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Hi, thanks for the question. I’m Chris and I’m a Solicitor. I will be happy to assist you and hope to provide a full response as quickly as possible.
This is a question and answer service rather than an instant chat service, and I may not be able to reply immediately. However, rest assured that I am dealing with your question and will get back to you as soon as I can.
You are going to need a lease of this property. Can I just ask what you are going to get out of this? If you invest and the lease is for 10 years, he can take the property back after that. I’m just concerned if it’s not a good deal for you in the long run.
Hi Chris, thanks for getting back to me. I understand your question, the property does need a refurbishment, however as I work in the building industry I can achieve that for around 20k plus £300 per month fixed rent. Basic outlay of 56k over the 10 years, rental returns given location and size of property should return upwards of 144k over ten years. He get the house out of his hair, bills paid, a return and an increase in value of 50k+ to the property. A good result for both parties. Hope that answers your question. Regards, Harvey.
Hi Harvey, undoubted you’ve done your work on this, but it was just something that I initially thought of so thought I would raise it. It does seem a good deal.
Ultimately, an assured short hold tenancy is not going to work here as you probably imagined. It’s going to need to be a lease of the house. If you have a good lease then you are able to do as you want to with it. The person you take it from is simply a freeholder who has no input until the lease comes to an end in 10 years time. The property will then revert back to them. The lease, because it’s over seven years, would need to be registered at the land registry although that is not a problem in itself. It simply puts it more formally on the deeds.
Does this person have a mortgage on the house?
Thank you, that was my understanding. I have found many free templates online for every eventuality or form of lease possible. however, they are all for assured tenancy or commercial office/retail units. What is the specific type of lease I should be looking for/ using? And is there any way of acquiring a template lease of this kind online. Cheers H
The reason I asked about a mortgage is because, if there is a mortgage on the property by the current owner, then it’s unlikely that the mortgage company will allow a lease to be registered, especially one for 10 years.
I can provide you with a template as part of the premium service additional fee if you’d like. That gives a full lease of a residential property. There are two options, the tenant (i.e you) is liable for insurance and any reinstatement of the property should I be a fire et cetera or the alternative one is that the landlord is liable for those things. The standard leases prevents you from subletting or making alterations without consent of the landlord but of course all that can be changed by simple wording.
The agreement is that I cover all costs including insurance. I'm new to this platform, so what does the premium service additional fee involve?
I’ll provide you with an offer. If you accept, then the additional payment is required. Ultimately I can provide the template which you can look to amend etc. If you’d like me to review it once done and make any comments I can make the offer accordingly.
Sure, can you send me the price please. For the template. Cheers
I was just following up to see if there is anything else I can assist you with? If so, just let me know. If not, then I am happy to have been able to assist you. If you’d still like the template, please just accept the offer and I’ll send it over. I hope the matter gets resolved. All the best.
How do I accept the offer?? I would like to but when I followed the link it keeps taking me back to this string with no obvious way of accepting the offer.
I am unsure how you do this from your end. I can't re-offer now that it has been done. You might want to send a quick email to support: www.justanswer.co.uk/help/contact-us
Thanks Harvey, this has been sent.