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Could it happen here? Ireland to give PRS tenants 'right to buy'

dublin ireland tenants landlords

Tenants in Ireland could get first refusal on a property when a landlord puts it up for sale if new legislation gets the go-ahead.

Landlords would have to invite tenants to make a bid to buy the property within 90 days once a termination notice has been served. Under the draft Residential Tenancies (Right to Purchase) Bill, if a third party makes a lower or equal bid during the 90-day period, the landlord would then have to invite another bid from the tenant.

This bid would need to be made before agreeing the final sales price with the third party and a tenant would have 10 days to make a matching bid, which the landlord would be obliged to accept, reports The Irish Times.

Housing Minister Darragh O’Brien first announced the measures ahead of the lifting of the eviction ban in March however, it is only now going for government approval in a bid to boost housing opportunities in the country.

Critics

Critics says most tenants are not in a position to buy and that the legislation would have little impact. The Irish government already has a Cost Rent Tenant in Situ scheme which is aimed at households who are renting a property and facing eviction, but who are not eligible for social housing support.

In England, Nottingham benefits landlord Mick Roberts (pictured) has tried unsuccessfully to pay his tenants’ deposit if they buy their home from him.

He previously offered to put down their 5% deposits if they can get mortgages at a total cost of £260,000 based on an average property price of £130,000 in his portfolio - but has had no takers.

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