We often hear from customers who get in touch that they are looking for Specialist Mortgage Advice in Manchester. A large portion of these are currently renting from a landlord that is wanting to sell them their property. From the perspective of a landlord, selling a property to their current tenant can actually be easier. As such they may give the tenant the possibility to buy the property before it goes on the open market.
Because of government tax relief clamps, a lot of current landlords are now paying more tax than they would have done in years gone past, leading some to call it quits on their housing ventures and go seek another investment in another market.
Investors that are really serious about their job as a landlord and keeping the property market going, tend to keep on going through these legislative changes. Their mindset when it comes to being a buy-to-let landlord, is that their property is a long-term investment. On the flip side, amateur landlords are more likely in it for a “quick buck” and will sell if things don’t quite go their way.
It’s not just landlords though – There are also advantages to the sitting tenant who is considering buying from the landlord:
If price you both agree on is below the value of the property, a lender may accept putting the properties equity towards your deposit. If there is enough equity in there, you may not actually require a deposit at all!