BearlyBegun Posted January 31, 2011 Report Share Posted January 31, 2011 Browsing the Savills london auction I keep coming across the below line at the bottom of the listings "Note The seller cannot sell the property to a purchaser who intends to occupy the property as his/her or their principal home." Can anyone elighten me as to why this would be? Apologies if its already in one of the topics here but I never have much luck with the HPC search function. Quote Link to post Share on other sites
needle Posted January 31, 2011 Report Share Posted January 31, 2011 Got any examples? Quote Link to post Share on other sites
fallingbuzzard Posted January 31, 2011 Report Share Posted January 31, 2011 Properties previously sold by councils with restrictions meaning they can only be sold to owners that let them out. Quite a few of these in London Browsing the Savills london auction I keep coming across the below line at the bottom of the listings "Note The seller cannot sell the property to a purchaser who intends to occupy the property as his/her or their principal home." Can anyone elighten me as to why this would be? Apologies if its already in one of the topics here but I never have much luck with the HPC search function. Quote Link to post Share on other sites
BearlyBegun Posted January 31, 2011 Author Report Share Posted January 31, 2011 Properties previously sold by councils with restrictions meaning they can only be sold to owners that let them out. Quite a few of these in London Thanks - interesting, and rather annoying. Excluding someone who wants to buy and live there & instead only allowing someone to buy-to-let it? Oh well. Example: http://auctions.savills.co.uk/lond_Current_auction_lot.asp?pos=33 Quote Link to post Share on other sites
tim123 Posted January 31, 2011 Report Share Posted January 31, 2011 I asked the same question here: http://www.housepricecrash.co.uk/forum/index.php?showtopic=146833&st=0&p=2613836&fromsearch=1entry2613836 needle, it's properties in the Saville's auction and there's one in the current list. tim Quote Link to post Share on other sites
porca misèria Posted February 1, 2011 Report Share Posted February 1, 2011 Properties previously sold by councils with restrictions meaning they can only be sold to owners that let them out. Quite a few of these in London If that's what it is ( ), you could get around it by setting up a limited company to buy it and rent it to yourself. But unfortunately, I can't see how you'd do that financially-efficiently. The more usual restriction that blights some very nice places around here is not a principal residence; holiday-home only. Quote Link to post Share on other sites
tim123 Posted February 1, 2011 Report Share Posted February 1, 2011 If that's what it is ( ), you could get around it by setting up a limited company to buy it and rent it to yourself. But unfortunately, I can't see how you'd do that financially-efficiently. The more usual restriction that blights some very nice places around here is not a principal residence; holiday-home only. I was considering this for the properties in the August auction as the guide price was about 50% of probable value. The small cost of moving the purchase though a company to get rid of the restriction would have been lost in the noise. However, 1) No-one replied to my post informing me that the restriction was likely one that only applied to the current seller and wasn't a covenant that applied to all future sellers, until after the auction date. and 2) they went for significantly more than guide, much nearer probable value, anyway. I note that the guides in the current auction are much nearer their probable current value tim Quote Link to post Share on other sites
Executive Sadman Posted February 7, 2011 Report Share Posted February 7, 2011 If that's what it is ( ), you could get around it by setting up a limited company to buy it and rent it to yourself. But unfortunately, I can't see how you'd do that financially-efficiently. The more usual restriction that blights some very nice places around here is not a principal residence; holiday-home only. Even better you could pay yourself the company housing benefit Wonder how many people do just that? Quote Link to post Share on other sites
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