any clever ideas?

stylex_green

I am a long sitting tenant, my landlord wants to sell the property due to ill health and age.
He is going to put the house on the market for 125k , but has offered me the property (because of the longterm occuping) for approx.87000 pounds , I do not have the financial resources to buy it and am to old to get a first buyer mortgage (58)
IS THERE ANYBODY WITH SOME CLEVER HELPFULL IDEAS????

tykesi

Find somewhere else to live or hope the buyer is an investor who doesn't mind a tenant being present.

*~Zephyr~*

I take it that you are looking for a solution that allows you to stay in the property?

If you cannot afford to buy then your only option is to continue to rent. Why doesn't he just sell to another investor who would be happy to buy a house with an in-situ loyal and reliable tenant?

getmore4less

How much rent are you paying?

takman

Do you have any friends or family members who could buy the property for £87,000.


If the property is really worth £125,000 and they can get it for £87,000 with a long term tenant that they know it sounds like a great deal. I would definetly consider it if someone i knew offered that to me.

Pixie5740

How long term is long term? Did you move into your home or have the same landlord since before 15th January 1989, or you move into your home after 27th February 1997, or did you move into your home sometime between those two dates?

Is your home in England or Wales?

KRB2725

Depending on your answers to the above question it may be that you have more rights to stay than you realise!

kingstreet

You are not too old for a mortgage - FTB or otherwise.

The maximum term will be shorter, but you can use the price reduction as your deposit so you'll only need cash for solicitors and mortgage fees.

£87,000 over 12 years at 2% (a decent five year fix is about that) is £680 a month. How does that compare with your rent? What pension arrangements do you have?

trailingspouse

And, if you bought it now, and decided further down the line that the mortgage was too much, you would be able to sell at market value which (theoretically) should give you a reasonable profit.

G_M

58 is not too old. Speak to an independant mortgage adviser. Many lenders (especially smaller building societies) will lend.

If you are genuinely a 'sitting tenant' you cannot easily be evicted. Exactly what date did you move in? What type of tenancy do you have? Check here.

Even if you have a standard AST with limited protection from eviction, if the landlord is willing to give you a £28,000 discount, surely he could sell to another landlord allowing you to remain where you are? Even if he offerred it for sales as a BTL at £110K?

Lord_Baltimore

You're 58, you don't want to make a financial commitment you are likely to default on. Try renting from the new owner or move to another rental (subject to your right to remain as mentioned by others).