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Tenant wants to buy

Peter jones

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Hello my tenant has been in my property for 13years.

I have told him I am selling the house and explained he will have 4 months notice.

he wants to buy the property himself the question I have is do I serve the notice for him to leave the property or does he give me notice.

or do the solicitors resolve the situation between them ie selling and buying.



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This is how I would go about it, or rather how I did go about it when I sold my property to my tenant a few years back. 

You agree a selling price with your tenant. Raise a document to reflect this with the both buyer and seller solicitors added. Standard estate agent practice at the beginning of a sold property.

You officially serve your tenant with 4 months notice with the correct procedures for doing this and not your tenant.

Your tenant and yourself will then instruct solicitors. You will need an EPC certificate.

Your tenant must show that they have a mortgage arranged and agreed in principle by the mortgage company.

If for any reason your tenant defaults during the buying/selling process then you can fall back on the 4 months notice already served for him to vacate and you have not lost that time opportunity to find another buyer. 

You will know within 4 weeks whether you will get to sales completion with your tenant serious about buying your property.

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The first priority is surely to ensure your tenant is a serious buyer by requesting written evidence that he can raise the purchase price by way of a mortgage & the deposit. Then you can exchange solicitor details and start the ball rolling. 

Just because he wants to buy it doesn't mean he understands.....the criteria for obtaining a loan, the process, the costs involved, the timeframe etc. I assume he's a first time buyer so probably all of that applies.

There might be a way to go yet before you can feel confident that you have secured a buyer.

I wouldn't bother with serving notice unless he is not a serious buyer.

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