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ok, I know the chances are small for Corbyn to get in, but considering the mess the UK politics got into the last 2 weeks (2 months, 2 years..) I can imagine anything now.
Tenants in fact can inherit or win lottery, so I dont get the argument our tenants are poor and dont want to buy our property anyway. A 30% discount is huge, would be very motivational for any tenant to pursue.
So, Can we crowdfund a legal contract / declaration / agreement I can have signed by all my tenants early on that they will never pursue to buy my property? Even if it turns out to be pointless, kind of like an insurance policy.
I would allocate £100 for this, we get 9 more people, I am pretty sure a solicitor could draft one agreement for £1000.
Or happy to hear any alternative suggestions, someone might have similar contract already.
Hi Gary,I am sorry to hear this and in this day and age with the far-reaching powers of local authorities, there is no excuse for it.Could you please clarify ... Are you referring to social homes or those in the private sector ... or both?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Quite frankly, these landlords should be jailed if that is the case.
yes, as Lamby said before, these landlords should be punished by law, but its a bit off topic. I still dont want to be forced to sell my property to my tenant, irrespective if its a pit or its a palace.
(For avoidance of doubt, my houses are all up to the standard, for example, just recently spent £40k on a full refurb.)
Hi Pete,I appreciate your intent here but I don't think it's a valid idea.1. How can you write a contract to legislate against something that does not yet exist in law and which you have no actual legal detail of?2. With regards to consumer protection, how can someone sign something when they do not know what rights they are signing away as the legislation does not exist?3. If this does come into reality, how will you enforce such a contract? I think it would unenforceable to be honest.Sorry that I cannot be more positive, but that is my view.
Thanks much Vanessa, valid points indeed.
What I was thinking about is basically a declaration that the tenants in no circumstances would pursue to buy the property they reside in. Whatever the situation will be in the future.
I guess it is something they could sign without any issues, or at least I can not come up with anything would stop them signing it.
Pete - RTB back in 1980 was against a far more liberal residential mortgage lending environment - when Tenants using RTB could easily get an IOM for their purchase of a Council property.
Plus in 1980 some 90% of Council Tenants were working and paying own rents - in contrast to today's PRS Tenants where almost 30% are reliant on LHA.
Yes they could inherit - but average age of receiving an inheritance in UK is age 61 (PRS also has a rather younger demographic than SRS) - and the odds of a Lottery win are about 14 million to one.
Since 2013's MMR the backdrop is far tighter and IOMs are effectively for most no longer available - leaving full Repayment Mortgages as the sole alternative.
If Labour's discount sale plan also had a caveat that homes could not easily be resold on open market - then lenders would be forced to consider refusing mortgages as their core collateral would be unavailable.
Kent Reliance B Soc survey suggests 2 in every 3 BTLs are owned outright.