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Landlord is selling the house

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  • 10-06-2020 1:56pm
    #1
    skinny90
    Registered Users Posts: 2,474 ✭✭✭


    Hi All,

    We moved into an apt 2 months and the landlord has dropped a bombshell that he wants to sell

    Initially he stated that nothing will happen for a while as the market is the way it is

    Now he has informed us of a viewing tomorrow with the actioneer and prospect.

    He is also curious whether we are interested

    Here is the thing, myself and my partner really like the apt and down the line we would like to purchase it

    Down the line would be working towards a deposit and getting a mortgage

    Right now thats not something we are in a position to do but for sure in 12 months we would be in a position ( cant see there being an issue with the mortgage app itself, we both earn fairly decent saleries)

    What would the best approach here be when it comes to showing interest in the apartment


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    #2
    Brego888
    Registered Users Posts: 1,321 ✭✭✭Brego888


    I don't see how there is anything that you can do. You say yourself you aren't in a position to buy.
    You could just be honest with the landlord and say you'd be interested in a year but that's not much use to them.
    If they struggle to sell you could be in a decent position to make a bid next year though.


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    #3
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    Why would you entertain a viewing?


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    #4
    con747
    Registered Users Posts: 6,412 ✭✭✭con747


    Contact Threshold 1800 454 454 and see if there are any options you could work out with the landlord.

    Don't expect anything from life, just be grateful to be alive.



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    #5
    meijin
    Registered Users Posts: 1,266 ✭✭✭meijin


    skinny90 wrote: »
    Hi All,
    We moved into an apt 2 months and the landlord has dropped a bombshell that he wants to sell
    1 - what does your lease say? any fixed term period?
    2 - you are entitled to peaceful occupation; you don't need to entertain viewings


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    #6
    Faze11
    Registered Users Posts: 218 ✭✭Faze11


    meijin wrote: »
    1 - what does your lease say? any fixed term period?
    2 - you are entitled to peaceful occupation; you don't need to entertain viewings

    Circumstances change and that goes for landlords too. Hopefully he is one of the good ones. If it were me and trying to be a decent human being I would a. Look for similar alternate alts for rent in the area (Possibly rent may have gone down a little with current circumstances) b. Talk to the landlord and see if they were willing to entertain the idea of purchase down the line if not in a rush. Either way I would try and be amicable in allowing viewings and proactive in looking for alternate accommodation if necessary.


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    #7
    sugarman20
    Registered Users Posts: 260 ✭✭sugarman20


    Marcusm wrote: »
    Why would you entertain a viewing?

    Great advice here. Don't allow a viewing and come back to us with how that works out. :rolleyes:


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    #8
    skinny90
    Registered Users Posts: 2,474 ✭✭✭skinny90


    Faze11 wrote: »
    Circumstances change and that goes for landlords too. Hopefully he is one of the good ones. If it were me and trying to be a decent human being I would a. Look for similar alternate alts for rent in the area (Possibly rent may have gone down a little with current circumstances) b. Talk to the landlord and see if they were willing to entertain the idea of purchase down the line if not in a rush. Either way I would try and be amicable in allowing viewings and proactive in looking for alternate accommodation if necessary.

    Thanks, we are being amicable, the landlord isnt the worst, il know more when we sit down and discuss face to face. I guess its just a shock that we are essentially being up rooted after settling down. we both agreed that this would be the last place we would rent, wed properly save and the next move was to be a purchase. Looking in the area currently is more expensive but thats to be expected.


    Thanks anyways


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    #9
    TheChizler
    Registered Users Posts: 9,455 ✭✭✭TheChizler


    If you have a fixed term lease you can't be uprooted until that's up.


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    #10
    skinny90
    Registered Users Posts: 2,474 ✭✭✭skinny90


    TheChizler wrote: »
    If you have a fixed term lease you can't be uprooted until that's up.

    yeah maybe I was a little dramatic saying uprooted but it feels like it. It just sh*tty news to hear after moving in. we will discuss with the landlord if something can be formalized down the line


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    #11
    BrokenArrows
    Registered Users Posts: 7,498 ✭✭✭BrokenArrows


    skinny90 wrote: »
    Hi All,

    We moved into an apt 2 months and the landlord has dropped a bombshell that he wants to sell

    Initially he stated that nothing will happen for a while as the market is the way it is

    Now he has informed us of a viewing tomorrow with the actioneer and prospect.

