Tenants have gotten in touch whose Landlords have been looking to sell their properties, and it’s more comfortable for a Landlord to sell to their tenants than to the open market, leading to them ending up giving the tenant the first refusal. Potentially meaning the property ladder is more accessible to First Time Buyers in Leeds.
The Government clamped down on some of the tax reliefs previously afforded to Landlords. Many are now paying more tax than before, and this is leading some of them to sell their properties.
It is particularly common for amateur Landlords to sell their properties. Serious investors tend to keep their properties as they see it as a long-term arrangement. They will ride out legislative changes because they still view the property as a sound investment.
There are a few different reasons why your Landlord might prefer to sell their property to you.
As well as advantage to the Landlord, there are advantages to the sitting tenant who is considering buying:
Some Lenders will allow any discount the Landlord is offering to you as part/all of your deposit. If the agreed price is well below the open market value, it may even be possible for a tenant not to have to put down any deposit at all.