Buy off landlord

Lennon0

Hi I don't know if this is possible or if its ever been done. I am renting from a private landlord. I really like the house and would love to buy it. However, after a bit of financial bother (thanks to ex husband) I declared bankrupcy a few years ago and would never qualify for a mortgage. It leave my record in 2.5 years. Is it feasable to approach the landlord, offer him a cash deposit and pay the 'mortgage' to him? Has anyone done this before any advise? Any repayment templates available?

I'd say the house is work about 400K at a stretch I have a deposit of 40K...

Your thoughts much appreciated!

Catblue

It is never going to happen.

No landlord would ever take a risk like that, even with someone who does not have a background of defaulting. Sorry.

If your landlord wants to sell, he'll sell and get the money in his bank immediately. Why would he want to wait 20 years or more to get his money back? And that's even if your landlord considered that you are capable of paying it back.

And from your point of view, it is also a massive risk. You cannot get a mortgage so the house will always be in the landlord's name. He could always take your deposit and then sell the house to someone else - it is his house after all, he can do what he likes with it.

Don't approach him. He'll laugh and then start to wonder whether to give you notice since you are clearly insane.

bryanb

Technically it's possible for the landlord to grant you a mortgage, with all the usual interest, repossession rights, etc. But as has been said it's not likely that the LL will be interested.
What Catblue says is not necessarily correct about taking your deposit etc provided a proper mortgage was drawn up. Because if it happened you would have a mortgage. But don't hold your breath.

Batchy

your doing well as an ex bankrupt and having 40k cash... well done... good luck!

PasturesNew

£400k - £40k = £360k
You must earn shedloads to get a mortgage that big on your own.