BNP Paribas ... how good a landlord?

Caroline_ie

Hi,

Looks like the house I'm renting at the moment has been bought by BNP Paribas...

I will have to start paying them my rent.

Any one here have any experience with them as landlords and how likely is it that a big FOR SALE sign will soon be placed outside my door ...?

... also... might as well ask : how likely are they to give me the lawnmower my previous landlords promised me...?

Thanks

The_Conductor

Caroline-

BNP have been running down the Irish loan books- for several years actually- so it would be a surprise if they suddenly decided they wanted to become an active participant again. In all liklihood- the previous landlord had loans with BNP- which he put the house up against as collatoral- and he has defaulted (probably quite some time ago)........

What happens here- is BNP employ an intermediary to manage the property while they decide how to proceed.

They meet once a month to discuss assets they've foreclosed on- so that would be some time in July.

BNP shuts down pretty much in its entirety for the month of August.

Property would likely be put on the market in early September.

You can expect to hear from the intermediary regarding facilitating viewings etc- before this.

BNP would probably hope to have a firm offer on the property before the autumn- and be formally sold before Christmas.

As for the missing lawnmower- you can ask- nothing ventured, nothing gained- however- it would be extremely surprising if they spent money on one for you- all of this is income maximisation for them- it is not investing money on the property or the tenancy- it is to get it to the market and sold as quickly as possible- and to maximise any income stream in the intervening period until they sell it.

BNP- are not into property management- and are only going to be landlord very short-term- the last thing in the world they want is a Division tasked with managing tenancies in Dublin- its simply not going to happen.

Sorry.

Caroline_ie

So, even if there is 11 months left on my lease, they can sell the property? Who'd buy a property with tenants in it?

The_Conductor

Caroline_ie wrote: »

So, even if there is 11 months left on my lease, they can sell the property? Who'd buy a property with tenants in it?

You need to clarify the status of your tenancy.
Normally- when a property is repossessed any pre-existing tenancy agreement- is null and void (as obviously you made the agreement with the previous owner of the property).

Some cases have been brought to try and make a subsequent owner liable towards a pre-existing tenancy.

The fact of the matter however- is your tenancy agreement- is a contractual arrangement between you and your previous landlord- and if it is breached- it is a matter between you and your previous landlord. BNP have zero interest in being a landlord to residential properties in Ireland- they had a lien on the property- which they have called in.

They cannot sell the property with a sitting tenant- its simply not going to happen- they may allow a tenancy to run while they get everything together- however- they will need vacant possession to sell the property.

No prospective buyer can access funding to purchase a property with sitting tenants (other than a cash buyer of course).

Normally in a situation like this- you'd sit down with the appointed property manager- and agree a month or however long you can organise- rent-free- in return for agreeing to vacate the property by a set date.

Also- your old landlord holds your deposit- not BNP- I'd be querying the status of any deposit you've paid with your previous landlord asap.........

Caroline_ie

What if I wanted to buy the property because I like it ... would they be accommodating?

The_Conductor

Caroline_ie wrote: »

What if I wanted to buy the property because I like it ... would they be accommodating?

Accommodating?
They'd very possibly bite your hand off- however, you're unlikely to get a discount on open market prices- and they may insist on putting it on the open market- to determine what the open market price is.

If you do honestly like the property- and would like to purchase- I'd contact them straight away- advise them of who you are- the fact that you're the sitting tenant- and your interest in purchasing the property.

I'd then go and see about my finances- and what my options are.

Caroline_ie

Thanks for this ... I was trying to stay optimistic for the sake of having a good summer ...