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30+ years renting same property - do my parents have a right to buy???   Logged in as: Guest
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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 12:20:48 AM
 
P.Pilcher

 

Posts: 102
Joined: 25/7/2003
 

RE: 30+ years renting same property... (in reply to MrSmith) 
I don't believe that they have a legal right to buy the property, but their presence reduces it's value to about half what it would be worth if sold without them living there, expecially if any of their family were living with them as they would be entitled to take over the tenancy on your parents death. The owners of the property are thus getting a very poor return on it which probably makes it difficult for them to afford any essential repairs, thus I am sure that they would be interested in any offer that your parents made above 50% of it's value with vacant possession. Having acquired same, your parents could then sell at full market value and pocket the profit if they wished.

P.P.
  Report Abuse |  Date 24/7/2007 11:17:58 AM
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