How can I buy the house I Rent?

brunostar

I currently rent the house I live in privately. The landlord is happy for us to remain in the house indefinatly as long as he gets his rent each month.
I want to eventually buy the house but like many people havent got the mass deposit saved.
I have been told that one possible way is a rent to buy scheme. From my understanding a price is agreed and a fixed term to save the deposit ie 3- 5 years and that is done by paying extra on top of the rent.
Is this a feasiblie way?
When I have spoken to agents about this they always say its dangerous, but they would as it takes their business away

any advice or knowledge appreicated

evoke

I'd speak to your landlord first. Chances are that the property is an investment property for him and he might not want to sell it for a long time.

brunostar

evoke wrote: »

I'd speak to your landlord first. Chances are that the property is an investment property for him and he might not want to sell it for a long time.

Sorry I forget, to mention, he is prepared to sell to us and is prepared to wait till we have the deposit,
I am just more concerned about long term secuirty

DannyboyMidlands

If the landlord is prepared to wait for you to save the deposit why don't you just, like, save the deposit?

Egg_custard_2

If you can afford to pay an increased rent to have the additional bit accrue to make a lump sum deposit, you may as well just keep the rent as it is and open a savings account and make monthly payments into it by Direct Debit for the extra amount you can afford each month.

poppysarah

brunostar wrote: »

Sorry I forget, to mention, he is prepared to sell to us and is prepared to wait till we have the deposit,
I am just more concerned about long term secuirty

Don't forget long term security is dependent on your paying a mortgage once you buy. At least renting you would get help with rent if you lost your job.


(And I know mortgage help is out there if you lose job etc)

Jeffrey_Shaw

brunostar wrote: »

Sorry I forget, to mention, he is prepared to sell to us and is prepared to wait till we have the deposit,
I am just more concerned about long term secuirty

Take legal advice, obviously. One way might be:
a. to exchange contracts now, for purchase from L [landlord];
b. to pay whatever you can afford as the deposit on exchange; and
c. to set a longstop completion date (e.g. five years from contract) but with power for you to serve on L a written Notice at any time to make a fixed completion date of- say- four weeks from Notice date.

Such a contract will need protecting by a Note registered at HMLR.