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Selling in installments
tubbyewe
Posts: 29
Forumite
Is this possible/straight forward to arrange?
I own a shop (I know this board is houses, admins please delete if I cant post here) which is rented out under market value to a nice co-op type group. Lease is coming to an end and I should like to sell. I suspect the current tenants couldn't afford to buy me out even if I were to discount the amount of rent they have already paid me. They may however be able to buy me out in stages, is this possible/legal to arrange?
I own a shop (I know this board is houses, admins please delete if I cant post here) which is rented out under market value to a nice co-op type group. Lease is coming to an end and I should like to sell. I suspect the current tenants couldn't afford to buy me out even if I were to discount the amount of rent they have already paid me. They may however be able to buy me out in stages, is this possible/legal to arrange?
0
Comments
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Yes, perfectly legal and possible. Suggest you ask them if they're interested first0
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It's possible and legal - but complicated.
For example,- Who is the legal owner of the property whilst the staged payments are made?
- What happens if the charity gets into financial difficulties, and is unable to pay future stages - or perhaps the charity folds?
- Who insures the property etc, whilst the staged payments are being made?
It might be simpler to sell them the property outright, and at the same time give them a loan to cover the purchase cost (i.e. a mortgage) which they have to repay you over the time. And in the meantime, you have a charge over the property.
(But I don't know if there are complex rules about charities borrowing money etc.)1 -
Thanks folks, I appreciate the input.
Step 1....see if they are interested. Step 2...talk to a solicitor.
Cheers0
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