Telegraph article highlighting our own Mick Roberts
Melissa Lawford, property correspondent at The Telegraph, has written an article about Mick Robert’s offer to gift his tenant’s the deposit to purchase their homes from him: Click here to read the article.
Mick also told the Telegraph that if a tenant couldn’t meet lending criteria for a mortgage he would reduce the sale price by 10% if the landlord purchaser promises to keep the existing tenants on.
Mick has estimated these offers could cost him up to £520,000, but it was worth it to avoid having to evict his tenants.
The Tax, Regulation, EPC and Licencing attacks by the government on landlords that we are all familiar with are forcing this decision to sell up.
“I would like to pack it in and sell up, but I can’t because my tenants won’t have anywhere else to live” Mick told the Telegraph.
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Member Since June 2013 - Comments: 3248 - Articles: 81
5:30 AM, 2nd June 2022, About 4 years ago
Reply to the comment left by Beaver at 01/06/2022 – 18:07
Yes the grants have always been easier for me, as up to about 7 years ago, all my tenants were on full benefits.
Yes, once my tenants start earning enough ie. over 25k or more if joint, I badger them to buy & not waste money on rent. Even years ago when I wasn’t selling the houses, they shun’t be wasting wages money on rent.
Member Since July 2013 - Comments: 59
12:40 PM, 4th June 2022, About 4 years ago
I did this a few years ago. My mortgage broker said that I couldn’t gift the 5% deposit, because lenders wouldn’t accept it.
My solution was to refund 1 year’s rent to any tenant who wanted to buy. This was no longer a gifted deposit.
Over 100 letters were sent to tenants. Lots of interest, but only one went ahead…
I decided to sell using a 5-year plan for tenants to build deposits which is incredibly popular; https://5yearhomeplan.co.uk/
Member Since June 2013 - Comments: 3248 - Articles: 81
3:14 PM, 4th June 2022, About 4 years ago
Reply to the comment left by Glenn Ackroyd at 04/06/2022 – 12:40
Yes not many lenders would allow it & all stopped when Covid hit.
That seems good idea refunding one years rent.
Same here, it’s hard to convince most that were Benefit tenants to buy.
I’ve had quick look on your site & some others have offered similar, but I can’t get me head round it. I’ll leave u message on LinkedIn if u want to get in touch next week as me thinking brain gone at weekends.
I’ve always wanted to sell em as 50% share buy etc., way of offloading the phone calls/repairs & they’d look after it more, as it’s theirs then. I’ve never got no one to fully explain it to me if can be done with who’s responsible for Licensing, boiler service etc. in these days It’s down to u Landlord that she’s tripped & broke her toe.
Member Since June 2013 - Comments: 3248 - Articles: 81
3:23 PM, 4th June 2022, About 4 years ago
Reply to the comment left by Glenn Ackroyd at 04/06/2022 – 12:40
I’ve woke up a bit now, think all mine that could buy would struggle with the £200pm on top of rent.
But if I’m paying deposit, this wun’t apply.
Linkeldn settings won’t let me message u.
I’ve read your FAQ’s & yes understand it now. Will need u to explain how this applies to me if I’m paying deposit. Can’t see any contact buttons your site.
https://twitter.com/MickRobertsBoss
Member Since May 2018 - Comments: 2025
10:15 AM, 6th June 2022, About 4 years ago
Reply to the comment left by Glenn Ackroyd at 04/06/2022 – 12:40
That is a possibility. I think perhaps the other possibility is shared ownership. Gift the tenants a part share in the property. They then take all the responsibility for the property (including changing the batteries in the smoke alarms) but they would then have the option to buy the rest out later.
Member Since May 2018 - Comments: 2025
10:31 AM, 6th June 2022, About 4 years ago
Reply to the comment left by Beaver at 06/06/2022 – 10:15
Sorry. Meant loan that portion of the property that you still own rather than gift it. Either recover it later or right off against tax bill later. Shared ownership is at least something that’s well understood by lenders and easy enough to set up.