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part-buy house from landlord

bribri_2
bribri_2 Posts: 271 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
Hi
Is it possible to structure a deal to buy a share of a house from my landlord?

How would stamp duty be sorted?

Thankyou

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Stamp Duty would be the least of the problems!!

    How exactly do you propose this to work?
  • mrginge
    mrginge Posts: 4,843 Forumite
    You give him some cash. He gives you half a house.
    Sorted.

    Or not.
  • sandsni
    sandsni Posts: 683 Forumite
    You would need to clarify who was going to be legally responsible for what proportion of repair and maintenance costs. Then there would be the insurance issues. If you own part and rent part it could get complicated. Not sure if an individual LL (as opposed to a corporate or governement body) would be keen on an arrangement like that.

    You don't say how you would plan to pay, but I'm not sure what mortgage company would be keen to lend in that situation either.
  • bribri_2
    bribri_2 Posts: 271 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Yes I was trying to see if there was any sort of precedent for a private part buy, part rent deal.

    Alternatively I know there are stories of friends buying a house together and having a 50% share each so i was trying to see how it would work if one person already owned it outright and if a second party (me) then bought 50% with a mortgage.

    Obviously a lawyer would probably do pretty well out of it.
This discussion has been closed.
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