Owning your own home

We did this. It's a long a fairly dull story but in the end KFH found us some tenants. No issues in 2 years.

Relatedly, does anyone know the best way to sell a flat to tenants? I thought there would be a restriction in the tenancy agreement entitling the letting agency to a cut, but there is not.

We've not approached anyone about this. Tenancy has a year left to run.

Relatedly, does anyone know the best way to sell a flat to tenants?

Ask them if they want to buy it. If they do, present them with a fair price and Negotiate. You don’t have to involve an EA, or the agent obvs. Your contract with KFH will detail any exit fees if applicable.

I guess we don't want to scare them off. I have no desire to be a landlord – we just rented out our London flat when we moved to Manchester because at the time the move was still a bit tentative. On the other hand, if they want to stay for 10 years, I don't want to kick them out. If we did sell to them, I'd also want to take into account the fact they have been paying the mortgage somehow (no idea how the maths would work out).

There wouldn't be anything in the tenancy agreement but I'd be very surprised if an agent like KFH doesn't have it covered in their terms of business.

This. It's not in the tenancy agreement it's in your contract with the agency. We're in a similar position but with winkworth not KFH can't remember off the top of my head the exact amount but it is considerably less than if we went with them to put the flat on the market. Something like 0.7% Vs 1.5% but don't quote me on that.

If you wanted to be really shitty and knew that your tenants would follow through you could cancel your agreement with KFH and rent it privately to your tenants for X months then agree a private sale but there is considerable risk there from both sides.

I've found a 'landlord agreement' that doesn't seem to mention KFH taking any fees if we sell to the tenants. Would that be it?

Sounds like it. Although I'd be astounded if they hadn't thought to put it in their contract. At the end of the day it's not like estate agents to pass up free/easy money.

Ha! That’s 3 reccos for them, so we’ll be going with them then. Did you do packing/unpacking, assembly/disassembly ?

I doubt you could as I'm sure KFH terms will say as long as the tenant they found is living in the property they'll be entitled to a fee.

Presume they've made noises about being happy to buy the place should the opportunity arise? If not then...eh not sure if you are on to much

true story: I had some great tenants who came to my asking to buy...couple of weeks later big dude stalked round the garden with his junk out like a fucking porn star...place was in the ground floor. Funnily enough, the girls up sticked and left sharpish, they'd dodged a bullet.

I meant you could but run the risk of going to court if KFH find out hence risk from both sides.

Edit. That also why I said it was a shitty move.

Presume they've made noises about being happy to buy the place should the opportunity arise? If not then...eh not sure if you are on to much

When they viewed I remember them saying this would be their last rented property as they'll be looking buy after. Just set me thinking. That's all it is at this stage.

I doubt you could as I'm sure KFH terms will say as long as the tenant they found is living in the property they'll be entitled to a fee.

Presumable this fee would be clearly stated somewhere in the terms. I'm scouring the agreement but nothing is jumping out at me. Is there a particular word/phrase I should be searching for?

When they viewed I remember them saying this would be their last rented property as they'll be looking buy after. Just set me thinking. That's all it is at this stage.

Ah OK. Now I understand your quandary. So I guess you need to sound them out...

Yeah, so I guess it's more a case of how do I broach the subject without scaring them away.

'Sale of property fee' or similar I'd say

yeah it's very weird. no hits for 'sale', 'sell' or 'purchase' in the agreement.

Sounds like you're probably good then

Just talk to them. We had a good private landlord, rented 7 years. He told us he'd like to sell after we leave but he wasn't going to kick us out. It was a good nudge for us to actually think about buying. He was up for selling to us privately but we were nowhere near being able to afford it, even at a good price and no EA fees. So we started looking elsewhere. But we could've stayed for another couple years probably.

dude they sound good. but just putting a shout out for the team that looked after us from Hackney to Suffolk. We did the packing ourselves (as some precious cocktail glasses and old whiskey bottles in the mix) but they did the disassembly/assembly. and sorted storage as we had couple of weeks between completion on sale and purchase. anyway, always worth getting a few quotes. they weren't the cheapest but would use them again. and have already put friend on to them who used them for her move to sussex.

https://www.graysstorageandremovals.com/

good luck with the move!

mhm. but it did scare you off! probably need to speak to them in about 3-6mo then.

Scare off from what, buying the place or renting it? Neither. We were happy living there and glad to get forewarning. Would've seriously thought about buying if we could.

Cheers for that buddy - I’ll give them a bell in the morning for a quote too. As you say best to get a few in - online reviews are so often total pish that its good to get reccos from people you trust, so thanks!

i mean it gave you the nudge to start looking elsewhere when you would have otherwise stayed in the property. i don't want to make it seem like i'm giving my tenants a warning, if you follow me. i want them to stay if they're happy to continue renting, or if they're looking to buy, i'd let them know we could work out a favourable deal.