Local Authority purchasing my investment property

Pipmae

I have an investment property with a HAP tenant in situ. I gave the tenant the legal amount of notice to vacate the property a number of months ago. That date is approaching soon. The local authority that pays me the HAP have just asked me if I'd extend the vacation date. They've also asked if I'd be interested in selling to them.

It's a two bed, mid-terraced house. There are similar on Daft and Myhome ranging between €230k to €260k asking prices.

It would be a very appealing option to me considering the property wouldn't be vacant at any stage and there would be no estate agent fees. It would also mean my (very good and nice) tenant would be housed.

Has anyone any experience of this? My key questions are can I expect a fair price and how long the process might take?

Caranica

It's very likely that they'll want vacant possession. The house will be given to the person at the top of the housing list not your current tenants.

Claw Hammer

The council will, in that case, re-house your existing tenant.

rightmove

Currently have a thread on this if you want to look

Gumbo

Caranica wrote: »

It's very likely that they'll want vacant possession. The house will be given to the person at the top of the housing list not your current tenants.

The Council can also buy and leave the tenant as is.

Pipmae

rightmove wrote: »

Currently have a thread on this if you want to look

Thanks I found it - I'll have a browse now.

rightmove

Worst thing is they want complete empty house. I now have to throw out perfectly good gear

punisher5112

rightmove wrote: »

Worst thing is they want complete empty house. I now have to throw out perfectly good gear

Put up on donedeal

circular flexing

I believe the house has to go on the open market before the council will buy it. Having sitting tenants will reduce the market for the house and the council will probably offer on the low side.

Pipmae

The house was let unfurnished so it being left empty is absolutely no problem.

mad m

kceire wrote: »

The Council can also buy and leave the tenant as is.

Can confirm this for DCC anyway.

Caranica

mad m wrote: »

Can confirm this for DCC anyway.

Dun Laoghaire Rathdown definitely want vacant possession and I'm pretty sure Fingal do too

jomalone14

My sister sold her apartment recently to DCC. They insisted on vacant possession and rehoused the tenant elsewhere. The tenant really wanted to stay.

Everything had to be cleared that wasn't a fixture or fitting.......they wanted the washing machine, fridge freezer etc gone even though they were only 2 years old. The only appliance that could stay was the fitted cooker and hob.

Mad_maxx

kceire wrote: »

The Council can also buy and leave the tenant as is.

Not sure this is correct, think vacant possession is a condition?

arbour

kceire wrote:

The Council can also buy and leave the tenant as is.

If the council buy the property with the tenant Insitu they can leave the tenant there as long as the property meets their requirements ie not overcrowded or under occupied etc.

Caranica

arbour wrote: »

If the council buy the property with the tenant Insitu they can leave the tenant there as long as the property meets their requirements ie not overcrowded or under occupied etc.

But if the tenant is #320 on the housing list how is that fair to the person at #1?

Mad_maxx

arbour wrote: »

If the council buy the property with the tenant Insitu they can leave the tenant there as long as the property meets their requirements ie not overcrowded or under occupied etc.

Sounds practical but would the council seriously low ball when offering a bid?