Buying from landlord

Loan_soldier

I am in discussions with my landlord to buy the flat I have lived in for a couple of years now.

My question relates to my deposit.

I will be buying at below market value, the property is valued at 60k, I will purchase for 50k.

Does this mean that I would not need a deposit?

Instead using the 10k equity as a deposit?

I have a deposit if necessary but would use it for renovations if possible.

Senior_Paper_Monitor

I am aware (off the top of my head) of two lenders (I suspect one other may from the same group as one of the first two) who will accept concessionary sale from landlord, with deposit from discount.

Most will not - i.e the transaction will take place @ £50K and you will pay the deposit against that value.

Loan_soldier

Thank you.

Does the fact I am in Scotland pose any problems for those two lenders, as far as your aware?

Senior_Paper_Monitor

for one of the three yes