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dollydimples

how would this work?

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Ok, I am not interested in this property that i have seen that is going to auction some time in July..

it is a 5 ( i think) bedroom house, which has a guide price of 20k.. yes thats right.....lol..

you cant view it, and it has someone/family living there..

Senario......... If someone bought that house for a long term investment.... once they bought it etc, could they charge the people living there the going rate for this type of house etc?

or do you think its priced soooooooooooooooooo low ,because there is a clause that you can only charge pennies for the rent, and they have a life time agreement...?

You have to drive passed a working farm to get to it, and it stands in a 3rd of an acre...

So if the above is the case, what would be the point in buying it, or would it be a type of investment you would leave your kids/grandkids?

As you know i am new to all this property investment/B.T.L , so it would be nice to know about these types of properties and to find out where the potential profit is

thanks

look forward to hearing your thoughts on this one

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..........or maybe it an "agriculture tied" property? due to the working farm close by?

Mel.

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Why don't you follow up the autction site and see what is said about the property and if you are serious buy the legal pack which costs about £30. This should reveal why the property has has such a low guide price but you willl need to read and understand the documents enclosed.

It could be as Mel says an agricultural tied property or a house with a regulated tenancy or tenancy at will. All these will prevent you buying it and charging the market value. If it was that easy we'd all be doing it!!

Mortitia

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Why don't you follow up the autction site and see what is said about the property and if you are serious buy the legal pack which costs about £30. This should reveal why the property has has such a low guide price but you willl need to read and understand the documents enclosed.

It could be as Mel says an agricultural tied property or a house with a regulated tenancy or tenancy at will. All these will prevent you buying it and charging the market value. If it was that easy we'd all be doing it!!

Mortitia

contacted the auctioneers, they havent had the legal pack yet, but its a repo, but it has not been reposesed( tennants/owners prob refusing to go) they dont know the legalities yet, but i have signed up for the downlaod of hte legal pack, when it is available. but she did stress to have a solicitor to have a look at the pack..

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OK. The ideal would be to buy with 'vacant possession' and properties are not usually auctioned with previous owners in place but they can come with tenants in place.

This could be a good project for you to watch and see the outcome of even if you don't buy as it will cover a lot of issues.

Mortitia

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Def not touching it... Mark,

I dont mind passing the details on of the property..

What i thougt maybe you could give me your thoughts on this as a senarion, basically If there was a legal battle to get them out of hte property, how long would it take, how much etc..

But if it does have an Agri Tie to it.... it would only be of use to locals who work on the land or have some sort of land work?

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