PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Complicated lease to buy possible?

Options
Hi, I am new to this forum but I am in desperate need of some advice. I currently live in a property which we bought with a mortgage about 9 years ago at the peak of the housing market. It was a bit of a rough area but there was a lot going on and the area was definitely on the up and we were going to do the house up and move on as the house was in a state of disrepair and it's all we could afford at the time. Since then the area has has really went downhill due to the rise of private landlords, we have recently had a very very bad murder happen just outside and drugs has just become rife. It really is terrifying to leave the house with two very small children I am desperate to leave. Me and my husband have a very successful business in a very nice area in another town where we are part of a community that would be fantastic to bring up our children. We have looked at renting but the area is a prime student area with a normal house being 4 times at least what it's worth to rent or buy. But where we work the locales are sick of the students taking all the housing and are desperate for family's to move into. And this where I need the advice one of the local residents has sadly passed away and left the house to charity as they have no family and have insisted that the house be bought by a family. All the local residents who are the executors to the will are ver keen on us to buy and move into the property but as its student town it's extremely expensive way above normal family price. Is there any way we could rent to buy the property? With the charities agreeing to a lower price with the previous owners wishes. Also if we lived closer to our business we could make more money, longer opening hours etc... But is there anyway we could convince the charities this is a good option? If we could rent for three years we would be able to make more money and the rent could be used as a down payment but we could never afford the price a student landlord would pay but with the last owners wishes is this something that is possible.

Please let me know your thoughts.

Comments

  • eddddy
    eddddy Posts: 17,965 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Is the charity a housing charity or similar, that does rent-to-buy schemes?

    If it's not, I doubt they would want to get involved in setting up something like that. I suspect they would just want to get the place sold to the highest offer asap.

    (And I wonder what would stop somebody saying "I want to buy this house for my family to live in", but then renting it out to students - or selling it to someone else to rent out to students. Perhaps the charity is planning to create some kind of covenants.)
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.7K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.