6 Months Into Tenancy Landlords Lender Seeking Possession Can I Buy?

glasshock

Hi All,

I will try to keep this short ....to the point and would really appreciate some advice

1 -We (Wife and 2 children) have just returned from working abroad.
2 -We are 7 months into a rental contract as we cant buy as self employed now and need 3 years books.
3 -Post for landlord all arrives here and as such some accidentally opened
3 -He is in 4k arrears with mortgage
4 -Court date now set as lender now seeking possession
5- Seems the inevitable will happen

The tenancy agreement is with him personally but managed via an agency.
I will be informing the agency ASAP.

Now my question is this.....

Can I make a deal with him or the lender to buy the property (Attempt) as I have savings to pay off his arrears and offer the lender a large enough deposit? Can a mortgage be transferred? Surely it would be in the lenders interest to come to some arrangement with the tenant as in todays market they are unlikely to sell quickly or for any vast amounts.
Property is an old cottage and needs substantial refurbishment.
Figures work out as follows...
Valued at 150k. Landlord owes 145k Needs 50k spending to bring it up to date.
I also feel he does not have consent to let the property....
So ...I will inform the letting agents (who have known about this problem for some time now) but should I go a step further and offer my intention to help via a letter to the lender? I, as the tenant am entitled to attend the hearing next month so I shall attend ..... but ...any thoughts anyone?
The long and the short is that we like it here and the kids are settled in their school. We would buy the property but will struggle to get a mortgage with a new start business however ....... is it worth 'proposing' a deal?

Thanks in advance.....

Wh05apk

As the landlords post is coming to you, the lender is clearly not aware that he is renting the property.

Who, apart from some "experts" on here says you need 3 years accounts? most lenders will accept 2, Kensington (I think )1 yr.

The mortgage cannot be transferred, you will be starting a new mortgage in your name.

I wouldn't waste your time trying to buy from the landlord, as unless he can clear the mortgage in full the lender will be unlikely to release the property, again, I doubt if you will get anywhere with the lender, as they have a duty to get the best price, which will mean they repossess and market/auction, in which case you will likely get the property quite a bit cheaper.

Sorry, but I think you need to start looking for alternative accomadation, as it looks like sooner rather than later the property will be repossesed.