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Lepista

Innovative Rental Agreements...?

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There's a house that I have had my eye on for a couple of years. I know that it is in the hands of several inheritors. The property is described as being in need of complete modernisation. It has been on the market for at least three years.

In this time, the owners have not carried out any maintenance works, the large garden is getting more and more overgrown. They also have not reduced their asking price at all in those three years.

The problem is, the property is around double overpriced. Needing modernisation does not help their cause.

It is extremely frustrating to see a lovely property slowly degrade, and not get used.

I was wondering whether anybody knows of any novel rental / purchase metheods that I could propse to the owners? There must be some sort of mutual option whereby they get a tenant, who is able and willing to modernise the place, as well as keep it maintained, and the 'renter' has a relatively cheap property to live in, whilst acting as 'caretaker' for the owners?

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If you do up the house for them, it's just going to double their resolve to get their optimistic price when selling.

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If you do up the house for them, it's just going to double their resolve to get their optimistic price when selling.

I don't care about them selling the house - I just want to live there! If it doubles their resolve, it also doubles the chance that hey won't be able to sell.

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There's a house that I have had my eye on for a couple of years. I know that it is in the hands of several inheritors. The property is described as being in need of complete modernisation. It has been on the market for at least three years.

In this time, the owners have not carried out any maintenance works, the large garden is getting more and more overgrown. They also have not reduced their asking price at all in those three years.

The problem is, the property is around double overpriced. Needing modernisation does not help their cause.

It is extremely frustrating to see a lovely property slowly degrade, and not get used.

I was wondering whether anybody knows of any novel rental / purchase metheods that I could propse to the owners? There must be some sort of mutual option whereby they get a tenant, who is able and willing to modernise the place, as well as keep it maintained, and the 'renter' has a relatively cheap property to live in, whilst acting as 'caretaker' for the owners?

In other markets which are under duress, "rent to own" schemes become popular.

Under these schemes, people rent with the option to buy at a fixed price at the end of the tenancy. The rental agreement would need to be in the form of a common law tenancy and not a AST.

In this case, I would try to negotiate that the costs of modernisation are subtracted from rental payments. Something like an escrow account might be useful here.

An advantage of a structure like this is that you can negotiate up to a 3 year less a day common law tenancy which is much better than than an AST.

Good luck.

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And that's likely the current problem. One bossy inheritor who "isn't going to give it away" and will wait for "the market recovereh"

Then that's perfect for the OP. He gets to live in the house for many years until the price reaches the 2007 peak in around 2020.

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I have no experience in this area but I saw on one of the property porn BBC programs that you can get in contact with the local empty property officer at the local council and they can assist you. The program also mentioned grants for necessary building works.

If you do this, please keep us updated. I've requested an empty propoerty list from the area I want to move (under the freedom of information act) so I may do something simliar in the future.

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Some friends are doing something like this. Having a reduced rent whilst they do some improvements to the property.

To me it just seems too much like hard work for very little gain. If you were a tradesman the discount on the rent wouldn't cover the time spent doing the work so you would be better off spending the time charging someone for your work and renting at normal market price. Go figure.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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