We have often received calls from clients who are looking for Specialist Mortgage Advice in Manchester 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.
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.
As well as advantage to the Landlord, there are advantages to the sitting tenant who is considering buying:
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!