Q: Hi,
Ive read so many of these reviews and there are many good tips and ideas out there, so I hope that someone may be able to get a little advice in this way to send . (please!)
Were in a situation where we have been looking to buy a house but we want the house to buy is the only one we currently rent. Our landlord is happy to sell it when our lease is up, and we have a couple of valuations made in the field, so a good idea of what the house is worth.
Were absence of agents that we realize saves the landlord a reasonable sum of money, but they are other ways we can reduce our purchasing costs, or use the fact that weve been renting to our advantage? We have a good relationship with our landlord, so the negotiating table feeling a little awkward, but we would still like to save some money ouselves if possible! We are currently discussing the price, but in what we call stage fixtures and fittings etc or are usually included in the house price? Or how about the whole can of worms we have not even thought of yet?
Thanks much advance .
We had already done quite a lot of what you guys mentioned like looking around at other properties in the area and getting valuations done etc but it was reassuring to know that we were heading down the right track. With the EA out of the equation, we were a bit unsure of what exactly we needed to do and how far we could push things, but we negotiated everything ourselves with the landlord. There was quite a variation in the valuations but as we know the area quite well and have seen what the other houses have been selling for, we believe we got a good price in the end.
It was quite a nervewracking experience but definitely worth it in the end. We even negoitiated to include the furniture and fittings, and not having to move was an even bigger bonus (though not the reason for buying it in the first place!).
If only every move/sale could be as pleasant! If anybody else is considering it, stick with it, we defintely think it's worth it!
Thanks again!
I realise it is difficult to negotiate a price when you know the people, landlord or not, but remember two things; They wish to obtain the highest price possible and you wish to buy at the lowest price possible!! So put all the pleasantries on hold for now and agree a price which you and only you are happy with.
Good luck.
But even then there are ways and means
I wouldn't try to take the estate agent's fees off the price, certainly not all of it. You don't want the landlord thinking that he's gonna lose that money anyway, so try to get a better deal from an EA. It would be like him charging you extra because you don't have to rent vans or use a removal firm.
The best advice I could give is to use a conveyancor who will do the work on a no-sale-no-fee basis… that way if anything falls through, all you have paid for is your legal searches, and could save a thousands in conveyancing fees.
Decide whether a fee-free mortgage is best for you, even if it means a slightly higher interest rate. You will get house proud and start buying things, so any spare cash at the start not used up by mortgage fees is great for a trip to the shops.
Above all, keep the rapport with your seller (when things start, he's the seller, not the landlord). He could very easily pull the plug like any other seller can, so keep him sweet.
Good luck
Martin
Naturally on the plus side you can negotiate the 1% (or near) EA fee from the guide price, you also couldn't be in a better position to know what the area is truly like, and what kind of house you are buying. You also don't have the worry of gazumping, and other purchase concerns.
It sounds silly but its a great feeling buying a property and moving in knowing you have worked incredibly hard to get it – that is somewhat negated if it just transfers to your ownership and nothing really changed – that's a very personal thing though, so may not worry you.
I would suggest getting out there and seeing as many similar properties as possible (you may well have done this) if you still get the right feeling, and think you can negotiate, then go for it!
Incidentally we were all set to buy our rented house, but found out it had a short leasehold, we looked around, and I have purchased a much better property, when at one time it looked almost certain I was buying the rented one.
Good luck
Dave