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Hello, Could you please tell me the pros and cons of approaching

Hello, Could you please tell me...
Hello,

Could you please tell me the pros and cons of approaching the owner of my property direct, rather than going through an estate agent, to see if he would be interested in selling it? I currently rent it and everything it done through the estate agent. I have never met the landlord and he lives in the US.

Thanks.
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Answered in 6 minutes by:
9/9/2013
Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,625
Experience: BA (Hons), PgDip, Practising Solicitor
Verified
Hi

Thanks for your patience.

The disadvantage is that by not having the property marketed for sale there is no indication whatsoever that they are willing to sell. You are going in blind effectively.

The advantage is that if your offer is accepted then you will almost certainly be the only potential buyer. Therefore, your interest will not get played off against other buyers in the same way as it may if the property was being marketed.

The advantage for the seller is that they would not have to pay agents fees on the sale. This means that if you are able to agree a price then the net proceeds of sale that they receive if it complete are increased because they don’t have to pay a percentage of the sale price to the agents.

Therefore, you can take this in to account when you make your offer. You may consider making it a bit lower than you would have done if agents were involved and make the point to the Seller that regardless of the reduced purchase price their net proceeds of sale will be increased.

In addition, even if they are not minded to sell right now you can leave your contact details for when they do want to sell and tell them to contact you before instructing agents and having to pay agent’s fees.

Please remember to RATE my answer OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE or above if you are satisfied that you have received the correct legal advice (even if it is not the answer you wanted to hear), otherwise I do not receive any credit for answering your question.

If you are not willing to rate my answer as OK SERVICE, GOOD SERVICE OR EXCELLENT SERVICE then allow me to assist further by replying asking what clarification you require rather than rating my answer at levels below.

If you wish for me to provide you with further guidance on any question you may have in the future then please submit a further question to the board requesting me either by my profile or by marking your question. “FAO Tom”.

Kind regards,


Tom
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Is there any further information you require?

I just want to ensure that you are satisfied, so please let me know if you have any further queries on your position. Please remember to RATE my answer, if you are satisfied.

Kind regards,


Tom
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Customer reply replied 4 years ago

Hello,


 


Thanks very much for this information. I have a few concerns about approaching the landlord direct. The first is that the only contact details I have for him are his home address in the US. Ideally, I would have an email address or phone no. too. However, presumably, it makes no difference how I get in touch - writing a letter would be just a useful as an email?


 


My other concern is that the previous tenant who lived here asked the Estate Agent what the landlord would want for the house, if she were to put in an offer. The Estate Agent then put the house up for sale to the public, at the landlord's request, although the tenant did not actually put in an offer herself in the end - she was merely enquiring. Can I check please, the landlord is not within his rights to put the property up for general sale while I am still living in it, as part of my 6 month contract is he? I don't want him to do this to me as a result of me asking him if he is interested in selling.


 


Thanks.

I will answer tomorrow.
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Hi,

Yes, it does not really make a difference which method you choose to get in touch with the Seller. It's simply to intiate contact.

PLease note that you should mark any correspondence as "subject to contract", so that you do not legally bind yourself to any agreement for the time being.

The landlord may put the flat on the market for sale whenever he likes. However, whilst you have a tenancy agreement the house would only be sold subject to your tenancy. If you still have your tenancy when he legally sells the property then the new buyer would have to let you remain there because of the tenancy agreement.

Please rate my answer. You will agree that I have more than answered your question.

Kind regards,

Tom
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Customer reply replied 4 years ago

Thanks. I have some more questions. Do you want me to rate you and move on to another expert or are you prepared to answer more questions?

Hi

Please rate my answer.

Tom
Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,625
Experience: BA (Hons), PgDip, Practising Solicitor
Verified
Thomas and 87 other UK Property Law Specialists are ready to help you
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Customer reply replied 4 years ago

I will rate your answer. It is disappointing that you are not happy to answer further questions - this site is advertised as allowing you to ask as many as you want to of your expert. It feels a little like the rating it more important to you than helping your client.


 


Thanks.

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