we have 47 years left on our lease. what if any is the value of this lease.?

Question

our landlord wants to buy out our lease . we were given 47 years to stay on property,

for the past thirty years we have lived on my parents ranch . we have adouble wide mobile home.the ranch was sold and the new owner agreed to let us live here untill iwas 100 years old. now because of a zoning problem we were told that we will have to move. our land lord says he will buy out our lease. presently we pay him $300 per month.what should we value our lease?

for the past thirty years we have lived on my parents ranch . we have adouble wide mobile home.the ranch was sold and the new owner agreed to let us live here untill iwas 100 years old. now because of a zoning problem we were told that we will have to move. our land lord says he will buy out our lease. presently we pay him $300 per month.what should we value our lease?

Answer 1

If you want to stay, stay! Otherwise, your landlord will rent it out at a higher rate to someone else. Look into what renting elsewhere will cost you. I figure that you may add at least 25% to that amount.

Answer 2

Read your lease. Is there an escape clause? Have you made ALL your payments ON TIME (NO late payments?) Was the lease drawn up by you and your landlord or was there an attorney involved?

You need to contact an attorney and get their take on the lease. You can call you all try your local city/state renters union/advocate. They may have info on your landlord if there is a history of this sort of behavior.

Answer 3

Hi.

I'm including links to a few web sites along with articles. You should be able to contact them for additional information if needed. I bet you first want to get an idea of what the property is going to be used for, potential revenue, and the difference between what you would have made and/or money you would have generated for the landlord - of course without askign him directly.

Best of luck! :-)

Answer 4

What would it cost you to move to a comparable place? Size, Condition, Cost per Month, Travel distance to work and stores? I would say take it all into consideration and come up with a price to give the landlord. Good Luck!

Answer 5

Seems to me you could make out on this deal but I'd contact a Real Estate Attorney for absolute details.

Answer 6

The value is for whatever amount you agree to; ask the landlord to make you an offer.

Answer 7

how much did you pay for the lease/ prorate this and throw in a bonus. did he buy out anyone else and if so how much per month is he making on that transaction