Property case study: Mr and Mrs G sold a flat in Brighton with a sitting tenant

Mr and Mrs G sold a flat in Brighton with a sitting tenant

Mr and Mrs G approached Open Property Group in relation to selling a flat in Brighton which was let on a life tenancy to the sellers Mother. The property was initially let on a verbal agreement that the elderly tenant could stay in the property for the rest of her life. Mr and Mrs G were faced in a position where their mortgage lender requested that the mortgage was repaid, as the terms of this loan did not allow the property to be let long term.

Open Property Group valued the property within hours, and confirmed a cash offer in writing to the sellers immediately. A draft form of life tenancy was drawn up by the solicitors which in effect gave the tenant permission to remain in the property on the earlier date of; 99 years from the start of the agreement, or on the death of the tenant. A small rent was paid, and the property has now been added to the property portfolio.