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Jamie-Law
Jamie-Law, Solicitor
Category: Law
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Experience:  Solicitor
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I have a flat that is rented out, but have an option to buy

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Hi I have a flat that is rented out, but have an option to buy agreement with the man (his company) that manages it for me. I am currently renting another property but want to buy own home, the fact that I already own this flat has stopped me with help to buy, etc, and that it looks like I have income from renting but I get nothing just enough to cover the mortgage. I asked him about selling it and he just said no not yet but I don't know how long that could be. I want to know if there are ways out of these? There was no one else present when I signed the agreement just me, my partner and him, it was already signed by one of his staff as a witness when he gave it to me (also his daughter). I had a lot of trouble with unpaid rent at the time so needed a quick fix but not sure it was the right thing to do and want to know if I am stuck with it. Thanks in advance.
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Paperwork for what sorry?
JA: Where is the flat located?
Customer: Hartlepool
JA: Anything else you want the lawyer to know before I connect you?
Customer: I'm not sure, but my query is what I put above

Hello my name is ***** ***** I will help you. I am just reviewing your question. This is an email service so there may be delays when responding.

What is it you want to know about this today please?

Customer: replied 3 months ago.
Hi I have a flat that is rented out, but have an option to buy agreement with the man (his company) that manages it for me. I am currently renting another property but want to buy own home, the fact that I already own this flat has stopped me with help to buy, etc, and that it looks like I haveincome from renting but I get nothing just enough to cover the mortgage. I asked him about selling it and he just said no not yet but I don't know how long that could be. I want to know if there are ways out of these? There was no one else present when I signed the agreement just me, my partner and him, it was already signed by one of his staff as a witness when he gave it to me (also his daughter). I had a lot of trouble with unpaid rent at the time so needed a quick fix but not sure it was the right thing to do and want to know if I am stuck with it. Thanks in advance.
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Paperwork for what sorry?
JA: Where is the flat located?
Customer: Hartlepool
JA: Anything else you want the lawyer to know before I connect you?
Customer: I'm not sure, but my query is what I put above

What is it you want to achieve?

Customer: replied 3 months ago.
I want to know if it's actually legally binding as I can't get my own home while I have this flat
Customer: replied 3 months ago.
There was no solicitor present, no price agreed, no surveyors advice on market price to determine price

Is it just an option to buy?

Customer: replied 3 months ago.

Then no, it is not binding on you.

Either party can pull out of purchase option before contracts are exchanged.

So yes, you can pull out if you want to

It makes no difference whether no Solicitor witnessed it or anything.

Can I clarify anything for you about this today please?

If not I would appreciate a 5 star rating for my answer, the button should be at the top of the screen. If you need more help, you can ask follow up questions for free and I would be delighted to assist. Thanks!

Customer: replied 3 months ago.
I can say to him that I want to pull out and I want to sell it now?
Customer: replied 3 months ago.
Cam I have email transcript of conversation please?

Correct.

Does that assist?

Customer: replied 3 months ago.
thank you. Can I get an email transcript of conversation?
Customer: replied 3 months ago.
sorry i've just seen that they come through in email anyway, thanks

Yes, once you rate then the question remains in your account.

You can get back to it at any time my clicking on 'My questions'

Does that assist?

Jamie-Law and 6 other Law Specialists are ready to help you
Customer: replied 3 months ago.
Yea thanks

Pleasure