Purchasing a property I'm currently renting

newboard

Hi all, I'm currently sharing an apartment that I'd be interested in purchasing.

I'm sharing with two others, one of whom is the leaseholder and has been there for 10 years. Him and I are on good terms and I don't think they'd personally have an issue with facilitating me buying the place, I'd keep them as a tenant at least for the foreseeable as that's been my plan anyway (ie to get tenant(s) in to reduce outgoings etc).

It's likely the apartment is owned by a company rather than an individual landlord. It's in an old-ish building of around 50 apartments, which is in an area that's seen as up and coming, with new builds popping up a lot.

The apartment itself needs a good bit of work and the management company are terrible at resolving issues and basically neglect the place in breach of basic tenants rights - lots of basic stuff not being addressed such as a proper fridge, the oven is broken, some of the heaters are broken and the place is freezing during Winter, etc. The apartment would be amazing with a bit of money put into it and this would be my plan to significantly revamp the place if I was able to buy it.

I'm wondering is this a thing, and do you reckon the current owners would be interested in selling if it was a chance to offload long-term tenants paying under-market rent, in a unit that needs a lot of work, in exchange for an outright sale? Or if this was the case would they just be putting it out on the market by now?

Thanks very much

Effects

I can't see why they would offload an asset that's making them money. You could always ask though.