St Albans man's unusual property plans make the national press
PUBLISHED: 08:12 17 April 2019 | UPDATED: 08:25 17 April 2019
A St Albans man has made the national press after putting his house on the market for an unusually low price – subject to just one unusual condition.
The extended three-bed semi on Royston Road has a driveway, a garage and an asking price of just £350,000. The catch? The vendor wants to remain at the property rent-free as a long term tenant.
Scott Willmott, sales manager at Leaders' St Albans office, valued the property late last year and began marketing it in February.
He said: “I discovered that the 66-year-old client was in a predicament. He had been living in the property since he was a child and so clearly is quite attached. He wanted to find out if there was a way for him to stay in his home.
“I put some thought into this and suggested that the seller might lower the price to attract investment, and also stay in the property as part of the agreement with an investor. I also advised him to take independent financial and legal advice.”
Scott estimates that the property is currently worth between £450,000 and £475,000 but says that Leaders “lowered the price considerably to suit this unique situation”.
The arrangement has been compared to a home reversion plan, a type of equity release which allows homeowners to sell all or part of their property at below market value on the condition that they can remain there rent-free for the rest of their lives.
Leaders were keen not to label anything, however
If everything goes ahead as planned, the vendor will remain at his home on a rolling tenancy agreement.
Scott added: “It is an ideal investment opportunity and may require modernisation in the long term. We're pleased to say there are currently two pending offers on the property.”