Buying as a Sitting Tenant in Manchester
Sitting Tenants and Landlords Mortgage Advice in Manchester
Mortgage Advisors in Manchester for Landlords and Tenants
We have often received calls from clients who are currently renting from a landlord that wants to sell their property. From a landlord’s perspective, selling to their tenant can be easier, so they will occasionally give the tenant the option to purchase the property first, before putting it on the open market.
Reasons Your Landlord May Be Selling
Due to government tax relief clamps, many landlords are now paying more tax than they have in the past, leading some to sell their properties in favour of more profitable ventures.
Investors that are serious about their properties tend to keep on pushing through legislative changes, as they see the property as a long-term investment, whereas amateur landlords are more likely to sell their properties.
The Benefits of Selling to a Tenant
- It saves them from estate agent commission.
- Rent will continue to come in until the purchase is finalised.
- They could save money on refurb costs.
As well as advantage to the Landlord, there are advantages to the sitting tenant who is considering buying:
- You know the property inside and out. No surprises for you!
- You are not having to wait for the owner to find a property before you can complete. As such, a deal can be done quickly.
- Due to the benefits of selling to a tenant, they can often offer discounts on the property price.
If the agreed price is below the value of the property, a lender may accept putting the equity in the property towards your deposit. You may not require a deposit at all if there is enough equity in the property!