Wanting to buy the house I rent

rl290

My best advice is this...

1. The house hasn't sold for £215k, so it isn't worth that much. Check out other property SALE prices (not asking prices) to get a more realistic price.

2. Next, how long is your tenancy due to run for? Suppose it's a year. Some vendors would prefer to realise a chunk of the profit now than wait for a year with a trickle of money coming in from a tenant. So consider reducing the "actual price" of the property by this "opportunity cost"

3. Go to the landlord and explain your position. In order to formulate an option to give him, I'd need a little more details about your current financial position. I infer that you can get a mortgage+deposit of £107k now? How have you calculated this? How much as your savings? Are there any other sources of money as others have suggested? It'll be tough to make the vendor a good offer, but you never know how desperate he/she is.

R