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Long Terms Lease and Selling Property to Fingal Co Co

  • 24-08-2024 6:34pm
    #1
    dialemma
    Registered Users Posts: 49 ✭


    Hello, we currently own a property which we have leased on a long term lease to Fingal Co Co. The lease is due to expire shortly and there are tenants homed in the property. The tenancy agreement is between Fingal Co Co and the tenant and not between us and the tenant. Does anyone know or has anyone in this situation sold their property to Fingal Co Co or to any council, and how did the process work. In this scenario would Fingal first have to vacate their own tenants before they purchased the property and before the sale could commence or would their tenant remain in-situ while the sale process went through? Also do the Council typically offer market rate, and would we have to advertise the property on the open market? We are happy to do so but I can foresee that it might be difficulty to gain access for an Estate Agent if the tenant is still living there, but equally it seems ridiculous for the council to have to rehome their tenant just so they can then go ahead and buy the house? Any tips or advice welcome.



Comments

  • #2
    GreenPanda99
    Registered Users, Registered Users 2 Posts: 39 ✭GreenPanda99


    https://www.boards.ie/discussion/2058365991/long-terms-lease-and-selling-property-to-fingal-co-co

    Doesnt seem right that Fingal coco can leave you in a situation that you cannot get market rate for your proerty so they can bid away with no other bidders.

    If I were you I would be using my hand and giving them a price 10 or 20% above what the last similar property sold for and tell them they can take it or leave it.

    If they leave it then they have to move the tenant on and you are free to sell unencumbered by an occupied property or the rent cap as it was leased to fingal and not rented. So you will attract higher bids on the open market.

    Also at the end of Fingals lease if they do not give you your property back because they cant move their tenant on thats not your problem. Inform them that when the lease is up if Fingal continue to hold on to your property that you are ok with that but the rent is now market rate plus 25%.

    Dont be letting Fingal effect the value of your property negatively and get away with it and even acquiring it at a lower value. When their lease is up, its up. Charge them whatever you like after that til they give it back to you.



  • #3
    mrslancaster
    Registered Users, Registered Users 2 Posts: 1,851 ✭✭✭mrslancaster


    Read the contract or check with the solicitor who acted for you with the council. I know someone who had one of those long term leases and afair it just rolled over at the end of the term with the same terms unless the owner gave a number of months notice. The council would probably need time to find alternative accommodation for their tenant, which is fair enough.

    Our friends gave notice and offered to sell to the council at the end of the lease. They got an EA valuation, council offered less which they accepted, then it took a few months to complete all the legal stuff. Afair the tenant remained and the rent continued until the final contracts were signed.



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