Providing a mortgage as a private individual
I would welcome advice/comments on the following:
Is it legal/feasible to sell a property which you own outright to someone else and they pay you rather than a bank?
I have a flat which I have been letting via an agent and everything is OK but there is talk of England adopting some of the ideas which apply in Scotland. Hence it may not be as attractive to me and I suspect others to continue.
I do not want to sell it in the ordinary manner because I would not want a lump sum of money, I prefer the income the flat generates to the interest I would earn.
So could I sell it but have the buyer pay me every month for the next 30 years or whatever?
I don't expect to still be here in 30 years so the remainder of the term would go to my Estate. Before I go down the road of instructing solicitors I want to know if it is possible. Does anyone know?
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