If you've ever been told that your landlord wants to sell your home, you'll know that sinking feeling in the pit of your stomach.
Living in a rented property can sometimes feel unsettling. You're not in total control of your life. Things can be changed in an instant. And there's very little that you can do about it!
So, if you've been making your house your home and getting things nicely settled, only to be told that your landlord wants to sell up, what should you do?
Well, try not to panic.
There are a few options available to you.
Read on to find out more…
Do you want to buy? It may be possible to buy the property from your landlord? If you're thinking of getting onto the property ladder, perhaps this is the nudge you need?
There are many reasons that this is a convenient option for both parties.
- You don't have to move anywhere.
- You don't have to allow access for viewings whilst also trying to move out.
- You get your tenancy deposit back on completion of the sale.
- You know the property inside out already, so there will be no surprises.
- Your landlord will receive rental income throughout the sale process.
- The process can be much faster because there is no marketing time.
The list goes on.
Not ready to buy? No problem, but you will need to decide on your next plan of action.
Find out what timescale the landlord is working towards?
Will you move out into a new rented property?
Do you plan to look for a new property straight away, or will you stay in the property until it's sold?
It might be a good time to speak to your local letting agents to see what properties are available.
Maybe you can stay? Perhaps the landlord could sell the property with you as a tenant? Nothing much will change for you in this scenario except the landlord's name on your tenancy agreement. This is an excellent option for the landlord and you as the tenant. Maybe you could suggest it to them?
This way, you will allow access for viewings from new prospective landlords. And at the point of the sale completion, you will receive a new tenancy agreement in your new landlord's name. The new landlord has rental income from the first day of ownership. The old landlord receives rent right up to the point of completion. You get to continue living in your home - everyone's a winner!
Money talks. If all else fails and you really don't want to leave, you may be in a position to offer a higher rent. If you have some available funds that would allow you to pay a slightly increased rent, maybe this could sway the landlord into keeping the property. You never know; money talks!
But, crucially, you should negotiate a fixed contract to give you confidence and peace of mind if this is the option you choose.
So the plan of action would be:
Do you want to buy it? Is that even an option? Do you know where you are with your finances? Maybe you need to speak to a mortgage broker to see if this could be possible.
If that isn't an option, find out the landlords' timescale intentions. Do they want to sell ASAP? Are they going to serve you notice immediately? Or do you have time whilst the property is being marketed?
Or perhaps you've been thinking about moving on, and this is just the gentle nudge you needed to get started.
Have a look at what properties are available in the letting market at the moment.
Get registered with the agents in your town and see what's on offer.
Whichever way you're leaning, there's no need to panic, even if it does feel as if the rug is pulled from under you.
Take a big deep breath and think about which option would work best for you before making any rash decisions.
If you have any questions or want to discuss your available options with our property experts, get in touch today!