vendor wants to keep the garage and rent it to us...

mandi

Was the garage included in the property details ? ticobingo




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ValHaller

terryw wrote: »

If the garage is completely separate from the dwelling, and if you really want the house but finances do not permit the purchase of the house and garage, it is certainly something to consider.

Perhaps an agreement to rent the garage for x years at y rent with an option to buy at £z within the x period. The main downside is that if you can't raise the finance within the time-period and have to sell, the lack of a garage could be a stumbling block in finding a buyer.

I go with this answer, provided the price is right. A fixed price option to buy is essential with a good long transferable option period. This will prevent being held to ransom. Additionally, the option to buy should not be conditional on rent having been paid. The only danction for rent not being paid should be loss of use

It should not hamper resale - the property should be sold with the garage and the option to purchase could be exercised simultaneously with the sale - a competent conveyancing solicitor should be able to do this easily.