We often receive calls from tenants who are in a situation looking for Specialist Mortgage Advice in York regarding their landlord is looking to sell the property they are living in. However, this can present an opportunity. It can be harder for landlords to sell to the open market. Therefore, those buying as a sitting tenant can often have the first refusal on the property.
Landlords were previously afforded tax reliefs, but the Government has clamped down on these. As a result of this, many landlords are now paying more tax than before. Therefore, it is no longer worth their while, so they are looking to sell.
In general, it’s more common to see amateur and smaller landlords to sell, rather than the large, professional ones. Serious investors tend to keep their properties either way as they view it as a long-term arrangement. They will ride out legislative changes because they still view the property as a sound investment.
Here are a few different factors that might mean a landlord opts to sell to you:
As well as advantage to the Landlord, there are advantages to buying as a sitting tenant:
Some lenders will allow any discount the Landlord is offering to you as part/all of your deposit. This means that you may not to have to put down any deposit if the price is significantly under the market value.