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04-02-2019, 12:58   #1
Sunrise_Sunset
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Valuation of property with tenants

Hi, we are in the process of a mortgage application. The underwriters have said we need to get a valuation report. We didn't want to let the tenants know about us potentially selling the property until we definitely had mortgage approval, in case we don't get it. But now they have requested it before they give their final answer. Can I just tell the tenant that we need access to the property for a valuation? Do I have to give any further information? If we get the approval, we will of course be giving them at least 3 months notice at that point.
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04-02-2019, 13:02   #2
BrownFinger
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Tell them it’s for home insurance
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07-02-2019, 13:12   #3
Askthe EA
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Tell them it’s for home insurance
Exactly, or taxation reasons, we're well used to that cover story.

Last edited by Askthe EA; 07-02-2019 at 15:53.
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07-02-2019, 19:21   #4
Sunrise_Sunset
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Thanks. Yes we went with the line that it was for insurance purposes.
However, if we proceed to put the property up for sale, does it look bad that we lied to the tenants?
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07-02-2019, 20:19   #5
Caranica
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Thanks. Yes we went with the line that it was for insurance purposes.
However, if we proceed to put the property up for sale, does it look bad that we lied to the tenants?
"the valuation was higher than we expected so we decided it would be a good time to sell"?
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08-02-2019, 00:58   #6
the_syco
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However, if we proceed to put the property up for sale, does it look bad that we lied to the tenants?
This comes to mind
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08-02-2019, 11:37   #7
Old Perry
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Thanks. Yes we went with the line that it was for insurance purposes.
However, if we proceed to put the property up for sale, does it look bad that we lied to the tenants?
IMHO Yes it does look bad. What's the harm in being honest, let your tenants know about the potential sale and allow them to be as prepared as possible.
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08-02-2019, 12:52   #8
Lux23
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Thanks. Yes we went with the line that it was for insurance purposes.
However, if we proceed to put the property up for sale, does it look bad that we lied to the tenants?
Why don't you just tell them? It would give them a chance to start saving for a deposit.
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08-02-2019, 15:52   #9
the_syco
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Why don't you just tell them?
The tenants could refuse entry by the valuation person, to stop the house being sold.
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08-02-2019, 16:29   #10
mp3guy
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Lying to them about the reason could backfire whenever the person doing the valuation lets it slip in person why they're there.
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08-02-2019, 21:57   #11
Sunrise_Sunset
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We didn't want to tell them because we are not definitely selling. We've applied for a mortgage, if we don't get it, we're obviously not selling.

If we do decide to sell, I think 3 months notice as per the RTB rules is plenty. When our previous landlord decided to sell, we were given 3 months notice and managed to get another lease elsewhere within that time frame.
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08-02-2019, 23:31   #12
Del2005
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Lying to them about the reason could backfire whenever the person doing the valuation lets it slip in person why they're there.
They'll be there to value the house as the OP already informed the tenants. The OP doesn't have to tell the valuer why they want the property valued. So what can they let slip?
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