Landlord wants to sell! No deposit and bad credit score, please help!

Midwife2b

Hi I'm new to this so please excuse if I'm posting in the wrong place. I'll give a background of our situation: we have currently been renting privately for 3 years now, very stupidly had no contract as we knew the person who owned the house and we were told this was long term as the house was an investment for his daughter, the house was in poor condition so we were given a fair rent as we intended to get the house redecorated etc.
I had to go bankrupt in 2015 due to some debts left from my ex partner, but as I had a stable job and income we assumed we had plenty of time to save for when my 6 years was up so if the landlord ever decided to sell we could.
Then last year I became ill and was diagnosed with Addison's disease and was advised I would need a career break for at least 12 months to recover from how ill I'd become, this meant that my partners income is the main one now and I get pip until I can return to work.
Fast forward to Monday of this week the landlord turns up saying he needs to sell urgently and we have first refusal, he is willing to give a discount to us as we've put so much money into the house. The very next day he was in the estate agents booking evaluations which came round yestarday so clearly not giving us much time to try and get a mortgage
I've spent all morning ringing around and so far everyone has said no, does anyone have any advice on who could help, I'm feeling really distraught with it all. Thanks

pself

Speak to an independent mortgage adviser, they will be able to help with the lenders who specialise in helping people who have bad credit history.

Boatdweller

You do have a contract - just not a written one.

Speak to an IFA - they will have access to more of the market and will know quirky lenders who might be able to accommodate you.

fairy_lights

If you don't have a deposit anyway then how would you buy the property, even if you could get a mortgage?
Has your landlord served you notice yet? Just because you don't have a written contract doesn't mean he can turf you out.

theartfullodger

You do have a contract.

That Landlord wants to sell or has actually sold, completed, all very interesting but that does not end your tenancy nor require you to leave. Only way current or future landlord can get you out is valid notice, court, bailiff/HCEO. And as no written tenancy makes that harder for any landlord.

Even if new owner outside with removal van & screaming kids.


You do not have to agree to tenancy changes or new written tenancy from either current or new owner.

Has he been declaring his rent income? Does his lender know he's been letting it out?

marksoton

I'd be amazed if you found a lender with a year old bankruptcy.

teddysmum

The landlord's getting a valuation doesn't mean that he is not considering you; he just wants to know the value of the property, before setting an asking price.


However, as mentioned above, a mortgage will require a deposit and there are considerable costs, such as solicitor's fees, which will need to be met at the time of purchase.