Man gets two offers for 'bargain' home – where he wants to live rent-free

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A man has slashed the price of his house by £250,000 on condition he can live there rent-free after it sells.

Peter Yielding, 64, wants just £350,000 for his semi, which is in a street where the last house sold for £607,500.

Despite his bizarre request, Peter says he has already had two “firm offers” for the house in St Albans, Herts.

The listing on property site Rightmove says it has a garage and driveway and would be perfect for investors.

But it also states: “The current vendor would like to remain at the property rent free as a long term tenant.”

Yielding’s property is on the market at a £250,000 discount

 

Peter, who put the house on the market in February, said: “I just need the money. I’ll live here as a tenant.”

The last house to sell on his street went for £607,500 in January and another fetched £550,000 last September.

Some social media users mocked the advert, saying Peter should have been “laughed out of the estate agents”.

But others described his offer as a “bargain” and predicted investors would be happy with the unusual catch.

The St Albans property has allegedly attracted serious offers

 

One wrote: “This is possibly not as ridiculous as it first appears. £350k is substantially less than what that gaff is worth.

“I’d take on a long-term tenant for around £200,000, or whatever the difference in value is.”

Leafy St Albans was recently voted the top commuter city for people working in London.

The practice is called “home reversion” – where you sell all or part of your house in a cut-price deal.

In exchange the buyer allows you to keep living there until you die or move into care.

The older you are when you sell, the higher the percentage you will get of your home’s market value.

This can work well for both parties but it can come back to bite buyers if the seller lives in their 90s or 100s.

The online listing states that the property has a garage, driveway and would be perfect for investors

In the most infamous example Andre-Francois Raffray agreed a knock-down price to buy 90-year-old Jean Calment’s flat in Arles, France.

The 45-year-old lawyer signed a ‘viager’ deal in 1965 to pay her £250-a-month while she was still living in the property.

Unfortunately for Mr Raffray, Mrs Calment ended up living another 32 years, becoming the world’s oldest woman.

She outlived the new owner of her apartment, who paid more than double the flat’s value before his death in 1995 aged 77.

Mrs Calment died aged 122 in 1997.

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