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Estate agent offers house for sale with unusual request from vendor

Retired 64-year-old vendor offers his house for sale at huge discount but wants to live in it rent free, says his estate agent Leaders.

Nigel Lewis

Estate agent Leaders has put a property on the market featuring one of the most unusual conditions ever requested by a vendor within its property particulars.

The agency has caused a storm on social media after uploading a listing on Rightmove for a three-bedroom semi-detached house for sale in St Albans, Hertfordshire for sale at £350,000.

“Calling all investors,” the listing’s copy screams. “Leaders are pleased to bring to the market this extended three-bedroom semi-detached house with garage and driveway.

At £350,000 the house is for sale at a considerable discount compared to similar properties in the area, which sell for £250,000 more. But for a good reason.

Rent free

The vendor, who is retired, wants to remain in the property after the sale and live in it rent-free until he dies or has to move out to a rest home, effectively offering the kind of DIY ‘home reversion’ deal many pensioners take out with financial institutions.

An examination of the floorplans reveals there is no ‘granny flat’ featured so buyers will either have to either live with 64-year-old Peter Fielding or gamble that he doesn’t live in the property for a prolonged period.

Firm offers

Despite the unusual offer, Fielding has told local media that he has two ‘firm offers’ for the property.

Based on local rents, Mr Fielding would have to live past the age of 78 before the deal would begin to lose an investor money, a gamble several are clearly happy to take.

Similar properties on his street have been sold for £607,500 in January and another fetched £550,000 last September.

April 15, 2019

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