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Buying part of the property I rent
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OhrmanGorman
Posts: 3 Newbie
Hi,
We have rented in the same flat in north Lobdon for 10 years and we live it. We have manage to save a decent amount of money for a deposit and are looking at shared ownership flats as we are only able to afford 25% of properties in our area.
As we live the flat we are in as our own I am thinking of asking our landlady if she would be willing to sell us 25% of this flat. Is that a bonkers idea? I'm thinking we will share cost of repairs etc 25/75%. The benefit for her I guess would be a lump sum of cash now. Has anyone heard of this being done?
Cheers
Maria
We have rented in the same flat in north Lobdon for 10 years and we live it. We have manage to save a decent amount of money for a deposit and are looking at shared ownership flats as we are only able to afford 25% of properties in our area.
As we live the flat we are in as our own I am thinking of asking our landlady if she would be willing to sell us 25% of this flat. Is that a bonkers idea? I'm thinking we will share cost of repairs etc 25/75%. The benefit for her I guess would be a lump sum of cash now. Has anyone heard of this being done?
Cheers
Maria
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Comments
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We love it, not live. Can't work out how to edit the post!0
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Is that a bonkers idea?
"Bonkers" doesn't even get close. And if your LL also wished to do it, the only upside is that both of you could be locked up at the same time and save care costs.
Problematic as it can be, at least SO with an organisation has a clear legal framework. This would have so many potential issues and practical problems. The only upside is that she is unlikely to be bonkers enough to agree to this.0 -
It certainly can't be done with a mortgage, if that saves you time investigating it any further.0
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What deposit have you got?
If its a reasonable sum you could ask the landlady whether she would offer you a personal mortgage to buy 100%.
This still has a lot of downsides for both parties but is probably better than the part ownership option.0 -
Thank you, it was just a (crazy) thought and I have no idea about how things work so I appreciate your advice.0
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Who would have the right to occupy it, and what happens when one party wants to sell their share? Who would want to buy it?No free lunch, and no free laptop
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Would the leaseholder allow it? Would the landlord say yes? Do they have a mortgage? would anybody lend in these circumstances?
Sounds extremely unlikely.Mr Generous - Landlord for more than 10 years. Generous? - Possibly but sarcastic more likely.0
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