Owner occupiers only question

Bookworm105

Idpullthecurtain said:

Bookworm105 said:

Idpullthecurtain said:

Bookworm105 said:

Idpullthecurtain said:

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?

we can't read the lease from here so no one can answer your question 

Thanks for your helpful response.

I wasnt expecting anyone to have read it.

but the fact remains your question can only be answered by reading what it says as it would be the other leaseholders who may (or may not) seek to enforce the lease if you breach it by sub-letting when it says you cannot 

Not at all. 

If all you've got to contribute is patronising response, might as well not bother and move on.

👍

read the lease and decide if it is worth you spending money on pushing its limits if action is taken against you for breaching it 

Idpullthecurtain

Grumpy_chap said:

Idpullthecurtain said:

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?

I would not ask the EA questions around this.  Partly because they may not know the honest answer.  Partly because they may interpret questioning in this vein as an indicator that you are really interested in the property as BTL / holiday let not owner-occupier.

The best thing would be to view the property, presenting as potential owner occupier and then read the official documents (lease) to understand any restrictions imposed by the lease and / or any covenants applicable to the property.

I am not sure what is meant by the phrase "to protect the neighbourhood".
Is the property in a tourist area where holiday homes / rentals are having an impact on the availability for local residents?

Thanks for this.  This is good advice and appreciated   

I believe that term means owners are more desirable than renters, for obvious reasons.

MEM62

Idpullthecurtain said:

Theres every chance I may live in it.  But I would hate to be restricted in any way, if I dont want to.

Then this property is probably not for you.  Look for something else.  

Idpullthecurtain said:

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

Of course they can.  That is exactly what leases, covenants and other types of restrictions do.  

Grumpy_chap

Idpullthecurtain said:

I believe that term means owners are more desirable than renters, for obvious reasons.

There is no obvious reason to me why owners are or would be more desirable than renters.  Absolutely none at all.

silvercar

Grumpy_chap said:

Idpullthecurtain said:

I believe that term means owners are more desirable than renters, for obvious reasons.

There is no obvious reason to me why owners are or would be more desirable than renters.  Absolutely none at all.

Owner occupiers have more invested in the property, more likely to keep say the outside in good condition, more likely to become involved in the community, more likely to spend money on the upkeep of their property.  The average length of stay for an owner occupier is many times that of a renter. No one is suggesting there is anything wrong with renters, just that they are often less committed to an area and their landlords are likely to spend less on external home improvements than owner occupiers. They is a place for both, but an area with a high percentage of renters often sees less upkeep/ improvements/ community involvement than one that is predominantly owner occupiers.