OAP Sells House At Huge Discount - As Long As He Can Live There Rent Free

I bet that when you reach retirement, having all that free time but only your pension to live off is frustrating to say the least.

After ploughing your hard earned wages into your mortgage for years, you could sell up and go on long expensive holidays - but then you'd still have to pay rent when you get back. Unless you're as clever as this guy.

An OAP decided to put his house up for sale at a huge discount - but as with most good things in life, there is a catch. Whoever buys the house has to let him live there - rent free.

Peter Yielding, 64, put his lovely three-bed semi in expensive St Albans on the market for £350,000 - undercutting the rest of the houses on his road by hundreds of thousands of pounds.

Credit: SWNS
Credit: SWNS

The online listing starts off with the standard details - it has a garage, driveway and would be perfect for investors.

But the description on Right Move continues: "The current vendor would like to remain at the property rent free as a long term tenant."

And it seems that that hasn't but people off, with Mr Yielding confirming that he has already had two 'firm offers' from buyers who would be fine with the set up.

Speaking at his home on his unusual choice, he said: "I just need the money if I'm honest with you.

"I'll live [here] as a tenant."

Although it might seem odd to those of us who will most likely never get a sniff at a mortgage deposit, the practice is called home reversion - and it's more common than you'd think.

In a home reversion you sell all or part of your house for cheap - usually up to 60 percent less than the market value - for a cash lump sum, a regular income or both. Sounds perfect for those fancy three month cruises that posh, old people are always off on (not jealous at all).

The buyer allows you to keep living there until you die or move into care. Morbid.

If you think about it, it's like just having a lodger that already lives there.

The older you are when you sell, the higher the percentage you get back.

This can work well for both parties but it can backfire, like in one case where an unlucky man purchased a house from the world's oldest woman.

Andre-Francois Raffray thought he had a great deal when he agreed to pay 90-year-old Jeanne Calment a monthly fee until she died - but Mrs Calment ended up living another 32 years, becoming the world's oldest woman reaching an age of 122, outliving him.

Kind of serves him right, really.

Featured Image Credit: SWNS

Amelia Ward

Amelia Ward is a journalist at LADbible. She studied Multimedia Journalism at the University of Salford, before going on to work in music PR. She has also written for the M.E.N Group and various other publications.

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