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how much does having a sitting tenant reduce the house price by?

9 replies

SenoraPostrophe · 19/04/2007 21:20

...anyone know? assuming sitting tenant is not elderly.

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NurseyJo · 19/04/2007 21:24

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SenoraPostrophe · 19/04/2007 21:28

no, I mean spevcifically with a sitting tenant - i.e. someone who's been there since before 1987 (I think that was when it was) and who pays a very, very low rent accordingly (I would guess about a quarter of the current going rate). You can't legally evict a sitting tenant unless they default on rent.

...also how much does a full survey cost?

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zippitippitoes · 19/04/2007 21:32

it will depend on market conditions but something like 30 to 40% i think or even a bit more, but how desirable is the property/area etc

SenoraPostrophe · 19/04/2007 21:37

er...depends what you call desirable. It's a "sought after" village according to rightmove . It needs work though.

tenant is a friend - I was wondering if she'd been given a fair offer, or whether she should offer less/sit tight.

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zippitippitoes · 19/04/2007 21:38

offer to leave or is she trying to buy it?

SenoraPostrophe · 19/04/2007 21:46

offer to buy.

owner originally said she'd sell to her for halfway between the actual value and the value-with-tenant, which I think is mean.

given my guess of the value though that would suggest the value with tenant is just over half the "real" value. could that be right? the rent is very low - maybe less than a quarter now I come to think of it.

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zippitippitoes · 19/04/2007 21:51

so the owner is saying 50%

if i was the tenant I would carry on sitting and buy an investment property and let it out

SenoraPostrophe · 19/04/2007 21:55

no, she's offering to sell for 70k. given the work that needs doing I reckon it's worth 90-100. given what she says that would put the vakue with tenant at 30-40

I told her she should see a lawyer/surveyor and then make an offer.

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SingingBear · 19/04/2007 22:00

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