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Hi, I own a part share of a nice recently renovated house in North London, with other members of my family owning the rest, left to me in my fathers estate, with probate granted in 1999, as a tenant in common. This means I can sell my share independently. The house is worth around £900K, my share is one sixth of this at around £150K. My mum currently lives there, she is 80. I need cash urgently and am willing to heavily discount the asset so on purchase you would also become a tenant in common - if you had the time you could profit 100% from the transaction by selling it on quickly, or hold on to it as a London property asset you own.
I am wondering if there is a market out there where someone wants to get a foothold in the London market by buying my part of the property. It is a freehold property, recently renovated from top to toe with high quality, large garden, and kept very clean at all times. I am looking to sell my share at a 40% discount to anyone interested who has the finances, and will include crypto in that. The transaction would go through a solicitor as usual.
So if anyone is interested in this, I would be happy to hear from you. Its a posh suburb and a really nice house and ultimately a great investment at the price - I have something of more value to me that I would like to finance, so its all yours for the taking, and possibly a good way to get on the London property ladder.
Some legalities/things to consider are:
*that as a tenant in common you can sell the piece on without permission from the other stakeholders in the property. So if you have time you could sell it for full value at £150K, having bought it from me for £90K.
*mum is, quite rightly, protected from a force sale of the whole property by any stakeholder because she would be considered a vulnerable person by the Courts, so its not a buy to live in situation, just investment.
*once Mum passes you might be able to live in it at a reduced rent if you agree that with my brother and sister.
*if anyone has more to add here please do so
So here you are, a great opportunity born from my desire to exit for another cause.
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