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Help with landlord offer?
lauren_1
Posts: 2,067 Forumite
We currently rent a 2 bed house and have been here for just over 2 1/2 years, its a good area and a nice home BUT our landlord needs to sell or raise the rent considerably.
It was valued by my mum at £115,000 obviously that cannot be taken in to consideration as its biased but another estate agent valued it at £112,250-£115000.
We have taken a lot of mortgage advice and i am quite happy to wait another 6-12 months (im new to my job, our deposit is pretty poor plus our telly, fridge and washing machine died within 3 weeks:mad: lowing our amount by £600 )
My landlord would like to do a private sale for £120,000ish but will give us the deposit for the mortgage
im not sure how this will work on repayments or wether he will own a percentage of the house still but its sounds like a too good to be true offer, i dont want to be in debt to anyone other than a bank or family, it just seems awkward.
To throw a spanner in the works the 3bed across the road is up for £125k with garage and room to extend
It was valued by my mum at £115,000 obviously that cannot be taken in to consideration as its biased but another estate agent valued it at £112,250-£115000.
We have taken a lot of mortgage advice and i am quite happy to wait another 6-12 months (im new to my job, our deposit is pretty poor plus our telly, fridge and washing machine died within 3 weeks:mad: lowing our amount by £600 )
My landlord would like to do a private sale for £120,000ish but will give us the deposit for the mortgage
im not sure how this will work on repayments or wether he will own a percentage of the house still but its sounds like a too good to be true offer, i dont want to be in debt to anyone other than a bank or family, it just seems awkward.To throw a spanner in the works the 3bed across the road is up for £125k with garage and room to extend
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Comments
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He wants to sell- you're in the stronger position. I personally would choose the property over the road as 3 bedrooms is far superior to only 2. I certainly wouldn't offer £120k that he wants either. £105k would be my top offer.July Win: Nokia 58000
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Our options are
- Move back with mommy dearest for a year (she has a nice big house with 2 spare bedrooms pay off debts and save for a decent deposit, she also comes in handy for improptue baby sitting when extra work comes up)
- Stay as we are but let him raise the rent and hope we can cover the outgoings
- Buy, and pray that intrest rates dont rise but that provided we get a mortgage, if i were a lender i wouldn't give me a mortgage either as we have a few k's worth of debt.
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Well, In that case I would stay with Mommy Dearest, save up your money and wait for a year or two.July Win: Nokia 58000
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I wouldn't buy a house at the moment unless I was expecting to be carried out of it in a wooden box. Even then it's hard to see how prices can do anything other than fall in the short term.0
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