Owner occupiers only question

Idpullthecurtain

I am viewing an Leasehold property and an the Estate Agent have said its only available to "Owner Occupiers" and not to "investors" at this point.  

Its a renovation project.  
I may live in it myself, but I may want to rent it or sell it. 
I'm just wondering if I may have an issue legally, will my options be more limited?
Theres every chance I may live in it.  But I would hate to be restricted in any way, if I dont want to.

Once Ive bought it, no-one could tell me what I can do with it?  Can they?

TIA

user1977

What exactly does the EA mean by "only available"? Is there some sort of restriction in the lease?

Idpullthecurtain

user1977 said:

What exactly does the EA mean by "only available"? Is there some sort of restriction in the lease?

Im not sure.  They say they are initially only accepted viewings for Occupiers?  I guess they would then market to Investors if it doesnt sell.  Could the lease be restricted in some way to prevent me renting?

user1977

Idpullthecurtain said:

user1977 said:

What exactly does the EA mean by "only available"? Is there some sort of restriction in the lease?

Could the lease be restricted in some way to prevent me renting?

Yes, it could. But nobody knows for sure without seeing the lease. It's also possible they are merely restricting the initial marketing to a particular sector.

Idpullthecurtain

user1977 said:

Idpullthecurtain said:

user1977 said:

What exactly does the EA mean by "only available"? Is there some sort of restriction in the lease?

Could the lease be restricted in some way to prevent me renting?

Yes, it could. But nobody knows for sure without seeing the lease. It's also possible they are merely restricting the initial marketing to a particular sector.

Yes I believe they are restricting the initial marketing.  So would that mean I wouldnt be restricted?

theartfullodger

Ask for copies of lease and deeds 
 (Or buy from gov UK land registry)

Ask neighbours or postman why may know reality.

Government may well change law to permit renting 

Idpullthecurtain

theartfullodger said:

Ask for copies of lease and deeds 
 (Or buy from gov UK land registry)

Ask neighbours or postman why may know reality.

Government may well change law to permit renting 

OK I will.
Have you ever heard of that before?

eddddy

I suspect there might be 2 possibilities...

• 1) The lease doesn't allow sub-letting. So the estate agents don't want to waste everyone's time by having BTL investors viewing. (And if the lease says that, you can't really get around it.)

• 2) The seller is being fussy - e.g. because they don't like BTL investors on principle. But if the lease allows sub-letting, you don't really have to worry about that. 

lookbook

Even if you bought as owner occupier who would they know you are renting it out.  Once bought it's yours. 

BarelySentientAI

lookbook said:

Even if you bought as owner occupier who would they know you are renting it out.  Once bought it's yours. 

If the lease said no subletting (or had restrictions on the type of subletting), advising someone to breach it is not a great idea.

Leasehold ownership is not "once bought it's yours" with complete carte blanche.

Idpullthecurtain

eddddy said:

I suspect there might be 2 possibilities...

• 1) The lease doesn't allow sub-letting. So the estate agents don't want to waste everyone's time by having BTL investors viewing. (And if the lease says that, you can't really get around it.)

• 2) The seller is being fussy - e.g. because they don't like BTL investors on principle. But if the lease allows sub-letting, you don't really have to worry about that. 

I see.  Thanks.  I spoke to EO.  They say the property will be leased through an organisation, they have multiple properties in the area and want occupiers rather than renters to protect the neighborhood.

So I imagine they could would/could include conditions in the lease?  So then my question to EO would be does the lease allows sub-letting?