Landlord wants to sell. Given us first option

Mossfarr

Ask your landlord if he will 'gift' you the deposit in lieu of the rent you have paid over the last 6 years. After all, selling to you will save him a good few £k's EA selling fees.
You will still need to find the money for the legal fees though.

G_M

Not much to add to the previous posts other than....

what tenancy agreement do you have? Fixed term (dates)? or periodic?

diddly74

Thanks Mossfarr, Landlord has already hinted at his willingness to gift us an amount for the deposit or at least towards it.

anselld

diddly74 wrote: »

Thanks Mossfarr, Landlord has already hinted at his willingness to gift us an amount for the deposit or at least towards it.

That isn't going to work either. The only way the L can afford to gift you a deposit is by hiking the selling price above market value. That will come apart when you try to get a mortgage valuation. Mortgage Companies are very suspicious of gifted deposits, particularly if it is vendor gifted (they are not stupid!).

csgohan4

If you can't afford to buy don't rush to buy. Focus on saving and understanding why you don't have a sizeable deposit???


Do you have to buy that cake or gadget or xmas presents for that year e.t.c?

diddly74

Do not fear people. I know exactly why we do not have a "Sizeable" deposit for a house. I am not stupid. Buying a house has not been a priority for us these past few years and therefore we have not saved, but lived within our means. I am not asking for your judgement, and derision. I have tried very hard not to be offended by some of the replies and their tone. We are strangers therefore my feelings as you essentially calling me stupid should not be hurt.

We are happy here. If he was not selling I still would not be looking at mortgages, savings as the such like. I am happy here and only because of that am I looking for advice. Up until this point I have not wanted to own another home - its a lot of heartache to lose one.

Which appears to be that buying is to be a NON-STARTER. But still, I have to explore the situation and options we may have - once that is done and I have all the information either way and all avenues have been exhausted then I/we can honestly turn to the Landlord and tell him to sell to someone else - he may sell to another Landlord or private buyer - as we have been here over 6 years I am not sure what our tennancy agreement is, but do know he has to give us 2 months notice to leave.

His decision to sell comes as health problems have brought his brother in law and joint house owner, low and will continue to do so. There is no good prognosis for him. Landlord cannot afford to buy his partner out of the house.

We have been here 6.5 years and have never missed a rent date. We have kept the house in good repair and like it and our neighbours - but I have always been aware it is not MINE. Therefore I would be happy to live somewhere else - but would prefer not to have the upheaval. LOL. Also the rental market in our town isn't rife with properties at this time.

It seems 2017 may be a year of upheaval for us. Our eldest daughter will be off to Uni in September, youngest starting GCSEs - with a view to also being at Uni within 3 years. There is lots of things requesting my attention and ££££s, which could include a house move too.

tlc678910

Hi OP,
Don't be demoralised or too hard on the replies on the board. Your further information was vital as the possibility you can buy this house with 12 months to save or buy it right now are very different propositions.

I see in your first post you are a part time nurse and in your last that your youngest child is now GCSE age. Can you pull out all the stops and for one year work full time with all the overtime you can get?

If your landlord will agree a years grace and you can be in a position to save £1k a month then you will have 12k and be in with a chance.

You do risk heartache if you get your heart set on buying the house and it doesn't work out but worse case scenario you will have some cash for the changes ahead and have had extra time living where you are happy.

Would your family all support the changes you would need to make? Are your children mature enough to understand that mum will be at work a lot more for a while and holidays and expensive gifts are off the agenda. Would they help on a practical level with cooking and cleaning. You have been through a lot - do you have the emotional and physical energy to take on this challenge?

I think if you are going to be in with a chance of doing this your family's support is vital and they need to be on board. Your children are old enough to understand what you are trying to do and to play their part in your efforts (I mean by this being supportive emotionally and practically - not financially contributing).

Your landlord sounds kind but if the property is not keenly priced then open up your thinking to other properties.

If you decide to go for it please keep us involved in your journey.

Good luck Tlc

diddly74

Dear tlc

Thank you very much for that warm and supportive post.

I shall take your suggestions on board and see how things go. Working more hours is not a possibility in the job I am in (GP Practice), but I'm always open to opportunities.

martindow

Mossfarr wrote: »

After all, selling to you will save him a good few £k's EA selling fees.

I don't think this can be assumed as many agents have clauses where the LL has to pay a fee if a tenant buys the house. Does the LL deal directly with you or have they or used an agent?

TBagpuss

OP, I would suggest thAat the first thing you do is to make an appoitnment to see an independent mortage advisor, ideally one with experience in dealing with poor credit, to get some advice about what you might, realistically, be able to borrw, the likely costs and how buying with no deposit or less than 5% deposit might work.

also look at your household budget and think about how you can save, with a view to saving for legal fees and a small deposit before you buy, and to having money to set aside each month to cover repairs and mainteace if/'when you do buy.

Once you know where you stand, then tlak to your landlord. Find out how patient they are willing to be, what sort of price they have in mind - durinbg those conversation it will be useful for you to have an idea about the realstic value of the house - do you know how well propertries are selling locally, how easy it may be for your landlord to sell?
How long do you have left on your current lease? (i.e. how long will the landlord have to wait anyway, if they want to sell with vacant possession?)

I agree with the PP who suggested that you look into whether increasing your hours (or getting a second job) would be an ioption to boost your savings.

I think you may find it difficult, but do your reseach before you talk to your landlord and at least that way, you will be able to have a conversatin based on real possibilities, not just on hopes.

Good luck.