An increasing number of mortgage enquiries are being made by tenants looking to buy the properties that they currently rent. Many landlords are offering their tenants “first refusal” to buy the home they are renting.
It is certainly worth approaching your landlord and asking the question. Would your landlord offer you the same chance to buy your rented home?
There is a reason why there is currently an increase in these enquiries. The Government has cracked down on tax relief previously available on ‘Buy to Lets‘ and as some of those changes were “phased in” over 4 years. It is only now that the landlords are seeing the impact of these changes on their tax bills and so they are now considering selling their properties.
Property has always been a good investment, viewed as one of the best long term investments and this is the same for the landlords and as such many have decided to ride out the tax changes as they have looked at their properties as a long term investment.
If your Landlord is tempted to sell then they will understand the advantages of selling to you as the sitting tenant rather than put it on the market, namely:
There are advantages as a tenant to buy the property that you rent;
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