30+ years renting same property - do my parents have a right

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30+ years renting same property - do my parents have a right

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MrSmith

Posts: 3
Joined: 14/7/2007

30+ years renting same property - d...

My parents have rented the same property (a 3 bedroom house) from a private developer (not the council) for over 30 years. Luckily their rent is capped at quite a low rate. Does anyone know if they have any legal right to buy the house - and hopefully at a price at below market values? Any advice is welcome :)

Report Abuse | Date 15/7/2007 12:22:25 AM

P.Pilcher

Posts: 101
Joined: 25/7/2003

RE: 30+ years renting same property... (in reply to MrSmith)

They are protected tenants and, provided thay continue to pay their low rent, can continue in residence for as long as they wish. If they wish to purchase the property they could make a substantial profit as it's value to the current owner is approximately 50% of it's open market value while they remain in residence.

P.P

Report Abuse | Date 28/3/2008 6:19:03 PM