As a buy-to-let landlord, you may have or may be facing the problem of purchasing a property from a separating couple or vendors.
There are many other reasons why jointly owned properties have been listed. Many properties with two or more owners will have been purchased as a business arrangement, as opposed to an emotional attachment.
Whether you are purchasing from a separated couple, divorcees or young businessman, you must bear in mind that these owners will have different agendas, which could ultimately cause problems.
There could be a good deal of unpredictability when dealing with joint selling vendors. For example, one party may not be keen to sell and could fabricate reasons to deter you from buying. What’s more, they could be obstructive during the viewing process and provide conflicting information.
In addition, the two selling parties could experience difficulties raising sufficient equity.
To ease complications with joint vendors, make sure you are vigilant and follow the following tips. There is no point looking for a landlord insurance policy without a property!
- Establish the facts-In some cases, one seller could be trying to hide the truth or make things difficult for the other. As such, make sure you try and uncover exactly what is happening and why they are looking to sell. Ask the agent if they know the situation.
- Two isn’t a crowd-It is important to remember that you are dealing with two people. With this in mind, make sure you speak to both vendors and don’t let one play off against the other!
- Look for a quick sale-Should you decide to purchase, try and complete a quick transaction. The longer the negotiations, the more chance of problems occurring. Of course, make sure that you are happy and have completed the formalities, such as taking out landlord and rent guarantee insurance, before you sign.
- Honesty is the best policy-Don’t let squabbling vendors deter from your own honesty. Be straight, answers questions to the best of your knowledge and don’t move the goalposts in terms of pricing, deadlines or timings.