Buying my apartment - building in receivership?

WallyWonka

Out of the blue we have been notified that the apartment building we are in has gone into receivership. We have rented our apartment for many years and we'd like to stay!

We would like to buy the apartment if possible but have no idea how to go about it. This is obviously not something planned, we have known about this for less than 24h at this stage.

The fear is that they are going to sell the building as a block and won't entertain any offer from us, or give us first refusal or anything. So we are trying to act fast. Currently mobilising as much cash as possible.

What can we do at this stage??? Who can we talk to?
Should we talk to the receiver? A solicitor?
Where can I find more information about this process? (Is there even a process?)

Thanks!

L1011

Who are you renting from?

If you are renting from an institutional landlord already they will almost inevitably only sell the entire block to another institutional landlord. There is no right to first refusal in any circumstance like this.

WallyWonka

Private landlord (small enough building).
I know we have no rights. Which is why I'm trying to 'get in there' so it won't be sold off before we get a chance buy it ourselves.

L1011

WallyWonka wrote: »

Private landlord (small enough building).
I know we have no rights. Which is why I'm trying to 'get in there' so it won't be sold off before we get a chance buy it ourselves.

Presumably they own all the apartments in the building?

I really suspect there is no getting in there to do. Unless there are already private owners in the building it is likely to be sold as a single development with zero intention of ever selling individually.

WallyWonka

That's correct, they own all apartments in the building.

Would it be an idea to mobilise the neighbours? If several of us declared interest to buy would that perhaps open some doors?

L1011

WallyWonka wrote: »

That's correct, they own all apartments in the building.

Would it be an idea to mobilise the neighbours? If several of us declared interest to buy would that perhaps open some doors?

It may have some impact, however:

It is likely the building was never intended to be a multi-unit development in the modern sense. If the landlord owns every unit there won't be a management company, there won't be an existing sinking fund etc. Even if every single tenant was in a position to buy there could be extensive legal costs to set up structures to allow that. The receivers are more likely to want a quick, clean single sale.

Dumb Juan

Hi,

You can always contact the receivers and just ask them? Or keep an eye out if they have appointed an estate agent? But you would best to try and work out the approximate costs of your apartment and get your finances organised, find a solicitor etc. But you never know there maybe similar apartments for sale in your area to consider. Best of luck with everything.

jd

You wouldn't really want to end up in the situation where the rest of the apartments are owned by one person/entity, would you?

slowjoe17

OP - we don't know a bunch of stuff.

We don't know how many apartments there are.

We don't know where in Ireland you live.

Answers will be better if you provide this. As a starting point, talking to Threshold, a solicitor and your bank all make a lot of sense.