Insolvency, Tenant looking to buy

alibabastephen

Hi,

Just looking for some advice. I currently rent a house with my wife for the last 2 years. Our landlord has told us we have 2 months to leave as the house is being handed back to a 3rd party insolvency company (I don't know anything about insolvency). He said a valuer will be coming to value the property in 2 weeks.

We recently came into money and are thinking of buying the house with cash. I spoke to the landlord to ask him about buying it and he said as far as he knows, we have to be gone from the house in 2 months and if we want to buy, we have to wait until it comes for sale in the market. He said he will mention it to the company he is dealing with (he is not dealing with the bank at all he said)

I have the name of the insolvency company, but I don't want to contact them until things are a little clearer for the landlord as I don't want to complicate things for him so thought I would look for some advice here. I know its just advice.

So I suppose my question is has anyone gone through a similar situation? What usually happens? Is it possible to buy the house without it going on the market? If we could buy it, would it be market value or a little less (I read stories about people getting houses just below market value as banks want to get rid of them but I don't know if that applies here as the landlord is not dealing with the bank, but an insolvency company)

I was asking him, do we get a letter from the bank to say to move out, and then move out, or do we just go in 2 months? He said as far as he knows we have to be gone in two months that is it. Obviously we will do as he asks as we don't want to complicate it. But it would be much handier to stay, if we could buy it.

I am trying to google it but not coming up with much info.

Sorry I have no idea how this works or even anything about insolvency so my post my sound a little stupid.

Thanks

The_Morrigan

Do you have a current lease, if so when does it expire?