[Charlie Coo]

Hi All,

Just interested in any experiences re sitting tenants - I've seen a house, similar houses on this road go for 800,000 - 1,000,000 on average - this is being sold for 175,000 - obviously quite a bargain - the reason for this is due to the old doll who lives there - she has a life long lease, she's 82 now so could pop off next week or hang around for another 20 years.

To be honest it's such a great location I'd be tempted to go for it even if we had to rent for the next 20 years - just interested in what everyone else thinks and what you'd do?

[Hopeless_Savage]

I'm still not clear on why a house you seem to think could be worth more than 4 times more is going for that price.

[soulboy77]

For clarity, it is the freehold of the place that's for sale?

[Charlie Coo]

Originally Posted by Hopeless_Savage

I'm still not clear on why a house you seem to think could be worth more than 4 times more is going for that price.

I know - it does seem a bit too good to be true which is why I wanted opinions from people who may have been in the same situation Estate agent says it's that price due to the old dear could still be there in 20 years - she says that's the only catch!

Yep it's the freehold

[Inspiration]

I don't understand, how can someone have a life long tenancy if the person who owns the house sells it? Surely once you buy it, it's your property and you can do what you like with it?

[Charlie Coo]

Originally Posted by Inspiration

I don't understand, how can someone have a life long tenancy if the person who owns the house sells it? Surely once you buy it, it's your property and you can do what you like with it?

Apparently not - it's written in to it that she can stay there until she dies - then you can do what you want to it.

[spangledangle]

I saw a pretty awful film the other day which followed a similar plot - Duplex. You may want to watch it just in case....

[Charlie Coo]

Originally Posted by spangledangle

I saw a pretty awful film the other day which followed a similar plot - Duplex. You may want to watch it just in case....

Crikey - I'm intrigued now - will google and see if I can get an outline of the story!!

[stillrockin]

If you purchase a property with a sitting tenant you are, in effect, taking on the role of landlord with all the attendant responsibilities outlined in the original tenancy agreement or Lease.

Of course, if you're prepared to do that and wait until you gain vacant possession then it would be a very worthwhile investment.

You need to take some legal advice, I think, as to the exact terms of the lady's Lease/Tenancy Agreement in case there are any succession rights.

[Inspiration]

Originally Posted by Charlie Coo

Apparently not - it's written in to it that she can stay there until she dies - then you can do what you want to it.

Ahh so any buyer has to agree to her being there as part of the contract of buying the house? That I can understand.

Tricky one. On the one hand she could go tomorrow as you say, on the other she could be there for 20 years. And I'm no expert.. but 20 years of owning a house you can't live in? That would be a lot of pain.

[spangledangle]

couple view a duplex apartment in Brooklyn with an old lady tennant upstairs who because of rent control in New York can't be evicted. but they know when she dies theycan convert the duplex to a sinlge residence and have a fabulous property. when they are shown round by the agent it's made out that the old lady is quite unwell but she turns out to be a complete nightmre of a tennant. after various failed assasinaton attempts the couple cut their losses and sell at a loss. turns out to be a scam with the agent, old lady and policeman ?! all in on it who make their money out of the commission from the sale and resale.
Sorry couldn't put you through having to watch it.!

[ianradioian]

Be very careful buying a property with a sitting tenant.

[viewaskew]

Originally Posted by spangledangle

couple view a duplex apartment in Brooklyn with an old lady tennant upstairs who because of rent control in New York can't be evicted. but they know when she dies theycan convert the duplex to a sinlge residence and have a fabulous property. when they are shown round by the agent it's made out that the old lady is quite unwell but she turns out to be a complete nightmre of a tennant. after various failed assasinaton attempts the couple cut their losses and sell at a loss. turns out to be a scam with the agent, old lady and policeman ?! all in on it who make their money out of the commission from the sale and resale.
Sorry couldn't put you through having to watch it.!

Strychnine in her cornflakes and the film would've been over in 20 minutes.

And yes, if it had been me - I would have done it.

That old lady deserved to die and if it were real life, I would.

Just saying.....I would.

PS If you do buy the house....tamper with the heating system! Its gonna be a COOOOLLLLLLLLDDDDDDD winter this year so the most you'll have to wait is a couple months!

[Charlie Coo]

Originally Posted by spangledangle

couple view a duplex apartment in Brooklyn with an old lady tennant upstairs who because of rent control in New York can't be evicted. but they know when she dies theycan convert the duplex to a sinlge residence and have a fabulous property. when they are shown round by the agent it's made out that the old lady is quite unwell but she turns out to be a complete nightmre of a tennant. after various failed assasinaton attempts the couple cut their losses and sell at a loss. turns out to be a scam with the agent, old lady and policeman ?! all in on it who make their money out of the commission from the sale and resale.
Sorry couldn't put you through having to watch it.!

Thanks Spangledangle

Originally Posted by viewaskew

Strychnine in her cornflakes and the film would've been over in 20 minutes.

And yes, if it had been me - I would have done it.

That old lady deserved to die and if it were real life, I would.

Just saying.....I would.

PS If you do buy the house....tamper with the heating system! Its gonna be a COOOOLLLLLLLLDDDDDDD winter this year so the most you'll have to wait is a couple months!

You are awful, but I like you

[birdsong]

Originally Posted by Charlie Coo

Hi All,

Just interested in any experiences re sitting tenants - I've seen a house, similar houses on this road go for 800,000 - 1,000,000 on average - this is being sold for 175,000 - obviously quite a bargain - the reason for this is due to the old doll who lives there - she has a life long lease, she's 82 now so could pop off next week or hang around for another 20 years.

To be honest it's such a great location I'd be tempted to go for it even if we had to rent for the next 20 years - just interested in what everyone else thinks and what you'd do?

There must be a reason for this huge discount on the usual price of a house in this road. Probably the property is in a bad condition and the conditions of the lease are prohibitive. As this really does sound like it's being sold purely as a bricks and mortar investment for the long term.

What would I do? Leave it for an investment or development Company to buy who can afford to possibly sit on it for decades.

[marlo]

Originally Posted by spangledangle

I saw a pretty awful film the other day which followed a similar plot - Duplex. You may want to watch it just in case....

If you're seriously thinking about buying this house with the tenant, you absolutely have to watch Duplex - it will make you think about it without the financial figures clouding your judgement (which they will be at the moment).