rent house, ways to buy/own

ballyclover

hi

am looking for some quick basic advice. A relative purchased house before emergrating to Australia. The idea was i couldnt get a mortgage and they wanted to invest in property for retirment, pre crash of course. The plan was when i was able i would purchase the house from them for the market price.

The whole plan has gone wrong, they returned early,moved down south leaving me to continue to rent the house. Unfortunatlay the properity is in negitive equity despite thier intial £10,000 deposit.

They cannot get a mortgage where they are now because they need to sell my house to get a deposit back to buy a home of there own. They have no desire to live in my house.

The associated costs of this house is also crippling them and they cannot afford to contribute towards repairs.I have renovated the home as was agreed when they left, as as i explained the intention was for me to buy it.

I cannot get a mortgage, i have no deposit and have several defaults on my credit file. We have a household income of around £40000. Is there a way, legally for me take ownership. I am aware that the mortgage company actually own the house anyway.could i draw up a document giving me the house as long as i repay the mortgage.its very complicated, but my relative would be happy for me to take on the house and lose thier deposit, as it free up extra money for them.

i recently read about a guy who sold his home to someone by ways of repayments, with no loan, mortgage or rental agreement needed...not sure hoe that worked..

I am sure there must be an easy solutuion to both problems.

for information, the house was purchased for a morgage of £120.000, having had it recently valued it came in at £105,000. if they sold it they could not afford to be stuck with the £15.000 owning

i aprrecaite any thoughts

dimbo61

You cant buy without a deposit and with a poor credit score you might need 25%
So you can either live at the house and cover the mortgage payments until your credit score gets better or move into rented elsewhere ( not sure how much you are paying now and how much local rents are )
They cant get another mortgage even if they wanted to as they have one property in negative equity and no deposit to put down on another.
If what you are paying now is cheaper than local rents sit tight but your " Landlords " should be maintaining the property with Gas safety checks ETC