Landlords - is there ettiquette for this?

Bananaleaf

Hi all

Currently renting a property. Have been renting 4 years.

Looking to buy in the next year. Would love to buy house we are currently in, if landlord was willing to sell.

We rent via an agency but as landlord lives locally he usually contacts us directly and we him. We are reasonable and he is great. Agent is a total waste of time but landlord obviously feels safer with an agent, that is fine.

What is the etiquette regarding the situation where we want to buy a home in the next year? My question relates to the following, more specific, questions:

1. Do we ask landlord if he is willing to sell?
2. Do we go via agent even though we don't usually/normally?
3. If property isn't for sale or landlord hasn't expressed an interest in selling, is it rude to ask if they would consider it?
4. When signing new lease should we notify landlord of the fact that we are actively looking to buy and may not be able to carry out the full term of lease? (by time lease is up for renewal we will have mortgage approval and will have viewed some places unless we have asked and agreed to buy current dwelling)
5. Do people ask for shorter leases when they are looking to buy their own place while renting or is this very rude?

Thank you in advance

EDIT: Oh great, I spelled etiquette wrong in the title and can't change!!

lawred2

Bananaleaf wrote: »

Hi all

Currently renting a property. Have been renting 4 years.

Looking to buy in the next year. Would love to buy house we are currently in, if landlord was willing to sell.

We rent via an agency but as landlord lives locally he usually contacts us directly and we him. We are reasonable and he is great. Agent is a total waste of time but landlord obviously feels safer with an agent, that is fine.

What is the etiquette regarding the situation where we want to buy a home in the next year? My question relates to the following, more specific, questions:

1. Do we ask landlord if he is willing to sell?
2. Do we go via agent even though we don't usually/normally?
3. If property isn't for sale or landlord hasn't expressed an interest in selling, is it rude to ask if they would consider it?
4. When signing new lease should we notify landlord of the fact that we are actively looking to buy and may not be able to carry out the full term of lease? (by time lease is up for renewal we will have mortgage approval and will have viewed some places unless we have asked and agreed to buy current dwelling)
5. Do people ask for shorter leases when they are looking to buy their own place while renting or is this very rude?

Thank you in advance

Just ask the landlord would he sell.

His answer will make it clear to you what to do next. There is no etiquette.

Bananaleaf

lawred2 wrote: »

Just ask the landlord would he sell.

His answer will make it clear to you what to do next. There is no etiquette.

Great, thanks. Didn't think it would be an issue at all myself, but discussing issue among colleagues in work today got a very mixed reaction (general opinon was 'why would you ask to buy something off someone if they are not selling it, that's very odd) so wanted to get a bit of anonymous feedback on here.

Thanks

Give him fair warning that you are looking to buy a place of your own and then ask him if he would consider selling or if he might know other owners in the area who might be interested. There is no etiquette, after all its a compliment to him that you consider his house worth buying.

However, bear in mind that many landlords are reluctant landlords who are not be in a position to sell, even if you make them a good offer, because of negative equity at one end and crystallising capital gains tax at the other...

lcwill

Another landlord here - no etiquette, just ask.

People have all kinds of reasons for wanting to sell a property, or not wanting too, so best is just to ask if they would consider it.

You shouldn't expect much of a discount though - maybe slightly below market price just because the sale process should be pretty quick and easy but otherwise don't expect them to deduct any of the rent you have paid from the price.

runawaybishop

Bananaleaf wrote: »

Great, thanks. Didn't think it would be an issue at all myself, but discussing issue among colleagues in work today got a very mixed reaction (general opinon was 'why would you ask to buy something off someone if they are not selling it, that's very odd) so wanted to get a bit of anonymous feedback on here.

Thanks

Not at all uncommon for tenants who are thinking of buying to mention it to the landlord. Don't know why your collegues would think otherwise.

If you are on part 4 you don't need to sign a lease.

Bananaleaf

Deleted User wrote: »

Give him fair warning that you are looking to buy a place of your own and then ask him if he would consider selling or if he might know other owners in the area who might be interested. There is no etiquette, after all its a compliment to him that you consider his house worth buying.

However, bear in mind that many landlords are reluctant landlords who are not be in a position to sell, even if you make them a good offer, because of negative equity at one end and crystallising capital gains tax at the other...

Thanks for your reply. Yeah, we totally understand that he may not either want to sell or be able to sell and we are totally fine with that. Heart won't be broken if he says no, but we were thinking "no harm in asking all the same" Well, at least we know now that we are not committing a major property faux pas by asking! heh

Is it okay to ask landlord himself or is is better to go via agent? Don't normally go to agent about things, but maybe we are supposed to?

runawaybishop

Bananaleaf wrote: »

Thanks for your reply. Yeah, we totally understand that he may not either want to sell or be able to sell and we are totally fine with that. Heart won't be broken if he says no, but we were thinking "no harm in asking all the same" Well, at least we know now that we are not committing a major property faux pas by asking! heh

Is it okay to ask landlord himself or is is better to go via agent? Don't normally go to agent about things, but maybe we are supposed to?

Straight to landlord.

Bananaleaf

runawaybishop wrote: »

Not at all uncommon for tenants who are thinking of buying to mention it to the landlord. Don't know why your collegues would think otherwise.

If you are on part 4 you don't need to sign a lease.

Oh wow, I literally just learned what part 4 is. I never even knew such a thing existed. Right, so we have been signing contracts every year except last year the agent never sent anything to the house, instead just asked if we were happy to remain on. I put the lack of a contract down to her being slightly ineffective (she has been like that on a few matters, hence mainly dealing with landlord and him with us)

From my very quick reading of what a part 4 is then we aren't locked into a full 12month contract (obviously not if we haven't signed anything I guess) therefore we probably just need to give LL a fair bit of notice which we definitely would do.

Bananaleaf

lcwill wrote: »

Another landlord here - no etiquette, just ask.

People have all kinds of reasons for wanting to sell a property, or not wanting too, so best is just to ask if they would consider it.

You shouldn't expect much of a discount though - maybe slightly below market price just because the sale process should be pretty quick and easy but otherwise don't expect them to deduct any of the rent you have paid from the price.

Thanks for your answer. Actually, I hadn't considered the idea of a discount at all, was more just thinking that it would be nice to be able to avoid a bidding war if possible.

runawaybishop

runawaybishop wrote: »

Straight to landlord.

Yes, if you involve agent he might only mess it up on you, might even want a commission out of the proceeds. Its only a friendly conversation with the landlord, after all.

pilly

Definitely go straight to the landlord, you never know your luck, he could be just at the stage when he wants to sell.