We frequently receive inquiries from private tenants who are considering buying the property they currently rent from their landlords. This interest often stems from landlords extending the courtesy of first refusal, granting tenants the opportunity to purchase before the property hits the open market.
Even if this privilege isn’t initially offered, it’s worth exploring with your landlord whether they’d be open to such an arrangement in the event of a sale.
Recent governmental changes have tightened tax relief previously accessible on buy to let mortgages in Leicester. Implemented over a four-year period, these alterations are now manifesting in landlords’ tax bills, marking a significant shift in the landscape.
Property ownership has traditionally offered landlords a steady income stream and a promising investment avenue. While some landlords have weathered the tax adjustments, viewing property ownership as a long-term commitment, others have opted to divest.
Selling the property to existing tenants presents several advantages, driving many landlords to choose this path. Here are a few key benefits:
From the perspective of tenants purchasing from landlords, several advantages emerge:
These factors collectively make purchasing the rented property an appealing prospect for tenants, fostering a mutually beneficial arrangement for both parties involved.
Date Last Edited: February 9, 2024