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Rent with new landlord

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  • 26-06-2024 8:52am
    #1
    dantheman95lbp
    Registered Users Posts: 52 ✭✭


    Hi guys,

    Our landlord has decided he is selling our property and we have been given an eviction notice. Last week an estate agent said that he is hoping to sell the house to someone who will agree to keep us on as tenants. I'm wondering if we get a new landlord, can they set the rent to whatever they want after buying? Our rent is pretty low at the moment due to RPZ rules but we're worried it may skyrocket now



Comments

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    #2
    dubal
    Registered Users Posts: 770 ✭✭✭dubal


    RPZ is on the property not the owner. it stays in place for the new owner. A tenant in situ will make it hard to sell for the landlord and reduce his price.



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    #3
    Ezeoul
    Registered Users Posts: 3,018 ✭✭✭Ezeoul


    I'm 90% sure that banks require vacant possession for someone to buy with a mortgage?

    Unless the landlord looks for a cash buyer or sells to the council…

    In your shoes, I'd start looking for a new place.



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    #4
    dennyk
    Registered Users Posts: 1,707 ✭✭✭dennyk


    https://www.boards.ie/discussion/comment/122305642#Comment_122305642

    Getting a buy-to-let mortgage would be possible with a tenant in situ, if perhaps a bit more challenging than with vacant possession. If the buyer plans to let the place then they wouldn't be getting an owner-occupier mortgage anyway (unless they were doing mortgage fraud, of course…).



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    #5
    Ezeoul
    Registered Users Posts: 3,018 ✭✭✭Ezeoul


    https://www.boards.ie/discussion/comment/122309110#Comment_122309110

    Good info, thanks.



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    #6
    SharkMX
    Registered Users Posts: 1,457 ✭✭✭SharkMX


    https://www.boards.ie/discussion/comment/122305039#Comment_122305039

    Low current rent will also prevent any of the few potential property investors from buying that house too. Most likely it will go to an owner occupier.



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    #7
    ted1
    Registered Users Posts: 23,538 ✭✭✭✭ted1


    Could you buy it ? If the rent is low an investor might not be interested. So to achieve best price it’d have to be an owner occupier that buys it

    Unless the council buy it.

    Post edited by ted1 on


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    #8
    dantheman95lbp
    Registered Users Posts: 52 ✭✭dantheman95lbp


    I would love to buy the place but it's just not feasible right now. I've been thinking about the councils rent tenant in Situ Scheme too but between the three of us here we are far above the income threshold, so it's not likely



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    #9
    Bass Reeves
    Registered Users Posts: 18,646 ✭✭✭✭Bass Reeves


    https://www.boards.ie/discussion/comment/122320802#Comment_122320802

    If the rent is significantly below the market rate no investor will touch it unless theg buy if at a significant discount to market value.

    Therefore owner will more than likely have to sell with vacant possession

    Slava Ukrainii



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