but are there likely to be obstacles to a smooth sale?
Then the landlord doesn't have to sell.The cynic in me says that any win win will favour the tenant.
Any scheme should be neutral but it remains to be seen. There are significant benefits to a tenant buying where they live as well as for the owner selling. A small discount on valuation should be enough. If the owner is not happy with final offer, they would not have to sell.The cynic in me says that any win win will favour the tenant. The government has yet to announce any scheme that favours landlords.
My understanding is the state cannot force a sale of property to a tenant at any price and especially at a discount. A proposal was giving a tenant first refusal, assuming the price is at or near market rate. Forced sale at substantial discount is typical sinn féin talk.If a tenant wishes to buy, he would be better waiting to see the results of the next election. Sinn Fein proposal to force landlords to sell with the tenant in situ would have to have a good discount built into the asking price.
Can't see how giving tenant first refusal is going to work in practice. Unless landlord needs a quick sale why would he accept a lower fig than the market would get him.My understanding is the state cannot force a sale of property to a tenant at any price and especially at a discount. A proposal was giving a tenant first refusal, assuming the price is at or near market rate. Forced sale at substantial discount is typical sinn féin talk.
I think you'll find the Supreme Court would baulk at that.If a tenant wishes to buy, he would be better waiting to see the results of the next election. Sinn Fein proposal to force landlords to sell with the tenant in situ would have to have a good discount built into the asking price.
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