Fox-
No, another investment, and the price was really good so one day it could be a very good one.
The place used to belong to British Waterways (which no longer exists and has been superseded by the Canal and River Trust). Lock keepers were given lifetime tenancies, and the other houses were let out at ridiculous prices.
My parents got a tenancy in the early 80s, initially for £75/quarter, and then bought it in the mid nineties for a single-figure sum as BW took their rent payments into account.
I wonder why they had no money!?
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Who even has lifetime tenancies anymore.
I did some digging around on this - seems like folks who have 'sold' their homes to equity release companies in exchange for an LT as well as the more obvious beneficiaries from public sector stuff.
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tbc
Howard
My sister persuaded her then-boyfriend to buy the house two doors down from my parents at auction while back, which he did without a proper viewing because he'd seen it loads of times, and without paying attention to the contract because he'd 'bought loads of houses'.
When he bought it, he found that:
-The tenant had a lifetime tenancy
-The cash-strapped former public corporation it had belonged to had written into the contract that the buyer would have sole responsibility for the septic tank servicing the row of houses - which had recently overflowed
He thought he was just a canny buyer who'd got a right bargain.