Tenants praying for a new landlord to buy their London flat!Make Text Bigger
We are a professional couple in quiet, untouched Rotherhithe and we are praying for a rental buyer of our landlord’s one bed garden maisonette. The interior is like new and it is in a popular residential area.
We’ve come to love this property with all our hearts – so when our landlord announced he was putting it on the market, we were devastated. He told us we were great tenants and is selling only because he wants to buy another property. We always pay our bills, spend our own money on improvements and aren’t DSS, smokers or anything like that.
We love the flat and would love to keep renting. If the place sells we have to move out, even if the buyer is going to rent again. If it sells to a landlord buyer who likes us there’s a chance we could stay on with them – so we’re being proactive and looking for you!
The flat is on the market for £350,000 and we are currently paying rent of £1,300 pcm. We would be happy to increase this amount to £1,400 pcm.
We have substantial savings and would have loved to buy the property but thought it would never come on the market. The timing couldn’t be worse for us as I have recently quit my job to study for a Masters degree. Accordingly, we are victims of the recently introduced Mortgage Market Review rules and no longer qualify for a mortgage despite affordability not being an issue. We can easily service our outgoings for considerably longer than my Masters degree course and I have no doubt whatsoever that I will find work again when my Masters degree is completed.
We were hoping that Mark Alexander might be interested but apparently he stopped buying 5 years ago. Nevertheless, we have spoken to him and he has advised us of a few deal structures which we were not previously aware of. He gave us this idea …..
“Have you considered discussing with landlords a Rent to Buy deal, e.g. we pay a substantial amount towards the purchase deposit in exchange for a legal option agreement to purchase the property at a pre-agreed price within say 5 years. In the meantime all rental profits would belong to the landlord. To make the deal completely risk free to the landlord you may wish to propose an agreement whereby your deposit would be forfeited in the following eventualities:-
- you default on the tenancy
- you move out of your own accord
- you fail to exercise the option to purchase within 5 years
For your own protection, if you do a deal based on the above, I would recommend that you insist upon the landlord entering into a Deed of Assurance with you for 5 years on the basis that if we are evicted through no fault of your own the landlord would repay your deposit plus 50%.”
Our preference though would be for a landlord to simply purchase this property without all of the above complications and commitments, but we are open minded to any realistic and fair proposal.
If you would like to get in touch with us please complete the contact form below. Once submitted this will send us an email so that we can contact you and it will also link you to a web page which will tell you more about us and the property.
If we can pull off a deal with a Property118 member we will make a substantial donation towards the running costs of Property118, not as much as the typical 1.5% finders fee charged by agents but certainly a few hundred pounds 🙂
We look forward to hearing from you.
Sam & Lizzie
Sam forgot to mention that Lizzie continues to work full time and that he already has one job offer lined up as a software developer when he finishes his Masters degree.
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