Landlord offered deal re: house purchase

amandag74

We currently rent a beautiful house. Our landlord wants to sell but we have been unable to get a big enough deposit together (need £40,000!). They have thrown us an offer that we like and can work with but can't find any info on whether it's possible.

They have offered to retain 1/3 (or 25% - left that up to us to decide) for 5 or 10 years and we purchase the other 2/3 (or 75%). We looked at a new build offering the same thing which meant we didn't need to have a deposit.

Is there such a thing available to the general public? Anywhere?

Leon_W

No.

Part ownership or shared ownership schemes are only available on some new build properties. These being funded by only a tiny number of lenders.

Thrugelmir

Although appears straightforward. There are a myriad of circumstances in which different secured charges on property could prove troublesome.

pressedapple

This isn't strictly true... we have friends who have done just this with an aunt of theirs. She owned the house, they bought 80% and some years later they bought the remaining 20%. I'm sure it was done through the Nationwide but could be wrong. They did say they couldn't find anywhere that advertised such a mortgage but when they asked their branch manager she got on to head office.... anyway, it has been done before!