Too good to be true? Offer from l.lord

silentstorm

My partner and I have wanted to buy for sometime and we are currently in a flat we've been renting for 2yrs. As for most first time buyers it's the deposit that is making buying a very far off dream at the moment.

However... 2 weeks ago my landlord gave us first refusal to buy the flat and said he would offer a good rate. I explained that there's nothing I'd like more but we're not in the position to have a deposit soon.

Today he has called as he has spoken to his broker/solicitor and he does not see why we cant get the flat valued, take a 90% mortgage and he will pay the 10% deposit for us. We'd use his solicitor and he would just say we'd paid- but not only do I think this is probably a little naughty-but also if he did not declare he'd 'paid' the deposit for us what would be stopping him changing his mind once the agreement had been come to and saying he'd never agreed to the above?

I've never looked into mortgages etc yet and although I'm aware of vendor's gifts etc I do not know what to make of this whole situation!

Cannon_Fodder

Certainly take legal advice over how to ensure the deal is as described. Do not use his solicitor.

And seek out the recent sold prices to ensure the original asking price is not too far out.

But, rather than view it as a problem, perhaps look at how desperate the landlord must be to be prepared to offer 10% at the drop of a hat.

Another 10% off the price should be achievable with negotiation.

silentstorm

I agree , he does seem very keen to sell. His suggestion was to use his broker and solicitor to get it done asap. This makes sensebut as you say I'd be wary using his solicitor-I'm not sure if this is just my paranoia or not?

It's hard to tell what it's worth exactly as the other flats are all very different in size etc. It was built 5yrs ago and he was the first and only owner. I've checked to see what he paid and it says 199 950- although he told me it was 105000 and the most any other flat has ever sold for is 123000!

I'm very keen to buy but I want to weigh it all up properly first!