    He is also curious whether we are interested

    Here is the thing, myself and my partner really like the apt and down the line we would like to purchase it

    Down the line would be working towards a deposit and getting a mortgage

    Right now thats not something we are in a position to do but for sure in 12 months we would be in a position ( cant see there being an issue with the mortgage app itself, we both earn fairly decent saleries)

    What would the best approach here be when it comes to showing interest in the apartment



    You could suggest something like a lockout agreement.

    Both you and the landlord place a deposit with a solicitor. Say 5k.

    And the agreement being that you will purchase the property from the landlord in 12 months time for X amount of money.

    If either of you break the agreement then the person loses their deposit to the other party.

    If the prices rise a lot. Your landlord may withdraw from the agreement and sell to another party and lose his 5k.

    If the prices drop then you might decide not to purchase and lose your 5k.

    If the price is roughly where you expect it to be in 12 months the sale proceeds and everyone's gets their 5k back.


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    #12
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    BrokenArrows wrote: »

    If the prices drop then you might decide not to purchase and lose your 5k.

    If the price is roughly where you expect it to be in 12 months the sale proceeds and everyone's gets their 5k back.

    House prices are going to drop by a lot more than 5k. They are already down 10% in Dublin. We havent hit November yet. If ye are both in stable jobs get looking to buy.


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    #13
    BrokenArrows
    Registered Users Posts: 7,498 ✭✭✭BrokenArrows


    skooterblue2 wrote: »
    House prices are going to drop by a lot more than 5k. They are already down 10% in Dublin. We havent hit November yet. If ye are both in stable jobs get looking to buy.

    It was a suggestion of how they would be able to suggest to the owner to hold off for 12 months.

    But your right. With the current market the deposit would need to be much higher.


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    #14
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    skooterblue2 wrote: »
    House prices are going to drop by a lot more than 5k. They are already down 10% in Dublin. We havent hit November yet. If ye are both in stable jobs get looking to buy.

    Have they? Do you have a link which shows this 10% drop?


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    #15
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    sugarman20 wrote: »
    Great advice here. Don't allow a viewing and come back to us with how that works out. :rolleyes:

    They have recently taken up occupation, I assume for a 12 month lease. The landlord is not acting with particular good grace. He is precluded by law from issuing a termination notice but asks that they allow people to walk around the home at a point in time where emergency provisions remain in effect and we are all encouraged to minimise the number of people who enter our homes. The landlord is truly trying it on and in the circumstances I would not entertain the prospect of viewings. It’s unlikely that this has come out of the blue and appears to be bad faith given how recently they have taken up occupation.


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    #16
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    TheSheriff wrote: »
    Have they? Do you have a link which shows this 10% drop?

    No not really
    https://www.thejournal.ie/house-prices-housing-ireland-economy-coronavirus-covid-buy-mortgage-5103632-May2020/

    But we are already in a recession which is currently worse than 2008 and there is a second recession on the way in November after the election regardless of who wins in America.

    Even my dim witted brother in law is selling his second motorcycle I implored him not buy in February. Cant save stupid.


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    #17
    antimatterx
    Registered Users Posts: 2,800 ✭✭✭antimatterx


    Marcusm wrote: »
    Why would you entertain a viewing?

    It's not their property, it's the landlords.


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    #18
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    skooterblue2 wrote: »
    No not really
    https://www.thejournal.ie/house-prices-housing-ireland-economy-coronavirus-covid-buy-mortgage-5103632-May2020/

    But we are already in a recession which is currently worse than 2008 and there is a second recession on the way in November after the election regardless of who wins in America.

    To be fair, there is a massive difference in the statement "Houses prices are down 10% in Dublin already" to linking to an article which quotes an ESRI study that predicts house prices might drop 12%. Big difference. To date, I have only seen price increases in Dublin in the areas we are looking.

    I don't disagree with you re; the recession; but we also have unprecedented QE going on, with no idea how it will play out. The question which remains unanswered is what type of recession, who will be impacted, how long etc. All these should be considerations for the OP whose landlord is selling. Unfortunately nobody has these answers.

    Anyway, back on topic.... OP, our landlord asked us at one point would we buy the apartment and even suggested they would be happy until we were ready to buy it. We declined... but its worth opening the dialogue.


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    #19
    December2012
    Registered Users Posts: 4,695 ✭✭✭December2012


    Have you talked with your bank or your local authority about getting a mortgage? How much notice are you entitled to - could you save a deposit in that time? If you factor in the time it would take the property to go sale agreed?


