selling a property in stages
I was thinking of selling my rental property to the tenant who has been there for over 5 years. However; I think he does not have all the money for a deposit for a house. I was wondering whether to sell a qurter to him each year. then of course he has to pay rent for 3/4 of the property and share any costs etc proportionately. After 4 years the property can be his. It will be legally drawn up and every angle considered before committing. I thought of asking you clever people for the pros and cons. My son envisages problems and does not approve it. I am OK with only a quarter each year. The way to do it is to ask the building society if I can add another onto the mortgage. At present its in my husband's and my joint names. Any reason why I should not go ahead with this idea?. The only problem I can see is if they dont agree with the revaluation amount each year.
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