Literary Society anxious to buy author’s birthplace

Atidi

Biblio wrote: »

Thanks for all the advice !

Unfortunately I can’t see the trust idea working as none of us can afford it or know someone who would or could, and yes good point about the blue plaque which if it has to be is the final sad option on our list.

A slight problem with the owner renting it out though as the nearest member lives about 200 miles away, so commuting might be a bit of a problem not only for him but for all of us, especially with kids at school locally and mortgages to pay....!

Going back to the appeal fund again one of the members asked last night why don’t we become a charity to give ourselves more credibility and a chance of a more sympathetic hearing locally, rather than as we are at the moment just a group of distant but well meaning individuals ? If this route were possible would it be possible to then include some form of a commercial arm like I think Oxfam already does ?

Unfortunately I daren’t risk saying who the author is or where the property is in case somebody else buys it and then asks even more.

If you cannot afford to set up a trust, how on earth do you ever expect to be able to afford to buy a house let alone the expense of renovating it?

Many landords let out property they live nowhere near; some landlords even reside overseas. Have you ever heard of a letting agent?

Atidi

paddyrg wrote: »

Trust isn't expensive, and very similar to charity except as opposed to being a company or human owner, it's a trust.

As for someone buying it and upping the price, if the current owner is looking to offload then that's going to happen at some point. If you can ask them for a memorandum of understanding that until x date your rust has first refusal at y price then you can mitigate that risk. You could even see about 'optioning' the property and borrowing from the film industry. Basically you put down a percentage against the right to buy at a fixed price at any time in the next 2 years or so. If you don't raise the money, you lose the deposit/option amount, if you do raise it you pay the balance. I doubt the current owner would offer the same terms for an individual as a trust, so another incentive.

Most sellers probably wouldn't agree to sell at a pre-agreed price in the future.

What normally happens in these type of situations is that the party who have been given first refusal are expected to match the best genuine offer the seller receives when they wish to sell, and then the party with first refusal are given a short time to match that offer and buy it, or allow it to be sold to the other party that made the offer.

paddyrg

Atidi wrote: »

Most sellers probably wouldn't agree to sell at a pre-agreed price in the future.

You're probably right, I was taking the whole model from literary optioning, the point of the option fee is for both sides to mitigate risk. It's a futures contract. Seems the OP has extremely limited options with the usual structures so might be worth trying something new as a last ditch whilst they set up their trust and get donors. Or some similar hybrid deal with a lower option fee but first bagsies at market rates, etc.

Personally I can't see this happening at all if distance plus not enough money even for the basics and timescales being as suggested!

Biblio

paddyrg wrote: »

Trust isn't expensive, and very similar to charity except as opposed to being a company or human owner, it's a trust.

Thanks ! Any idea how much it does cost... ? And would the appeal fund then be able to tie into it in turn making the letting idea a good option too ?

paddyrg

Biblio wrote: »

Thanks ! Any idea how much it does cost... ? And would the appeal fund then be able to tie into it in turn making the letting idea a good option too ?

A couple of hours with an accountant and lawyer, really. You also need specific legal advice, so I suggest they're your next port of call.

Good luck and hope some of this helps.

lincroft1710

I just don't see that you'll get enough people who will want to contribute. It could cost thousands just to launch and run an appeal.

Who is the author?

Biblio

paddyrg wrote: »

A couple of hours with an accountant and lawyer, really. You also need specific legal advice, so I suggest they're your next port of call.

Good luck and hope some of this helps.

Great many thanks you have been a great help !:beer: