Want to buy our rental!!

D

doubtingdebra

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We have been given our notice to vacate the house we have been renting the past 12 years by May 16th.Over the past few months we have been trying to secure a mortgage( took longer as my husband is only self employed since end of 2019 so needed at least two years worth of books). Anyhow today I approached the landlord with our interest to purchase the property in a straight sale so to speak( omitting a snag list and an engineers report) to be told that they were putting it on the market. Whilst we understand why they want to do this the house is in need of quite a bit of refurbishment etc.
While we were trying to get things in order I have also been looking for other properties to buy/rent in our local area(both me and my husband grew up here also and our two boys attend school here also) but there is nothing available.
My question is where can I go from here. Is there anyone I can contact to help us on our plight?
Any advice so gratefully received please as to where to go from here.
May I add that the house going on market will probably go for much more than we can afford( or what the house is worth for that matter). We have been renting here as I say since 2010 but with the RTB since 2015 but I have all the rent receipts since day one before we started paying rent through online.

Thanks again
 
The house is worth what a willing buyer is prepared to pay - you and others may consider this to be more than the house is worth, but the buyer obviously does not

Also, you seem to be implying that the seller should sell it below what a willing buyer will pay, but without explaining why they should do that?

I sympathise with your plight but until a lot more houses are built in areas where people want to live, work and play there is not much anyone can do
 
jpd said:
The house is worth what a willing buyer is prepared to pay - you and others may consider this to be more than the house is worth, but the buyer obviously does not

Also, you seem to be implying that the seller should sell it below what a willing buyer will pay, but without explaining why they should do that?

I sympathise with your plight but until a lot more houses are built in areas where people want to live, work and play there is not much anyone can do
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Sorry I should have said I had spoken to landlord previously and he was willing to give us a deal as since day 1 he has never had anything to do with repairs/upkeep only in word of mouth unfortunately but he did say an amount he would take off the price which is what we worked towards. I'm not blaming Landlord as if I was in the given situation I would do the same. It's just disheartening I suppose
We are in need to a house either to buy or rent just if anyone can point me to someone who can help us that is besides auctioneer or rental agencies as I have exhausted both..thanks again
 
Hi Debra

A lot of people are renting properties which they could not afford to buy.

This is accentuated in many cases where there are long-term tenants whose landlords were decent and didn't maximise the rent every year.

There really is nothing you can do about your particular case. But get onto the Minister for Housing and to Eoin O'Broin and tell them that their combined efforts to drive landlords out of the market are leaving people like you high and dry.

Brendan
 
What is your area? I agree with Brendan, the problem is landlords are being driven out. They are viewed as the problem whereas they are part of the solution in fact. Alas, it's not politically popular to entice new landlords into the market or encourage existing landlords to remain.
 
PebbleBeach2020 said:
What is your area? I agree with Brendan, the problem is landlords are being driven out. They are viewed as the problem whereas they are part of the solution in fact. Alas, it's not politically popular to entice new landlords into the market or encourage existing landlords to remain.
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West cork ..yea I know unless we build a Noah's ark take on a few animals we are screwed ..when we moved into the estate there were only 4 houses occupied out of 40 some of those weren't even finished being built and the majority on the inside not finished. They were looking for extotorniate money back then even when we approached them about buying it..they could afford to bide their time it seems ..is the local council worth a phone call to? We remain in the middle upbove the threshold to qualify for social housing and below the threshold to afford what has and still remains to be rip off Ireland. Its soul destroying we both work full time , we would be much better off if I sat at home all day filing my nails !!!
 
I recently sold to my tenants. I was an accidental landlord and the tax each year was cruifying me and though it would have been great to keep the house, it was 15 years old and stuff would need replacing and I didnt have the cashflow. The rent did not cover mortgage, tax and repairs.
My tenants did offer a price well below market value initially. I came back to them with a fair figure that took into account recent growth but also took into account the fact I would not have to deal with any selling expenses ie spruce up repairs 2/ 3 months paying mortgage etc.. Tenants continued to pay rent for each full month until completion( I did not charge rent for the " extra days" between start of month and close) We came to an agreed price

I may have got more on open market in these times...maybe? maybe not.. but I was happy with the selling process to my tenants happy with the price and happy tenants did not have to leave and I personally never actually had to see the house again..nothing wrong with it..it was a fab house, but I was never going to live there again.

That was my experience. However if they had been unable to get a mortgage, I would have had to terminate rental and put on open market. You only get one opportunity to sell an asset like a house, you have to get the best price for it.
best of luck with your plans
 
Be careful. I agreed a price with my landlord, got a mortgage approved, deposit paid, papers exchanged, then my solicitor discovered that the apartment didn't have proper planning permission (basically it seems it was built in contravention of the original PP & the builders "worked around" by declaring it to be the "ground floor basement" of the apartment above it, and tied the two together in a single title), so basically I couldn't buy. So then the landlord announced that she was going to apply for PP - 2 months later it got turned down because of a mistake in the application, so they applied again and got rejected (because the size guidelines today are bigger than those the apartment was built under in 1997). So she appealed, which is now going on for another 2 months. It left me on hold for nearly 10 months with all the back & forth between solicitors, the council etc.

Just to say that just because you've lived there for years doesn't mean you know all the details of the place. Sometimes places get rented because they cannot be sold on the open market for legal reasons. But if they are going to open market its probably an option, one that the vast majority of tenants being evicted have not got the luxury of. It might be worth asking a solicitor to informally check out the title and PP (if you don't want to do it yourself) and get a surveyor to look at the place, to save you the hassle of discovering later on there is some major problem that would entirely stop the sale from ever taking place.
 
lff12 said:
Be careful. I agreed a price with my landlord, got a mortgage approved, deposit paid, papers exchanged, then my solicitor discovered that the apartment didn't have proper planning permission
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Its great to have a good solicitor !
 
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