Norfolk cottage up for sale - but you can't move in
- Credit: William H Brown
A picturesque North Norfolk cottage is up for sale - but don't expect to be moving into it yourself.
William H Brown in Holt has been inundated with enquiries about a three-bedroom detached terrace house which is up for sale on Prospect Lane in the village Wood Dalling.
But branch manager Richard Ling said he has had to turn many people away, after explaining it is for sale but they can’t live in it.
This is because the property comes with a lifetime tenancy and its current occupants – who been living there for more than 40 years – will continue to live there, even when it is bought by a new owner.
A lease for life is a lifetime tenancy agreement between the new or current owner of a property and a tenant who wants to lease the property until they die.
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It is currently listed at £125,000 and is the fourth most viewed Norfolk property on Zoopla, with 1,063 views in the last 30 days.
Mr Ling said: “I suspect it’s probably because of the price, it's slightly unusual because the property has lifetime tenants in it. It is only available as an investment.
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“The lifetime tenants have lived there for over 40 years. They have no plans to move out. It’s a long-term investment for someone who is prepared to buy the property with them in it - respecting their lifetime tenancy.
“They are paying rent, so whoever buys it gets the benefit of the rent.
"An investor will buy it with the tenants in situ and they would become the landlords."
The cottage was once a two semi-detached houses before being renovated into one and is situated in the rural village of Wood Dalling, eight miles south of Holt and three miles north of Reepham.
It is offered with three bedrooms, two receptions rooms, off-road parking and a large front garden.
Mr Ling added: “We have had a lot of interest but from people who are looking to buy and live in it and they don’t quite understand or have never heard about a lifetime tenancy.
“I don’t think it’s a common thing to do.
“It’s a beautiful position down there, nice property, great spot but for most who have enquired, it's just not suitable for them.”