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    #20
    accensi0n
    Registered Users Posts: 2,777 ✭✭✭accensi0n


    antimatterx wrote: »
    It's not their property, it's the landlords.

    You seem to be saying that the landlord can just have viewings whenever he wants because he owns the property?

    That goes against the information here:
    https://www.citizensinformation.ie/en/housing/renting_a_home/tenants_rights_and_obligations.html#ld7acd

    "You are entitled to quiet and exclusive enjoyment of your home."

    "Your landlord is only allowed to enter your home with your permission. If the landlord needs to carry out repairs or inspect the premises, it should be by prior arrangement, except in an emergency"


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    #21
    antimatterx
    Registered Users Posts: 2,800 ✭✭✭antimatterx


    accensi0n wrote: »
    You seem to be saying that the landlord can just have viewings whenever he wants because he owns the property?

    That goes against the information here:
    https://www.citizensinformation.ie/en/housing/renting_a_home/tenants_rights_and_obligations.html#ld7acd

    "You are entitled to quiet and exclusive enjoyment of your home."

    "Your landlord is only allowed to enter your home with your permission. If the landlord needs to carry out repairs or inspect the premises, it should be by prior arrangement, except in an emergency"

    No I'm not saying that.

    But "not entertaining a viewing" is absolute nonsense.


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    #22
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    skooterblue2 wrote: »
    House prices are going to drop by a lot more than 5k. They are already down 10% in Dublin. We havent hit November yet. If ye are both in stable jobs get looking to buy.

    House prices rose in May.


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    #23
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    if you are interested in buying why pay another year of rent and then buy it unless you foresee a drop more than that amount.

    (could try upmost to sort out issues of deposit etc if you're genuinely interested in the property)


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    #24
    [Deleted User]
    Posts: 24,714 ✭ [Deleted User]


    skooterblue2 wrote: »
    No not really
    https://www.thejournal.ie/house-prices-housing-ireland-economy-coronavirus-covid-buy-mortgage-5103632-May2020/

    But we are already in a recession which is currently worse than 2008 and there is a second recession on the way in November after the election regardless of who wins in America.

    Even my dim witted brother in law is selling his second motorcycle I implored him not buy in February. Cant save stupid.

    House prices are rising again after the drop during the early lockdown.


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    #25
    Pkiernan
    Registered Users Posts: 4,310 ✭✭✭Pkiernan


    This post is a good warning to landlords that there is no upside for a LL to a 12 mo th lease agreement.


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    #26
    meijin
    Registered Users Posts: 1,266 ✭✭✭meijin


    Pkiernan wrote: »
    This post is a good warning to landlords that there is no upside for a LL to a 12 mo th lease agreement.

    people who move house want to have at least minimum stability in their life, not be moved around every 2 months, because the LL "changed their mind about renting"


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    #27
    challengemaster
    Registered Users Posts: 16,930 ✭✭✭✭challengemaster


    antimatterx wrote: »
    It's not their property, it's the landlords.

    The deed may belong to the landlord, but once the house is rented it's the occupiers house. The landlord has no real right to have viewings, and the tenants are under no obligation to allow it. By law, there is no access for viewings under the residential tenancies act. There may be a clause relating to it in the lease.


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    #28
    Pkiernan
    Registered Users Posts: 4,310 ✭✭✭Pkiernan


    Unless theres a lease in place, a tenancy can be ended for any reason in the first 6 months.


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    #29
    Pkiernan
    Registered Users Posts: 4,310 ✭✭✭Pkiernan


    meijin wrote: »
    people who move house want to have at least minimum stability in their life, not be moved around every 2 months, because the LL "changed their mind about renting"

    Buy a house then?


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    #30
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    antimatterx wrote: »
    It's not their property, it's the landlords.

    The tenant is in possession of the property under Irish law and not required to permit strangers to enter the property until that date. In normal circumstances, I would try and accommodate the landlord. However, these are not normal circumstances as (1) the landlord is acting in bad faith in seeking to do this at such an early stage and (2) the landlord is seeking to force the tenants to circumvent the emergency provisions relating to Covid.


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    #31
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    antimatterx wrote: »
    No I'm not saying that.

    But "not entertaining a viewing" is absolute nonsense.

    For what reason given the surrounding circumstances. No one other than those of us who live here have entered my home in 3 months. How about yours? Why should the tenants quiet enjoyment be disrupted in this manner, especially as the landlord is not, in any event, in a position to proceed with a sale in the current environment. Your approach seems to absolutist, mine is situational.


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