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Local Authority purchasing my investment property

  • 17-04-2019 12:28pm
    #1
    Pipmae
    Registered Users Posts: 1,999 ✭✭✭


    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?


Comments

  • #2
    Caranica
    Registered Users Posts: 10,000 ✭✭✭✭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.


  • #3
    Claw Hammer
    Registered Users Posts: 6,155 ✭✭✭Claw Hammer


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


  • #4
    rightmove
    Registered Users Posts: 992 ✭✭✭rightmove


    Currently have a thread on this if you want to look


  • #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,424 Mod ✭✭✭✭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.


  • #6
    Pipmae
    Registered Users Posts: 1,999 ✭✭✭Pipmae


    rightmove wrote: »
    Currently have a thread on this if you want to look

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


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  • #7
    rightmove
    Registered Users Posts: 992 ✭✭✭rightmove


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


  • #8
    punisher5112
    Registered Users Posts: 24,647 ✭✭✭✭punisher5112


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

    Put up on donedeal


  • #9
    circular flexing
    Registered Users Posts: 2,584 ✭✭✭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.


  • #10
    Pipmae
    Registered Users Posts: 1,999 ✭✭✭Pipmae


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


  • #11
    mad m
    Registered Users Posts: 9,001 ✭✭✭mad m


    kceire wrote: »
    The Council can also buy and leave the tenant as is.

    Can confirm this for DCC anyway.


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  • #12
    Caranica
    Registered Users Posts: 10,000 ✭✭✭✭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


  • #13
    jomalone14
    Registered Users Posts: 283 ✭✭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.


  • #14
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭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?


  • #15
    arbour
    Registered Users Posts: 125 ✭✭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.


  • #16
    Caranica
    Registered Users Posts: 10,000 ✭✭✭✭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?


  • #17
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭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?


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