Private Rent to Buy - An option?

Permafrost

Has anyone had any experience of offering a 'rent-to-buy' to a property on the open market?

We have seen a perfect house for a very good price and are worried about loosing it before we can sell our own to free up a large deposit. It has just occurred to me that the situation.. a seller who already owns another property and wants some fast cash... could be ideal.

Would you approach a solicitor direct about this, I have been unable so far to find one that knows anything about it.. but there appears to be a few companies online offering templates to give solicitors?

Just weighing it up as an option!

property.advert

Quite simple really. All you need is a lease with a call option to buy the property within a given period of time, at an agreed value.

To get a vendor to agree, you should offer them a guaranteed amount of notice before the end of the rental agreement where you decide not to exercise your option and they can place it back on the market.

Say you decide on a 6 month agreement for £1000 a month and £100,000 purchase price. You offer to exchange before the end of the 3rd month and to offer up the property at the end of the 6th month if you decide not to exercise your option.

I bought a flat like this with a 6 month lease and an option within 3 months, paying all the rent up front, deductible from the purchase price if completed before 6 months.

However, a seller wanting fast cash as you describe will want the whole sum, not dribs and drabs of rent. It