Buy then rent out to existing occupant?

brookes_2

Just placed thread, about myself renting then to buy. I have been with partner for 8 yrs, but don't live together! he owns his home with still mortgage on it, can't sell because his mother aged (80) still lives there, if he could release equity from house we could to gether find a home we could afford.
I have heard of schemes where companies buy the property and they rent it out to you, but the companies i have heard of can rip people off? is this true?

Pee

Yes. Most of the offers to buy your house and for you to stay on as a tenant are very much in the buyers interests. Of course it would be.

The trouble is that even if the buyer/landlord does not intend to rip you off, you are swopping the security of house ownership for a AST at a market rent.

By releasing equity, I presume you mean remortgaging?

If you have never lived together, would it make sense to live somewhere rented for a little while and see if you are compatable living together, before making such a big financial commitment.

You should see buying a house together as akin to marriage, very messy to get out of if it all goes wrong.

brookes_2

We would not be able to rent together as he pays for two children mainteneance I have one daughter who is 18 i don't get maintenance, I would lose out on the tax/children credit, which stops this April, he would still pay his mortgage for his other house

hearts

Stay as you are. You sound like you are about to step into very murky water with no idea of the depth.