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elementry21 | Can I give a house away for cash? |
Hi, Long story but I have a house with a sitting tennant that has the right to live there until death. Is it possible for me to give the house away for a cash price(greatly reduced from the actual market price) and let somebody else worry about having the tennant removed etc?
I have had enough of it all as the house was left to me in a will
and cannot handle all the pain and anxiety it's causing me so i'd like to sign it over to somebody else and let them kick him out or do whatever they want.
Additional Details
This guy has the right to live there. there is no mortgage on the property and he doesnt have to pay me rent(it's a long and sorry story) so I basically own it but cant live there or use it etc as he is there so I have had enough and would want to sign it away to somebody for even half the market value and let them do what they want with him |
 |
 
chekeir
|
Sounds like you need some legal advice on that one. Don't see why not though. The buyer might have to put up with the tennant. I assume they pay rent.
Cheers :-) |
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Les T
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how old is your tennant.................... can you not wait till they have popped thier cloggs then pocket the full markey value.
in theory you should not have a problem with the property if i was you i would put a clause on it that they self maintain the property as you cant throw them out. |
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John Corey
 |
You would not be giving it away if you expect a cash payment from the buyer. You would be selling the property.
If the price is significantly lower than the value if the property was vacant there will be investors who will buy.
Have you researched what the price should be vacant? The age and health of the tenant can influence the value. |
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Jade
 |
It depends, why doesn't he need to pay you rent?? If there's no contract, I suppose you can. But, you need some legal work done. |
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npk
|
wat ur thinking is right better sell it to smeone else and let him get bothered abt the tenant and all |
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David
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It sounds like the tenant is protected under the Housing Act.
You can certainly sell the property and your best option would be by public auction which is painless and within a certain time limit. The only work you/your solicitor will have to do is to prepare the auction pack for prospective purchasers to inspect prior to the auction date (normally about £200-300).
There are a number of investors who buy this type of property but be warned, they will not pay market value. If the tenant is in his 50's then a life expectancy calculation will be carried out to work out, on average, how long it will take to obtain vacant possession so that they can either re-sell or re-let at market value/rent.
You need to make sure that your auctioneer is switched on and takes this in to account when setting the guide price as a high guide will only deter bidders. |
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suerye
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Yes, you can sell the house with the sitting tenant, although of course you won't get the full market value. There are people who will buy this type of property for investment purposes. |
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dave j
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Yes, you can sell it f you are the owner. Having an existing tenant or lease makes no difference legally. Contact your local real estate office. |
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khrome_wind
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Check with your attorney as the tenant agreement may pass to the new owner. |
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