This old house.....

I took a trek out onto the moorland this week, my knee (an old war wound, as regular readers will know), held out well over the rough ground.

What brought me to this beautiful rural spot, between Dallas & Knockando was a property – if you can call it that. It hadn’t been lived in for at least 20 years, at least not by human inhabitants, though there were plenty signs that sheep, pigeons and rodents had made this their pied-a-terre over the last few years.

It sits prominently in a South facing position on the hilltop, in a large plot overlooking a stream to the front and pine woodland to the rear. It has 3 large rooms downstairs and upstairs boasts 2 very sizeable bedrooms. The outer walls are approximately 3 feet thick and it had a decent roof, covered in lovely Welsh slate. Those are the good points.

The not-so-good points being, it has no electricity, gas, water or telephone supply. Nor does it have any windows, or a bathroom. It does have a floor, of sorts, which can catch you unaware, as it did my surveyor, who went through it in the dining room. He now also walks with a limp.

I negotiated a private bargain with the farmer and access to the property via an overgrown private track, which connects with the ‘B’ road, some 3.5 miles away. We concluded my most unusual purchase with a wee dram and a handshake outside the property. Even Copernicus, my Border Collie looked bemused with my action.

Now, for the unusual part. I have already secured a tenant for the property on a long term lease. The tenant will pay a peppercorn rent for 10 years, in return, he will renovate the property and landscape the ground to an agreed standard. After the initial 10 year term, once the renovation is completed, the tenant will have the option to stay in the property, at the full market rent, or give notice to leave.

This arrangement works well for both the tenant and the landlord. The tenant can secure a long term tenancy and stay virtually rent free in the property for 10 years (provided the work is carried out on time and to an agreed standard). The landlord has his investment property protected and renovated at little cost to himself.

A win-win situation, how often does that happen in the property world ?

It is certainly worth bearing this in mind should you wish to invest with small capital outlay. Or indeed rent and secure yourself a long term tenancy.

I am taking Mrs Jackson to view the latest investment this evening. She will no doubt be less than impressed with the muddy scramble to get there and the foot deep sheep droppings in the lounge. However like all property investors I will endeavour to get her to see the potential.

Like she saw in this old ruin, 48 years ago on Thursday. I think we will celebrate together with a mail order cake from Betty’s in Harrogate and a pot of Rington’s. I still know how to spoil her !

Kind Regards,

Mr Jackson.