Living in an esate cottage.(17 Posts)
We live in an estate cottage tied to a large stately home. This house is incredibly unlikely to be sold. It hasn't been for hundreds of years. Our tenancy agreement basically is that as long as we pay the rent we can stay here forever. Our (few, we live in a remote part of the estate) neighbours have been here years - shortest length tenant 18 years at the moment. Similar story for the rest of the estate - next door are new, but his dad, granddad and great granddad had the cottage before he did.
Would we be crazy to give this up and try and get a mortgage on our own place in the nearest town, which will be at best a 2 bed house, or a 3 bed flat?
Why would you want to?
What are the drawbacks of this cottage?
Depending on the amount of your rent, I would say, stick with the cottage.
I would consider a buy to let if you are happy living there - I know ll are not popular on here but it would be a way of getting on the housing ladder whilst living somewhere you love - plus added security if the situation did change.
The downside is only, as far as I can see, that we don't own it, and never will, and the unthinkable COULD happen and the estate could be broken up.
We pay £725 a month for a cottage with three bedrooms, on a private countryside estate, and with allowed access by our landlord to his grounds. It's ace. But not ours. And not convenient now I have returned to work and am trying to rely on rural public transport (I had to get a taxi to work last week twice as the (rare) bus didn't rock up, which nearly negated my wages!
More information needed, really. How does it compare to rents of similar properties in the vicinity? Do you actually want to continue to live in a remote rural area (as bits of your post suggest not)? Are your landlords good in terms of repairs etc? Are you very attached to the house and place? Do you use the estate grounds free access a lot? Have you figured out what kind of mortgage you could get and what it would buy you?
That's not that cheap. Our estate cottage was about half the hoing rental rate which made it a much more attractive proposition. We did most maintenance though. I'd probably try to buy.
Buy to let and learn to drive would be my advice.
It is much cheaper than similar sized properties in the village, but that is looking at sale value - unless you are one of us estate tenants, then really, most people own their house here (there are a very few social housing properties).
It's just hard to give up our period (draughty, cold, damp, expensive to heat) cottage in beautiful grounds for a tiny new build in town, which would undeniably be more convenient and cheaper to run!
Why do you want to own though? Is it to pass something down? I would, in your position, save a deposit for an investment property to rent out to others...and stay in your cottage! Then you have the fall back and the investment.
Your cottage and it's surroundings sound amazing! Having said that grappling with public transport in the sticks is not easy!
Are there maintenance responsibilities attached to your lease, which would mean you couldn't retire in the cottage if you couldn't perform those duties?
How much do you save, month to month? Would you be able to save more even with a mortgage, by living in cheaper digs in town? Are you young enough to get a mortgage?
The lack of transport and the risk to your jobs would definitely sway me... but then, I'm not a "country" person!
The estate won't be broken up... it is more than likely to be in trust, to avoid death duties.
We spent a decade in a similar situation, it was wonderful. We only moved because they had a 2-tier renting system, old/retired tenants rent stayed the same, low level they started on, newbies (including us) paid the going rate and had regular, 2-yearly increases. When the rent got too high, when it outran the higher heating costs, for us we moved.
I have to admit that the novelty of having central heating in a house that isn't draughty hasn't worn off yet. I mean, we set the thermostat and the whole house is that temperature. No more huddling in the front room round the fire and freezing our way to bed
Maybe you are having these thoughts for similar reasons? The benefits no longer outweigh the problems.
Are you worried about the affordability in the long term? Is your concern that you will get to retirement and not be able to afford the rent?
I guess the other concern is that the estate could be broken up and sold on.
In both these respects this is no different to anyone else anywhere in the country living in rented accommodation.
If you really don't want to leave the house then you will have to learn to drive, and has been suggested above, buy to let as a fall back for retirement.
We are in a similar position. We rent a huge farm house with land, we are on our own in the middle of the farm, currently surrounded by rapeseed It's a farm property (farmer owns half the village) and is unlikely to be sold. We have a deposit for a house and have been looking at four bed new builds but they just don't compare, I've been spoiled. I don't want to move but like you it's not 'ours'. It is a dilemma.
Our landlord lives on an estate. They have brought a house in the village and rent it out- too us. So if they ever do need to move then they have somewhere too go plus they now own the house as over paid on the mortgage as their rent was cheaper. Sounds like a good investment too me.
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