A St Albans man made an unusual approach to selling his home which caught national headlines earlier this month.
Peter Yielding, 66, takes a unique avenue to selling his home by knocking off £100k of what his property is worth with the negotiation of still residing there rent free.
Scott Willmott, sales manager at Leaders’ St Albans office, valued the Royston Road property late last year.
He said: “I discovered that the 66-year-old client was in a predicament. He had been living in the property since he was a child and clearly is quite attached.
“He wanted to find out if there was a way for him to stay in his home, so I put some though into it and suggested that he might want to lower the price to attract investment, and also stay in the property as part of the agreement with an investor.”
This in layman’s terms means Peter Yielding would remain in the property rent free as a long term tenant with the negotiation of a considerable amount of money knocked off the property worth.
Scott added: “I would say that the property is currently worth between £450k and £475k, but we lowered the price considerably to suit this unique situation.
“In a market dominated by uncertainly and Brexit, I like to take positive steps for my clients. If everything goes through, he would be on a rolling tenancy agreement. I also advised him to take independent financial and legal advice.
“It is an ideal investment opportunity and may require modernisation in the long term and we are pleased to say there are currently two pending offers on the property.
Property PR expert, Jerry Lyons, said: “It is definitely a very unusual approach but not unheard of. It sounds like Mr Yielding is taking quite a bold approach to selling his home.”
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