When customers get in touch, we often find that they’re that they are looking for specific specialist mortgage advice in Essex. A large portion of our customers are currently renting from a landlord who is looking to sell their property, with the renter willing to be the one to buy it.
From the perspective of a landlord, selling a property to their current tenant can be a much easier and more beneficial process. As such they may present the tenant with the option of buying the property before it goes on the open market.
Because of government tax relief clamps, many landlords are now paying more tax than they would have done in the past, leading some to quit the housing market and go find other investment opportunities elsewhere.
Property investors are really serious about their jobs and pride themselves on keeping the property market going. As such they find themselves going through these legislative changes. Serious Buy-to-Let landlords see their ventures as long-term investments, whereas amateur landlords are more likely to sell if things don’t quite go their way.
There are also benefits to the sitting tenant, not just the landlord. These include:
If the price you both agree on is below the value of the property, a lender may accept putting the equity in the property towards your deposit. If there is enough equity in there, there may be a chance you don’t even need a deposit at all.
If you have any further questions relating to buying your landlords property as a sitting tenant, Get in Touch and we’ll see how our mortgage advisors in Essex can help.
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