Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Rent sum already paid

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Rent sum already paid

    Hi, my son and daughter in law have been renting a property over the past last seven years and to date have paid around £60,000 in rent, the current owner ( there is no mortgage on the property ) has now decided to sell and given first option to my son/daughter in law. They have been told that as the owner has offered the property to them first an allowance must be made in view of the total amount of rent paid to date, asking price £240,000 less a proportional amount of the £60,000 rent already paid. Does anyone know if this is true?

  • #2
    Hiya,

    This is a really interesting question. I'm not sure the seller would be obligated to offer them anything - they entered a rental agreement and paid the amount they were asked. I do wonder if the people telling your son and daughter in law this may have it confused with a gifted deposit? This is done usually when a parent sells a property to a child at a loss, (so for £150,000 instead of the £200,000 value) and the difference is used as a deposit. Mortgage providers are not big fans of this though.

    I'll see if any of the conveyancing partners on this forum are happy to give you a little advice, and maybe some other users on the forum have had some experience with this.
    Best of luck!


    Comment

    Working...
    X