can you set up a rent top buy agreement with a private lndlord

kanute50

Your family friend must be a very generous man, but for his protection and yours you both need to consult a property lawyer. I'm sure there must be a way of doing what you suggest, but the legalities need to be ironed out. Good luck, and please let us all know how things pan out.

ValHaller

G_M wrote: »

* I don't think the OP is suggesting transferring Title of the property till some time in the future - so no, not a mortgage with Landlord friend as lender

I did not interpret this as an unmortgagable property, but a 'borrower' with poor credit!

OP should at the minimum get any deal done as a deed and registered with the Land Registry. Otherwise, friend falls under a bus, relatives inherit and sell the property to an unsuspecting buyer. Cue lots of aggro. Really, if it has to be registered at the Land Registry, it makes sense to transfer title and current owner to give a mortgage - which protects both parties' interests.

I don't see this necessarily as an unmortgageable property. But I do see the scenario as being one in which an unsuspecting buyer gets palmed off with something unsaleable. Don't knock the caution - it could save someone in a similar situation who finds this thread in his research.

ValHaller

kanute50 wrote: »

Your family friend must be a very generous man, but for his protection and yours you both need to consult a property lawyer.

Separate Lawyers too.

thefishdude

we want something to sign we want a proper agreement we were just wondering if we needed to waste money on money grabbing lawyers. it should be simple there should just be a form like a tennancy agreement wich yoiu can just pick up in whsmiths. buying a house shouldbe simple in my opinion but it aint. anyway thanks for your input looks like we may need to emply the servics of a property lawye and waste some money

thefishdude

ValHaller wrote: »

Separate Lawyers too.

why seperate cant we just go to gether it should be simple.


Person A pays person B £xxx monthly for 10 years were upon property ownership will transfer to person A.


why should that be so complicated i know it is but it shouldnt be.

InMyDreams

thefishdude wrote: »

and waste some money

In this situation I don't think the money is wasted. At all. I think it's very right and proper that such a transaction is not as simple as you want it to be.

The potential for things going wrong is just off the scale, no matter how genuine, friendly and heartfelt the agreement is to start with. And the potential for vulnerable people to be taken to the cleaners by less than genuine people just doesn't bear thinking about.

Just because you believe that in your unique case nothing could go wrong, just think of the consequences for others who might read this thread if this was as simple as you think it should be.

I also don't think you will manage to get any positive endorsement of your plan on this forum because no one here knows you. How can a stranger just take your word that you will never fall out, no one will get divorced, split up, become unemployed, fall on hard times, die, disagree about things or change their mind in the future... This forum has seen too many examples of things not going to plan.

ValHaller

thefishdude wrote: »

why seperate cant we just go to gether it should be simple.


Person A pays person B £xxx monthly for 10 years were upon property ownership will transfer to person A.


why should that be so complicated i know it is but it shouldnt be.

It is because you both have the scope to rip each other off badly. In much of the EU, I believe you can use a notary who is authorised to work for both sides. In this country, our solicitors are not allowed to work for both sides.

ValHaller

thefishdude wrote: »

we want something to sign we want a proper agreement we were just wondering if we needed to waste money on money grabbing lawyers. it should be simple there should just be a form like a tennancy agreement wich yoiu can just pick up in whsmiths. buying a house shouldbe simple in my opinion but it aint. anyway thanks for your input looks like we may need to emply the servics of a property lawye and waste some money

And you believe a Tenancy agreement doesn't go wrong?

Whatever you don't spend on lawyers, you would wish you spent 10 times as much if it does go wrong

tim123456789

the answer to this question is simple:

1) yes you can do it

2) don't even think about doing it without getting independent solicitors to draw up the details, each protecting the position of the individual they represent- asking if you can DIY this is just plain stupid.

G_M

OK. You have made it very clear now
* you trust each other
* nothing will go wrong
* the sun is shining

Therefore to answer your questions:

* no, you do not need lawyers
* no, nothing needs to be written down
* you pay him whatever rent/purchase costs you agree each month
* he signs a TR1 in 10 years time and you send it to the Land Registry with the (modest) fee, together with the required ID documentation
* you pay the appropriate Stamp Duty (if applicable).

See you in 3 years.